The CFO as Catalyst for Change - Part 1
By jmorourke on May 08, 2013
- The operating environment – While the economy is recovering, CFOs are still facing a low-growth external environment. The need to focus on cost management and efficiency has, in many cases, meant the difference between survival and extinction. Yet, the CFO’s role has broadened to include playing a greater role in technology and operations. Therefore, lack of time and role overstretch are key problems.
- Skills and capabilities – As the role of the CFO expands, so must the CFO skill set. This has presented a problem for organizations with finding the right talent and capabilities that move beyond the traditional finance skills. Current CFOs also need to expand their own capabilities – particularly with technology.
- Technology – The CFO's role in IT investment is more apparent than ever. According to Gartner, 45 percent of IT leaders report to the CFO…that’s more than report to any other executive. While technological innovation such as big data, business analytics, cloud, mobile and social are a priority for the majority of organizations, most financial executives are unable to evaluate IT investments, making it harder for them to show the fruits of their labors.
For more information about the role of the CFO and best practices in dealing with today's Finance challenges, check out Oracle CFO Central at www.oracle.com/cfo.