Transformation of the CFO and Finance Function05/10/2019
One of the exciting things about today’s CFO position, is that it is evolving beyond just the finance function. After all, the CFO has insights into all aspects of the company and often will work with various departments to get projects completed. It has become their responsibility to guide the entire company toward success by creating strong financial teams that are competent in strategy, data, technology and so much more.
As the finance function continuous to transform, CFOs must adopt the mindset of disruption. This doesn’t mean that they avoid changes in the financial sector, but rather, they work to foresee those changes on the horizon and then make necessary adjustments. The idea here is to stay abreast of trends and then survive the disruption.
Effective CFOs will embrace the use of cutting-edge technology and learn the best ways to use it so that productivity is enhanced without sacrificing quality. Keep in mind, the use of technology should not create more stress, but rather, assist professionals in doing the best possible job.
Changes in Finance Function Mindset
CFOs currently entering the workplace may have an advantage simply because they have not spent years working with systems that are now considered outdated. However, those that have been in the industry for some time shouldn’t be discouraged by this. Instead, embrace change and welcome opportunities to learn new systems that will help them perform better.
New skills will be needed in order to continue succeeding in the financial sector. That being said, CFOs should put their focus on learning such skills and implementing them into their roles. The financial world is changing, and it’s critical that accounting and finance professionals update their approach accordingly.
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