PROFIT | CFOS IN FOCUS
CFOs are increasingly seen as co-CEOs , especially in times of economic uncertainty . Business Chief talks technology and collaboration with two finance chiefs
WRITTEN BY : KATE BIRCH
The days when CFOs were merely responsible for the numbers are long gone . Once perceived as risk-averse gatekeepers in charge of financial reporting and forecasting , CFOs are increasingly seen as co-CEOs , reliably helping leaders navigate all-important business strategies and securing overall business stability during periods of great ambiguity .
And at no time in recent history is this more true , as digital transformation accelerates , ESG is prioritised , and economic volatility picks up pace amid sky-high inflation and a likely recession .
“ The pandemic along with inflation and the economic crisis have forced CFOs to enter a role far beyond the numbers ,” says Nancy Person , CFO of content management platform provider Hyland Software .
And Nancy should know . She took the financial reins of the Ohio-based , 3,500 employee-strong software firm in April 2020 , as the pandemic was in full swing , replacing the finance chief of nearly three decades .
“ We [ CFOs ] became a critical role during the pandemic and because of this gained the trust of not only CIOs and HR leaders but the CEO as well ,” says Nancy .
Add to this the Great Resignation and organisational acceleration of digital transformation , and finance chiefs are now stepping into a role beyond just the finances .
While Nancy acknowledges that numbers will always be the centre of a finance chief ’ s role , she sees CFOs as “ transitioning into strategists and market experts as we continue to navigate the unexpected ”. businesschief . com 31