PROFIT | CFOS IN FOCUS
“ CFOs are transitioning into strategists and market experts as we continue to navigate the unexpected ”
Nancy Person CFO , Hyland Software
She says that when the pandemic first hit , CFOs were naturally well positioned to help their organisation respond quickly , and strategically , and now with business growth top of mind for leaders , finance chiefs are being called on to navigate what is a much more dynamic landscape .
“ Given that all operational decisions have a financial impact , CFOs have a unique level of visibility across a company . They also have experience using data to respond to micro or macro disruptions .”
Moving from siloed to collaborative working But while the post-pandemic business environment requires leaders to be confident in their ability to quickly adjust plans according to ever-changing realities , many find the approach taken by businesses to planning doesn ’ t allow for this .
Historically , planning and therefore strategic decision-making has been a siloed and highly manual process for businesses . At the end of the year , each department head would propose their strategy to move forward , and the CFO would review their individual budget requests – either offering approvals or adjustments based on company financials – and from there a large business plan would be formed .
This often results in a broader scheme that is neither agile nor strategic , Nadine explains , and ultimately one that is difficult to execute effectively .
That ’ s because static tools that require manual input , like Excel , create operational silos within an organisation – so real-time visibility doesn ’ t exist . When plans are being developed , leaders are not able to collaborate effectively to unlock opportunities for the business because they don ’ t have a view into what other departments are doing . “ In a dynamic environment like the one we are in today , that lack of visibility can mean the difference between profits and losses ,” she says .
34 January 2023