The world of business seems to be spinning faster than ever before. Cloud computing, improved Internet technologies, and numerous other advances have made it possible for an entrepreneur to start a business today and take on a worldwide presence tomorrow.
But that same speed brings a greater intensity to the judgments that organizations must make to seize new opportunities and avoid costly, even irreparable mistakes.
This is the challenge that CFOs are facing every day.
To be successful and stay ahead of the ever-faster pace of business, accounting and finance must be able to tick and tie every number and investigate every last possibility with skill and speed.
But if that’s the sum total of finance’s effectiveness, then it’s missing the full value that the organization can bring to the table—as well as the growing expectation from the rest of the business. CEOs, CIOs, and business unit leaders want and need strategic participation, even leadership, from finance.
Accounting and Finance are positioned to bring those qualities to the organization. What’s necessary is to first bring order and efficiency to its own processes.
Doing that—creating a continually improving “numbers factory”—can then free the CFO and other finance professionals to take on greater work, and to add new value by showing others how to put data to use for the betterment of their groups and the organization itself.
As FSN says: “The finance function of the future will need to bring scattered data together under a common platform so that sharing becomes the rule rather than the exception. When corporate data is in one place, accessible to everyone who needs it rather than only to those that have gathered it, CFOs can discover new data sources, and begin to develop a data-driven competitive edge.”
Taking over data management leadership will be a natural path forward for future CFOs. They will have the ability, the means, the staff, and most importantly—the trust of others.
CFOs will then also have the opportunity to extend that trust outward, to confront the uncertainties of the future.
Download the CFO Playbook Building Trust in an Uncertain World to discover the strategies that will help you develop greater confidence in your organization, externally and internally.