Bad vs Good CFO
A good CFO brings immeasurable value by staying ahead of the digital transformation curve. Some may even argue that CFOs no longer have a choice but to take care of new responsibilities like:
· Collaborating with business teams to meet financial criteria
· Aligning finance team goals to growth
· Capitalizing on FinTech trends
· Leveraging AI and automation
· Harnessing data analytics-driven insights
So, what makes a bad CFO? Well, it’s generally someone likely to have a narrow view of what entails future-proofed finance transformation. Gone are the days when 90% of their job was to manage company finances, oversee financing reporting, or advise financial planning. The explosive growth of digital technologies like AI, automation, and data analytics have extended the pace and volume of the value they bring to the organization.
However, by that logic, are most CFOs tech-savvy?
To answer that, one needs to accept the reality that many still rely on Excel sheets to take critical decisions and manage their teams. Moving forward, they need to up the ante on digital adoption and play new roles like a strategic advisor to the CEO, advocate for digital transformation, a champion for data analytics, and more. Hence, it is pertinent that they possess qualities. These include:
· Connecting sales, strategy, technology, and finance with AI and data
· Responding to a financial crisis or taking corrective actions to address strategic gaps by leveraging real-time information
· Allocating budgets for mergers and acquisitions that allow incremental digital transformation
· Building a culture of digital upskilling for the workforce
Read More: https://blog.aspiresys.com/business-applications/what-distinguishes-good-cfo-from-bad-cfo-2022/
