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Many finance functions have a CFO at their apex. However, the old job of financial guardians has been supplanted by a new reality: the CFO has a larger responsibility within the firm, and performance is measured. It’s a position that puts the accountancy and finance profession at the forefront of many stakeholders’ minds regarding how a company manages its finances. Articles discuss The Future CFO’s – Rising in Chaos and Driving Transformation, Future Skills set of CFO and core areas of Strategy Formulation, Building Innovation, and Growth Optimization.

The Future CFO – Rising in Chaos and Driving Transformation

Whether supporting their company’s ability to enter a new market, adjust to further rules, or build a new business model, the CFO of the future and finance teams will need to adapt swiftly to change. CFOs are also expected to assist CEOs in driving innovation and transformation within their companies.

Strategy Formulation – CFO

Many CFOs recognize the advantages of speed and technology, such as data-driven decision-making and new business opportunities. However, there is a significant gap between what finance executives claim they want to do and what they can do to improve their forecasting abilities and grow their influence. CFOs have taken on new and extended roles at firms that have significantly exceeded revenue growth expectations in the past year: economic protector, architect of business value, and catalyst of digital strategy.

Building Innovation – CFO

CFOs are operating in an era of unprecedented company disruption and transformation. Whether supporting their company’s ability to enter a new market, adjust to further rules, or build a new business model, the CFO of the future and finance teams will need to adapt swiftly to change.

Growth Optimization – CFO

Businesses prosper when they take risks, but they struggle to develop and profit when they can’t manage them. Companies will continue to face new threats due to growing business complexities, increased globalization, emerging legislation, stakeholder expectations, and the dominance of disruptive technology as they pursue growth plans. To turn these risks into opportunities for development and profitability, a much closer integration of strategy and risk thinking is required, starting at the Board and C-suite level, as an integral element of the organizational strategy formulation and implementation process.

The CFO role is essentially strategic and forward-looking. The future CFO can only move forward with an environment of logic and understanding of the elements that comprise their role.

Future Skills set of CFO

The essential skillsets a Future CFO needs are:

• Technical Skills
• Ethical Skills
• Strategy
• Risk Management
• Governance
• Data & Technology
• Leadership
• Communication
• Investor Management
• Commercial Supply Chain

Evolving the Future CFO

The CFO is responsible for ensuring that the company’s strategy is designed and implemented with a high level of operational resilience and efficiency. They must be tenacious in the face of ever-changing challenges today. Increasing regulatory requirements, globalization, and increased security risks are among the most pressing concerns for CFOs. CFOs must embrace the new digital skills and tools available to them. CFOs can use advanced analytics to align their strategy and risk, for example. The coming years will bring new challenges and complexity with increased international competition, social and political changes, and government regulation. Looking ahead, the CFO‘s influence and role will only expand in the coming years. The Future CFO – Rising in Chaos and Driving Transformation.