In episode 85 of the Leadership Minute, CFO Manny Korakis shares insights he’s gleaned from meeting with a diverse group of finance leaders, including many CFOs. At that gathering, the future role of the chief financial officer (CFO) was discussed.
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Highlights
00:39 — Manny recently met with a diverse group of finance leaders, including CFOs from large, mid-market, and small companies, as well as corporate, business unit, and divisional CFOs. Though he was initially unsure if they’d all agree on the challenges and future direction of the CFO role, he soon realized that they all share several commonalities. Manny says he will focus on two today.
01:25 — First off, CFO responsibilities have significantly expanded beyond finance. CFOs are no longer just record keepers or scorekeepers. They now handle technology, risk management, and operations, often having a strong voice in broader decision-making. However, CFOs lack successors with the same breadth of experience. To address this, the group concluded that cross-training within finance organizations is essential for developing leaders who can drive functions beyond finance.
02:34 — The second shared realization was the importance of data. While everyone in the group considered themselves to be data-driven CFOs, their organizations nevertheless struggle with suboptimal data management. Recognizing the need for improvement, Manny and the other CFOs agreed that they need to prioritize investment in enhancing their organizations’ data skills and capabilities. Incomplete or outdated data hampers the CFO’s ability to make impactful decisions. Consequently, future finance initiatives must prioritize robust data management.
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