Finance leaders are focused on driving the strategic agenda — and they’re looking for new ways to use their tools and investments to move beyond managing the numbers to also look at trends in markets and customers, including profitability on existing and new products.
The CFO’s new orientation as a strategic, tactical, technical and now more customer-focused leader requires having the right talent in the finance function. CFOs say hiring people with the necessary skills is their top priority, with 52% calling it a high priority. This mandate also underscores the need for CFOs to bring the C-suite together around strategic funding priorities — particularly COOs and CIOs prioritizing enterprise-wide tech needs and CMOs on customers.
While 33% of CFOs say expanding their function’s influence across the C-suite is a high priority, CFOs may already be making connections. They may, for instance, be bringing that data on customers to the CMO to identify where investments can be made to enhance the customer experience. The CMO can then share customer feedback and market trends to inform the CFO’s financial planning and forecasting.
CFOs also play an important role in facilitating alignment between tax leaders and the CEO. As a key member of the C-suite, the CFO can act as a bridge between the tax department and the CEO. The CFO can also help the CEO understand the importance of tax considerations in their decisions and the company’s strategy.
What you can do
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Collaborate across the C-suite today to succeed for the future. Align with your CEO and tech leaders on strategic areas beyond the finance function, like customer value creation and operations.
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Focus on finding and funding skilled talent for the finance function and beyond. As evolving regulation, cybersecurity risk and automation permeate areas like reporting, finding talent with deep technical knowledge is crucial.