The role of the CFO changed during the pandemic. The role evolved from a strategic influencer and problem solver to an innovator and problem solver. As new technologies disrupt traditional business processes, CFOs are poised to develop innovative solutions. As per Gary McGaghey, CFOs can help your company achieve its long-term goals while meeting evolving industry challenges by achieving strategic and tactical objectives.
When it comes to connecting business purpose to action, what are some ways CFOs can help?
The CFO’s role has evolved to be an innovator and problem solver. They are responsible for helping the business connect its financial goals with strategic actions taken to achieve these goals. To help the business achieve its objectives, CFOs can use several tools, including advanced analytics and market intelligence, to help them understand how the business operates and what needs to change for it to reach its goals. Additionally, they can work with line employees and directors vested in achieving company success to create a more seamless workplace for everyone.
Future growth opportunities for CFOs
Gary McGaghey: CFOs will play an increasing role in innovative decision-making with a changing economy and more difficult financial challenges. They will be able to develop data-driven strategies that help businesses achieve their goals while also partnering with business units and line managers to ensure that all areas of the organization are aligned.
Additionally, as technology continues to evolve, CFOs will need to keep up with changes in the way businesses operate and the complex financial systems that support them. As technology advances and new standards are created, CFOs must understand and react quickly to meet the needs of their clients.
Connecting business purpose to action through data and analytics
CFOs need to have access to data relevant to their role to make informed decisions. This data can include everything from financial information to social media data. By understanding the trends and patterns of your industry, CFOs are in a better position to make informed business decisions. They can then use that information to help you stay on the right track and outperform your peer companies. According to Gary McGaghey, CFOs can improve performance in marketing, sales, and supply chain management by using analytics and data-driven decisions. Learn more about Gary McGaghey