Modern leadership requires data, communication, empathy, and above all, a holistic view of the business.
We call these pillars the new drivers of success. Today's chief financial officers are increasingly being asked to integrate strategies that can optimize their organization's business outcomes.
“The finance function is one of those roles that has a 360-degree view of everything and is ultimately responsible for the performance of the business.” Scott CaseyCFO Robin AItold PYMNTS for the series A day in the life of a CFO.
While finance leaders have traditionally been seen as custodians of financial data and compliance officers, today's CFOs are becoming more deeply embedded in the operational structure of their organizations.
Casey's own career (including roles in my space, Zynga and tumblerreflects this continuing shift in CFO responsibilities. This role is evolving to become a more operational role, with finance teams responsible for strategy formation, goal setting, and execution across company functions.
“CFOs are now really stepping into the business and trying to be business partners with every department within the company to help optimize the overall performance of the business,” Casey explained.
“Instead of passively participating and getting information from other businesses, it’s important to get out there and collaborate and really understand what’s going on, so you can see what’s going on. “We can see if the numbers will push us to the job,'' he added. “It’s becoming more and more important to know everything and be this polymath about business.”
This is especially true in the realm of growth-oriented organizations that use the latest tools and technology.
The evolution of the CFO role: Navigating growth and innovation
The advent of advanced tools and digital technology has revolutionized financial operations. Automation, data analytics, and artificial intelligence all come together to help CFOs streamline processes, gain deeper insights, and make data-driven decisions more efficiently.
“Now that we have better visibility into our business, it's much easier to get up and running quickly,” says Casey. “And these tools have enabled finance to drive even more value across the enterprise.”
There are also macro factors behind this evolution, with Casey pointing to the need for CFOs to have a comprehensive understanding of the business to accurately predict financial trajectory. At the same time, advances in technology have streamlined operations and enabled more agile and informed financial strategies.
“There are all kinds of business aspects where without proper support from analytics, a company can go in the wrong direction without realizing it is going in the wrong direction,” Casey said. Ta.
CFOs are using AI and digital solutions to enhance financial planning, forecasting, and analysis. These technologies provide opportunities to optimize processes, improve accuracy, and uncover valuable insights, ultimately driving better decision-making and business performance.
“As a CFO, you have to be front and center about where the business is going,” Casey said. “This requires visualizing where the organization wants to be in a year's time, thinking ahead and planning ahead, and putting those capabilities in place to avoid being left behind as the company begins to expand. Is required.”
Break down organizational silos with integrated communications
But all the intelligence and analysis in the world is useless unless it is effectively shared across the organization and understood by leadership.
As Casey highlighted, CFOs are increasingly being asked to collaborate across functions, break down silos, and foster a culture of integrated decision-making. This interdisciplinary approach ensures alignment towards common goals and enables a more holistic business strategy.
“It's all about helping foster a true and objective view of what's going on. This goes a long way in helping the entire leadership team see things in a common light. ” he said. “…It is more important to integrate cross-functional functions and communicate in a single language that allows everyone to be aligned on key metrics.”
As organizations continue to evolve, so too will the role of the CFO. In the future, CFOs will become even more integral to business growth and success. Casey said he expects CFOs to take on a more external role and actively engage with markets, stakeholders and growth opportunities.
For all of our PYMNTS B2B coverage, subscribe to our daily subscription. B2B Newsletter.