In episode 52 of the CXO Minute, Tony Uphoff explains why the role of the CFO is transitioning and defines four driving factors of the transformation.
This episode is sponsored by Acceleration Economy’s Digital CIO Summit, taking place April 4-6. Register for the free event here. Tune in to the event to hear from CIO practitioners discuss their modernization and growth strategies.
Highlights
00:38 — Digital transformation is impacting every industry and company in the world. However, digital transformation is also impacting nearly every job function in the world — especially that of the Chief Financial Officer (CFO).
01:04 — The role of the CFO is going through an accelerated transformation. Gone are the days of the CFO being a financial gatekeeper, ensuring a company’s finances are in good shape. Tony notes that there are several reasons for this:
- Digital transformation accelerated by the pandemic
- Business technology
- The pace of change has drastically accelerated
- Need to operate with incomplete data
01:35 — Business technology has shifted from being a “cost center that CFOs” accounted for to “the center of customer revenue and operational success.” Today, CFOs must be “fluent” in the impact of technology and how it can affect overall business strategy.
02:56 — The accelerated pace of change means that CFOs are emerging from their “back office roles” to “valued strategists” in their companies.
03:11 — Business leaders must be able to act and react based on partial or incomplete data. Today’s business environment no longer allows business leaders the “luxury of waiting until they have 100% of their data.” CFOs are actively involved in decision-making and are increasingly doing so with incomplete data.
04:01 — Tony argues that “we are entering a golden age for CFOs,” particularly those that understand how to harness the power of technology to run, grow, and scale their organizations.
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