The process of evolution is natural in the life of humans. Each day we evolve from the person we were the previous day. Similarly, the attributes around humans also evolve. The work you did today is not going to be the same tomorrow. Every aspect of a person’s life evolves with time.
A person who is the CFO of an organization has to follow the same principle. The work of a CFO is not the same as it was a decade ago. It has been evolving with time. It started off with handling the financial accounts of the organization and then grew to make decisions that benefit the numbers of an organization.
CFO (Chief Financial Officer) of an organization primarily deals with the finance of an organization. He looks after the affairs that can make a difference in the accounts of the organization.
The CFO of tomorrow will be progressively required in planning and business strategizing to drive benefits and profits as well as seek more opportunities. CFOs look after the financial affairs of the organization. He has to make sure that the organization is always on the upper side of profit or loss line.
As time has passed by the CFOs role has seen a change that seems irrevocable. The CFO has to also be a part of business strategies and planning for the growth of the organization.
The relation of the CFO and CEO has grown to be a strong one as now their work goes hand in hand. The affairs are taken care of with the help of their expertise and wise financial decisions.
The changing role of a CFO has had an impact on the functioning of an organization. A CFOs insightful decision-making ability is the make or break for the organization. This evolved role of a CFO has increased the scope of growth for an organization. A CFOs expertise helps in business strategizing and gaining profits. The new approach of a CFO displays their grasping ability of new technology and how adapting to them helps the CFOs to deliver. Maureen O’Connell of Scholastic Inc. who won the CFO World-Class Award has set an example as to how innovative and technologically forward people are making it big in the market.
The role of a CFO in team building is also an evolved form of a CFOs duty. Team building is the first step to success and if that isn’t correct then everything else would go wrong. CFOs may look at finances of the organization but what is it without the efforts of a team who strive to work for the betterment of the CFOs plan and strategy. All this caters to one think that a CFOs vision in setting the team on the right track is key to the organization’s growth.
The evolving role of a CFO may burden them with a lot of work but the truth is a dedicated and motivated CFO looks at it as a blessing.