A CFO plays a crucial role in balancing stakeholder needs, strategizing, inspiring, and leading. As the digital age continues to grow, CFOs must adapt to changes and use their technical and financial skills to ensure a company’s success.
This means understanding how modernizing business software can help improve a business’s processes and growth.
CFO’s don’t just need financial experience and skills anymore - they must be innovative and understand how to work closely and communicate with team members, stakeholders, investors, business partners, and more.
Here are five ways the CFO’s role has changed today.
Finances have changed dramatically over the years, particularly in the rise of the digital age and the onslaught of COVID-19. A CFO must have a vast realm of skills beyond just financial expertise.
Technology is rapidly evolving, and a CFO needs to be on their toes constantly. They must master different skills and disciplines outside of finance.
A CFO must use these different skills to see how they can bring more value to a business while understanding the different types of technology that can help improve business processes and functions.
A CFO must be able to adapt to ever-changing technology. They must have the knowledge and skills required to find innovative ways to improve a business.
In today’s digital age, a CFO must know how certain types of technology can improve a business. This knowledge helps them oversee investment decisions and work closely with IT teams and technology officers.
A CFO must have a growth mindset and understand the importance of technological developments. Their role is to work with IT teams and technologists to create value and find business solutions that encourage continuous growth.
The CFO’s ever-changing role involves dealing with new technology and managing and working with diverse teams. These teams consist of colleagues and team members and a wide variety of experts, specialists, scientists, and more.
A CFO must understand the ins and outs of a business. They must work with and collaborate with people from many different backgrounds. They have to learn how to manage teams, learn new skills, and be successful leaders. They must be open to new opinions, options, and changes to succeed.
Because CFOs work with multiple people every day and deal with people from various backgrounds, they must have good communication skills.
They must collaborate with others and interact with advisors, business partners, stakeholders, investors, and more.
Software selection plays a significant role in a company. New software solutions can provide companies with many different benefits.
Without the right software, your business may fall behind. A CFO understands the changing technologies of today’s digital age and how new software can improve growth, save costs, and drive your business forward.
They can work with IT teams and technologists to find a software solution that helps improve your business processes and drive performance.
CFO’s must understand the ins and outs of software - they must be cross-functional, motivational, and open to change.
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This article, “Yes, Software Selection is Now Part of the CFO Role,” was originally published by Nolan Business Solution