In the era of new finance, an organization needs financial wizards who can perform more than book-keeping and mundane accounting chores. Modern organizations are required to be compliant, strategic, and muti-efficient with better control over financial transactions. And most importantly adhere to financial controls for their business decisions. The organization looks up to its financial chiefs to lead strategically for long term budgeting, planning and forecasting and for future investments like greenfield projects or expansion via merger and acquisitions. The responsibilities of a CFO today is thus multifold. With emerging technologies, CFOs are now taking a strategic leap to propel their businesses, up the trendline.
Today we discuss 10 ways how a modern CFO can be an asset for organizations:
1) Honing a millennial mindset: The standalone attitude of millennials has taken the industry by storm. Organizations are reaping benefits from the approach in the current organizational ecosystem. Therefore, leaders today need to walk in millennial shoes and also be tech-savvy to keep-up with the evolving world.
2) Accessorizing with IoT: Speaking of technologies, there is an urgent need to be acquainted with IoT devices. As organizations are rapidly adopting the IoT advantage and are sheltering in-house innovations, the advantages adhere to enhanced data security for large tracts of data being consumed and analyzed at a dynamic pace and offer relevant recommendations within microseconds.
3) Working with Transformative tools: The prime perspective to use transformative tools is to extract maximum value from operations. It enables better communication for the departmental cross-talks and easy data sharing. Also, leaders today can get digital help from emerging tech tools to closely monitor team efforts, rectify real-time errors, and simultaneously enable smooth transition to a better organization.
4) Executing Cloud operations: Adopting cloud technologies allows CFOs to be agile. Be it finance or for other operations in the organizations, CFOs should bear a positive outlook over cloud operations and it can be beneficial as it allows for better control over finance operations. Second, they also help in right decision making viz., for investments to ensure a progressive organization.
5) Adopting Data Strategies: Managing data torrents has become critical to approve of business successes. CFOs are meant to be strategic by heart and to avoid failures, providing data-driven plans is a must-have skill to predict the business outcomes. Using data-driven insight to advise on capturing new opportunities and tailor a seamless growth for the future.
6) Projecting a Holistic Vision: Putting corporate data to use, CFOs learn to visualize the bigger picture. It helps them to ease constraints and break down organizational silos for enhanced collaboration, and set a rhythm to sync processes.
7) Challenging Contenders: To achieve bigger goals, a leader needs to keep an eye on operating models across functional segmeṇts. It helps CFOs to gain a better
foothold in a turbulent, slow-growth market populated by new digital disruptors.
8) Administering value-driven approaches: Value creation for the organization is a major CFO function. It aims to hold maximum value for share market bids by unlocking stock price of assets. And CFOs are responsible for bringing together functional and technical
components of business to improve organisational ranking.
9) Taking collaborative measures: At the organization level, CFOs place propositions for the entire value chain, inclusive of procuring raw material, product costing, and branding. This demands a CFO to be Jack of all trades who prefers collaboration to settle finance matters.
10) Being Proactive: Modern organizations approve leaders who are dynamic and flexible. CFOs act as the linchpin towards seamless operations and call for new opportunities under the service umbrella. The fate of a successful future driven organization is on the CFOs about how effectively one can drive mergers & acquisitions to future proof in ever changing volatile market space.
Hone your CFO skills and invest in your professional growth to be a modern finance leader, Upskil in 2021 and apply for the IIM Lucknow and Wiley Executive Program in Strategic Finance. The only Executive Learning Program that builds strategic financial leadership skills for future-focused CFOs and their teams, to drive growth in a fast-evolving business landscape and navigating through a disruptive digital economy.
About Wiley:
The WileyNXT Executive Education Programs are state of art courses to harness the skills of tomorrow. The curriculum and the learning experience have been carefully crafted by program architects to ensure the learner is ready to lead the future with upskilled business acumen. These special courses are co-created by Wiley along with Wiley innovation and Advisory Council (WIAC) with India’s top tier B-schools and institutes.
In continuation of the vision of offering new-age certifications for students, Miles Education has partnered with IIM Lucknow and WileyNXT to enable senior finance leaders to unleash their careers with this Certification program in Strategic Finance. To know more and to enroll, visit www.mileseducation.com today. Resolve to propel your career in 2021.