Forecasting The Future To Tackle Challenge

Maximizing Long-Term Corporate Growth And Shareholder Value The substantial part of the  CFOs role is likely to be in the area of business partnering compared to controllership that has dominated the past. This would entail not only analyzing ongoing business performance in order to come up with solutions but more importantly forecast the future using right tools and technologies and get the organization prepared to address the opportunities and the challenges ahead. To succeed, the CFOs would need to remain ahead by understanding all aspects of the business including deploying IT tools, keeping the P&Ls dynamic and by scouting for M&A or licensing opportunities.

To achieve this, CFOs would have to rework the resource utilization by outsourcing routine, using specialists and consultants, upgrading technology, tracking progress and keeping an eye on M&A opportunities available. As a strategic partner, a CFO is also expected to track progress of the strategies deployed and raise a concern if the results are not favorable.

"Stints in diverse environment or geographies help to improve influencing skillsof a finance leader which differentiates him from a well meaning finance professional"

Driving Better Business Results

The best talent would be one who has moved and succeeded across several finance roles-  accounting/controllership, business partnering, audit and governance. Finance managers would definitely need to understand business in more detail in order to support growth and this should be done early in the career of high potential talent. Stints in diverse environment or geographies help to improve influencing skills of a finance leader which differentiates him from a well meaning finance professional.

While accounting principles and policies cannot be compromised, the finance leaders would have a better buy-in if they come up with solutions along with the problems. The acceptance of finance leaders would increase if they start owning up business issues as part of the Board or a business leadership team and come up with alternate solutions which are not only compliant but also help in meeting the strategic objectives of the organization.