The one key element that has changed the way of doing business is the flow of information. The new-age CFO must now realise that he is no longer expected to linger in the background and surface every time the results are to be announced.

1. The New-Age CFO And
His Many Avatars

2. As the one person in the organisation who has
intimate knowledge of both the past performance
and the expected future growth, it becomes his
responsibility not only to steer the company
towards a better future but also be able to provide
a transparent, big picture view of the future, to
internal stakeholders, customers and investors.
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3. Smart Performance
There has been a shift in measuring performance from profits
to profitability, earnings to economic value and so on. The
focus is on creating ‘value’ which comes from both increased
sales, driving better margins, increased efficiencies in
operations among others, which improves stakeholder
confidence and builds company valuations.
Smart performance would, therefore, mean looking constantly
for opportunities to improve economic profits for the
company, both inside (operational productivity) and outside
(sales). Smart performing companies and their CFOs are
identifying, recording, measuring, comparing and finding
ways to improve scores on the short- and long-term value and
growth metrics by working on:
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4. Processes and Systems
One of the challenges that companies face is to constantly
look at improving each of their key processes, be it sales,
operations and HR . The CFO plays an extremely important
role in defining the key metrics, and more importantly,
tracking them on a consistent basis, which not just helps in
measuring business performance but also bring out possible
areas where process improvements are possible.
The need to evaluate and implement systems, particularly IT
systems that cut across functions and integrate them is a role
that most CFOs are involved with. The CFO’s input in the
selection, design and implementation of an integrated
system (ERP) cannot be emphasised more. In that sense, the
CFO is only next to the CEO in terms of importance within
the organisation.
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5. Vision Alignment And Relentless Execution
Alignment of thought process and being able to articulate
the company’s vision are paramount for a good CFO. The
CFO also needs to have a strong buy-in to the
CEO/company’s strategy and should also play the role as an
implementer of the thought process/strategy to the hilt.
Increasingly, CFOs are playing a key role in developing and
implementing strategy within their company, partnering
with CEOs to creatively design growth opportunities for the
future. Successful CFO leadership requires a deeper
understanding of strategy, leadership skills and an ability to
effectively communicate knowledge to non-financial
colleagues.
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6. Communication
The CFO needs to communicate on an ongoing basis and also
provide an assurance on the direction and pace of growth. A
CFO has got to do the communication himself/herself as far as
possible so that the intent is not lost or misinterpreted. Any
kind of misinterpretation can have significant implications on
the company concerned. Regular engagement with the
market/investors and with the analysts is crucial in building
investor confidence. A CFO needs to work closely with
multiple stakeholders.
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7. A CFO probably needs to work hard on influencing others,
improving his/her diplomatic and people management
skills. A CFO needs to be a leader, understand the business
dynamics and be familiar with all the elements of the
business as well as the operating model in order to be able to
be the ‘Quasi CEO’ or the ‘next in command’. In today’s
economic scenario, CFOs are increasingly seen as natural
contenders to the CEO position.
Communication
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8. CFOs can become agents of change, creating smarter work
patterns throughout their organisation with insights that
drive performance and help achieve better results.
This article has been written by Mr. Deepak Narayanan, co-
founder, MyCFO and has been published in the Hindu
Business Line on August 27 2014.
Communication
http://mycfo.in/blog/?p=277

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http://mycfo.in/
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