The Most Crucial Factors for CFOs in 2022: Gary McGaghey Explains

To maintain a competitive advantage, value-oriented CFOs can advise their companies to stop chasing the disruptors. They need to focus on making a few important choices that reshape their business models in the long term. When making these decisions, it is helpful to think of “the 5 Cs,” which are challenges, capabilities, configuration, cloud, and culture. Doing so can assist in reimagining work and your company’s role in the digital era, which can lead to sustainable competitive advantage.

Gary McGaghey: During the pandemic, a top priority for chief financial officers has been making investments in digital transformation. Due to this focus, many CFOs have protected digital investments from cost reductions, reallocated resources, and even accelerated some investments. CFOs are investing in digital transformation to drive growth in their companies, including investments in technologies such as cloud computing and analytics.

Despite this, CFOs want to accelerate the pace of transformation even further. The chief financial officer can play a leadership role in the company alongside the chief executive officer by sharing the cloud’s value to the business. Finance leaders can identify capital commitments, which assists in driving growth strategies over the long term, noted Gary McGaghey.

In addition, the pandemic brought to light the numerous problems that are inherent in linear supply chains. Emerging technologies were not prepared to deal with the chain reaction of disruptions that ensued due to the event. CFOs need to be aware that transforming business processes means growth for the company. This is because ongoing problems with supply chains continue to demand attention, and there are also ongoing concerns about high turnover and competitive wage growth.

Gary McGaghey is the Williams Lea Tag CFO. McGaghey has more than 15 years of experience in senior management, including time spent as CEO. He commenced his profession in South Africa, and since then, he has held a variety of roles on an international scale.

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