As with other business functions, the CFO’s role has evolved to adapt to the business environment. The CFO has become an important bridge between the business and financial operations of a company and an advocate for improving efficiency and effectiveness.
Additionally, today’s CFOs are expected to possess strong analytical, strategic, and leadership skills to help their organizations grow in a rapidly changing environment. As with other business functions that have undergone significant change in recent years (such as marketing), CFOs will need to be adaptive and flexible to continue successfully leading their organizations in the future, added Gary McGaghey. See Also: https://www.f6s.com/gary-mcgaghey
The changing role of the CFO
Looking ahead to the CFO’s 2022 agenda, it’s dominated by issues like leadership development, continuous learning and employee engagement, strategic planning, and corporate philanthropy.
CFOs with a long-term approach to business must help foster change and provide the right strategic and business context. CFOs must regularly reflect on and integrate business goals and corporate strategy with the strategic priorities of business units and the needs of the customer, employees, and shareholders.
How did the pandemic affect the CFO role?
Gary McGaghey noted that disruption, cost pressure, new technology, and changing regulatory environment had become the new norm for finance leaders. Gone are the days of keeping the lights on with yesterday’s systems and processes. CFOs are now guiding how to adopt modern digital technology, boost business performance, build transparency and create partnerships.
They also enhance leadership and drive growth with strong financial management, deeper insight, impact, and stakeholder management. “Business impact was immediate when the pandemic swept across the country. CFOs saw how these events—such as interruptions in supply chains interruptions in work, have implications on businesses and customers—could cause them to pivot and pivot quickly.
Gary McGaghey is a frequent contributor to Communications and Finance (C&F) Magazine and The International Banker. Before joining Williams Lea Tag, Gary McGaghey spent two years at Unilever as a Finance Consultant. He is currently an Independent Non-Executive Director at The International Bankers Association (TIA) and a member of their Finance Committee. He is also on the Nelsons &Co Group and Nelsons &Co Pharmaceuticals Ltd boards.