CFOs are being challenged by their boards to deliver strategic guidance. In fact, 94 percent of senior finance executives believe that boards of directors regard their CFOs as critical strategic business partners, according to a recent CFO Research survey of 157 finance chiefs across the US.
During our recent webinar with CFO Research, and special guests CFO John Granato, CFO Roxi Wen, and VP Strategy Bob Stark, the main research findings were examined and guidance on what the CFO of the future would prioritize was provided. Both CFOs offered poignant responses related to the factors impacting business growth including fighting fraud—the number one area where boards are underserved is monitoring and mitigation, according to the survey;” tax reform; business continuity planning; technology and tools.
Download our eBook: What the Board Really Wants from the CFO
Both CFOs agreed that technology-driven business intelligence is a critical new aspect of decision support for the board, and expectations for more complex business analyses will increase in the future.
- “I’d say that what-if scenarios are increasingly going to be expected by the board,” said Roxi Wen, noting that data and far-ranging analysis will be key to support board level decisions.
- “It’s going to move toward a more strategic conversation between the CFO and the board,” John Granato predicted. “It’s going to be really strategic, but also tactical in terms of getting the right information to the board to make decisions,” he said.
The challenges CFOs and boards face today are directly related to the acceleration of competition on a global scale. As boards demand more data-driven business strategies, CFOs need to be closely involved in helping define the modern financial technology stack.