Guardian of the finances, strategic sparring partner, key figure for the future direction of the business - hardly any other role has changed in such a short time as that of the CFO or financial director.
The role of the CFO is changing.
Dun & Bradstreet examined the change in decision-makers in the financial sector, interviewed 200 CFOs and finance directors, and identified their roles and issues.
The key takeaways
The study revealed three key messages about the future of financial organizations.
1. Financial officers require the right tools and a lot of talent.
2. Growth and hedging of the business are not in contradiction. For this data plays a key role.
3. A company requires data to realize risks and take smart decisions.
No other person in a company has as much insight into the strategy as the financial director. Still there are many challenges to be faced. The financial director needs to be able to respond to local and global events that impact the business. For this data and data-driven solutions are required.
The 4 trends in the evolution of chief financial directors
1. Gatekeeper or strategic revenue generator?
97% of financial directors think that their role in the company has changed in the last three years.
2. Increasing pressure
53% of financial directors agree that it's only a matter of time before their company makes a gross mistake due to a lack of staff and resources.
3. Scarce resources, huge challenges
91% of financial directors believe that the role of the CFO or financial director has become a major challenge over the past three years.
4. Blind flight
84% believe that technological solutions are vital to analyzing data and making smart decisions.