Digital, data, risk and volatility , stakeholders and regulatory parties are the new driving forces transforming the role of financial managers today. This is what the investigation reveals EY, financial auditing firm, the DNA of the CFO.
EY, interviewed CFOs about their experience. The report shows that CFOs must adapt to today’s world to succeed. “The ability to solve problems in different situations, to take individual and collective decisions and solve problems in different ways is an important skill,” Dr. Stefan Kirsten, CFO Vonovia.
A need for understanding of the technological environment
58% of CFOs say they “need to better understand the digital, intelligent technologies and sophisticated data analysis methods.” To be effective, the CFO must measure the ability of his company to a successful digital transition and allow it to move towards a digital economy.
Exploiting the capabilities of analyzing data
the data and analysis are crucial to the CFO, they allow them to realize new opportunities for the company. Moreover, the study reveals that 57% of CFOs believe that the provision of data and advanced analytics will be critical for the finance function tomorrow
Risk management. Financial essential skill
risk management is a skill / qualification required for 66% of financial managers, according to the survey of EY. Today, the CFO is increasingly required to manage all types of risk. Half of them claim to devote more time, but they are likely to consider having to strengthen their skills in this area.
Manage stakeholder demands
According to figures EY, a financial manager in two admits he needs to improve his skills in the management of its relations, particularly with investors, CEO, boards and other executives. CFOs must find a way to respond to requests, which may be contradictory, effectively.
Skills to develop
To control the evolution of their role, the CFO should reassess their personal skills, identify and examine new strategic solutions and help their business to adapt to a business environment changing. An evaluation of these three elements allows financial managers to determine how to balance their input, surround yourself with the right team and prioritize key areas for the future success of their business.
Adapt to control the future
financial managers must adapt to the complexity of today’s world: they must have a clear vision of their powers, the role they want to play in the company’s strategy and upheaval that can be sources of threats as a source of opportunities. If they fail to adapt, they may deviate from the decision-making team of the company.