The new CFO: Chief Future Officer
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As our planet has become more instrumented, interconnected and intelligent, disruptive change seems to have become the norm. New markets appear as quickly as others fade. Industry value shifts with the introduction of the next app. Opportunities emerge out of new regulatory requirements. Meanwhile, oceans of Big Data flood firms of all sizes with new answers but also questions.
Who better to navigate this turbulent environment than the company’s CFO?
After all, finance is the corporation’s original information management function—managing costs, monitoring the broader economy, steering the firm’s investments. And today a new breed of CFO is going further: using a greater variety of data, along with advanced analytics, to prepare for change, uncover opportunity, and capitalize on both.
A general truth of a smarter planet is in the application of data and analytics to practices and decisions that previously may have been made by gut or by rote. But CFOs have always traded in financial data and quantification. Thus the changing role of the CFO is not driven by a change to a more analytical mindset. It’s driven by the change to a more advanced set of analytics capabilities, and using them to extend the positive impact the CFO has on the business, turning them from scorekeepers to performance accelerators.