CA(SA) de RENAISSANCE - Transforming the role of the CFO.

As professionals we have the constant challenge of keeping up with an ever- changing world .

What, with Virtual Reality being the next cataclysmic breakthrough what can we expect next? In the future will we be able to meet in a virtual world having a full three-dimensional meeting whilst lying in our bed at home?

And what about 3-D printing?

The mind boggles!

The big question is what will the world look like in 5 years and are we preparing ourselves to meet its challenges?

I recently read a very interesting article which discussed the CEO’s view of their financial executives. A number expressed disappointment, claiming that too much emphasis is placed on historical financial information and compliance and not enough on predictive analysis and strategy.

They put forward what might be expected of the CFO going forward.

This emerging officer was termed the Renaissance CFO.

The meaning of the word renaissance is:

       A situation where there is renewed interest in a subject after a period  in which it was not                  really popular.

Quite profound in relation to a role of a CFO. It seems as though the CFO has got lost in all the detail whilst missing the bigger business picture.

But read on.

It is sort of saying that the role of the CFO needs some sort of energy injection – a revitalization.

So here is what the Renaissance CFO will need to look like:

> Global experience and mind-set

> Understanding the importance of data and     being creative around getting it and using it.

> Searching for the right people (talent) and mentoring and nurturing them and retaining them.

Taking this all into account, the CFO will be the one serving the “C” team with accurate and detailed predictive and analytical financial information (the “C” team being the CEO, COO, CIO and CMO).

Furthermore he will play the very important role of tempering the excitement and one-sided emotional views that emerge on bigger deals and strategies , maintaining an impartial but solid assessment of the facts.

In short, gone are the days where financial directors simply produce the numbers on time and keep the bankers and auditors happy.

The CFO of the future is being called out to be so much more – deputy CEO maybe a better title.       

______________________________________________________

About the author:                                                                                                                  

Clive Kaplan is a prolific writer on LinkedIn PULSE. He has written over 55 articles on various topics from financial management and operations to job search and confidence building. He is also the author of the winQs series (pronounced ‘winks’) which appears regularly on the LinkedIn network. 

Clive a CA(SA) with over 20 years’ experience as an executive director in both listed and unlisted companies.

Clive brings some interesting perspectives to the field of management. Having been involved at Director/Board level, he offers a wealth of wisdom on both the people and business front.

Clive is the CEO of GREEN MIND CAPITAL (Pty) Ltd. The company focuses on assisting executives, especially emerging young CA’s, in maximizing their potential and fast-tracking their careers.

Clive’s mix of years of practical executive experience coupled with his own personal self-development journey brings together a unique method of Transformation Coaching. He has hundreds of hours of one-on-one coaching to his credit.

Clive has been involved with coaching and self-development since 1994. He has a particular interest in Cognitive Awareness Technology (CAT) and has completed a number of advanced courses on the topic including The More To Life Training, Way of The Warrior, The Power of Self Esteem, The Power of Purpose, The Power of Connection, The A & B Phase Mentor Training, The I Am Training, Joy Spring, and is in the process of completing the world-renowned ORSC Corporate Coaching Course.