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How The CFO Is Now Transforming The Company

Previously, the CFO (Chief Financial Officer) dealt with only one thing: the management of financial flows : accounting, taxation… Today, his cross-sectional vision is a real asset, and he becomes a leading player in the interpretation of results (figures). That’s why it can help your business transform…

The Role Of The CFO

The CFO has a double cap:

  • He oversees administrative management (legal aspects, procedures, etc.)
  • And financial matters (accounting, management control, treasury, etc.).

On the face of it, it’s simple. But he can have many more roles to play…

CFO And Agile Transformation

What is agile transformation? It is a key concept in the management of businesses today and in the future. What we’re aiming for here:

  • Continuous improvement
  • By experimenting and analyzing the experiments carried out.

So what is the place of the CFO? For example, the CFO Edition 2019 barometer (ABV Group) tells us that one in two FADs considers improving management processes to be a business priority this year.

In order to this end, the CFO can help the company in optimizing the relationship with suppliers, in order to improve its quality approach. Why not go through the evaluation of these suppliers, to control the quality of its products, and the satisfaction of its customers?

In addition, it is noted that the CFO is very close to the ISD (Information Systems Directorate), to help the digital transformation of the company.

cfo transformation

CFO In Digital Transformation

According to the CFO 2019 Barometer, 39% of the collaboration between CFO and ISD is about the digital transformation of the company.

Introducing New Tools

CFO can intervene at 4 levels of digital transformation. It has an important place because it is probably the service most capable of measuring quickly and concretely the results of the decisions taken.

  1. Dematerialization: it is used to optimize the chain of purchase, to control payment times, costs and to secure the transfer of accounting documents for example.
  2. Collaboration between departments, as with the ISD.
  3. Innovation: CFO can be at the initiative of the implementation of new tools and software (cloud, data management software, etc.).
  4. Which brings us to the last point: protection. The CFO must ensure the security of the company’s data, as well as the protection of its reputation, including online.

These 4 points make it possible to optimize the operation of the company, and thus indirectly the satisfaction of customers. Can FAD also act directly on it?

Renewed Customer Relationship

The priority of all services, as for our beloved CFO, is sustainable sales. That is, selling to the same customers, in the long run. What for? Because it costs much less than acquiring new customers, and it gives a positive image of the brand.

How do I do that? Two examples are offered:

  1. The FAD is located close to the service that deals with the customer relationship. This is particularly the case at Canal, where the two branches are located on the same floor. The advantage: achieving fairer budgets, better measuring performance in the customer relationship, among others.
  2. Finally, to go even further, the CFO can take the initiative to measure customer satisfaction, thanks to a dedicated software. This allows to supplement the analysis of financial balance sheets, raw figures, with a more qualitative aspect of its regular indicators: the level of customer satisfaction.

So, if you want to start an efficient and sustainable transformation of your business, contact us !