So much volatility, so little time. CFOs are getting stuck in a whirlpool of business change as inflation takes hold, interest rates climb, capital markets rumble and stumble, and top-line growth becomes more unpredictable.
A recent CFO conference suggests automation now is what matters most in this environment. Upon reflection, motivating the finance team to take on more change is harder than automating the function. What also shakes out in 2022 will be the job-hopping merry-go-round for all of the finance functions, including CFOs. Turnover will not slow down and the opportunities from M&A, carveouts, and some IPOs will create more transitional changes.
Taking into account the cost-down mantra from the board room to the floor room won't be nearly as gut-wrenching as in the past. Keeping finance people in our topsy turvy environment will be needed to accelerate the automation of finance... as a defensive measure alone. The autonomous living environment of the past two years has suggested a hybrid environment is the new way forward. The CFO challenge has gone beyond best practices, strong controls, and fast reporting with insights. The cracks in the foundation walls were always there with fixes solidly planted on the sea of initiatives list. We all know from history that a slow down on the top line reveals the issues. Now more than ever, a strong finance plan with a firm vision for people, process, and technology is required. Stay tuned for more to come...
© Copyright 2022. The views expressed herein are those of the author(s) and not necessarily the views of Ankura Consulting Group, LLC., its management, its subsidiaries, its affiliates, or its other professionals. Ankura is not a law firm and cannot provide legal advice.