The CFO of the Future
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CFOThe Chief Future Officer?Ash Noah CPA, FCMA, CGMA
VP External Relations, Management Accounting, American Institute of CPAs
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The future business paradigm?
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Of Global CFOs do not believe that the ‘CFO’ title adequately covers the diversity in the
role
Chief Future Officer?
Finance Forte Survey 2011 Ernst & Young
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Report the ability to find the right skills is progressively more difficult the higher the
roles are within the organization
Chief Future Officer?
Plugging the skills gap 2012EIU
68%
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Chief Future Officer?
Turning the Tide; Accenture
40%
Reported high-end analytical skills as being
the future success of their organization
But only
15% Of those have these skills available
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6 Talent Pipeline Draining Growth 2012CGMA
Developer of talent pipeline
Of c-suite respondents agreed that the ability to attract, retain and deploy the right talent is ‘the’ main competitive advantage
over a
third
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Measures and focuses on non-financial value
Rebooting Business - 2012 CGMA
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Recognizes value in non-financial measures*
* Extent of value provided - % of respondents selecting 8-10 on a scale of 10.
Rebooting Business - 2012 CGMA
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Big Data enabled
From insight to impact - 2013 CGMA
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Big Data enabled finance
• A minority (23%) report no role in anlaytics
• Another minority (21%) claim a leading role
• A 55% majority say finance partners with others (55% = 37% + 9% + 9%)
• Interviews agree on a collaborative role
From insight to impact - 2013 CGMA
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Overcoming impediments to harnessing Big Data
From insight to impact - 2013 CGMA
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Big Data – the role of finance
From insight to impact - 2013 CGMA
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Five traits of the data enabled CFO
Able to identify which data points
are useful in understanding what drives the business.
Have a clear sense of what customers care about most,
and ideas about how to track this.
Embrace new forms of data, and
incorporating this into business
decision-making.
Comfortable with uncertainty,
including the reality that big data may
not provide definitive answers.
Explore new ways to interpret data to
better inform management.
From insight to impact - 2013 CGMA
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Turns data to insights to action
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Shared Service Centers
Technology SCALE BENEFITS
Focus on Process and Technology
Finance function has delivered scale benefits
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INCREASED INSIGHTS
BUSINESS SUPPORT
REAL BUSINESS BENEFITS
Focus on People and Products
The future is about delivering value
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The catalyst for Innovation
Garners C-suite support for innovationPromotes a culture of innovation permeating the whole company, not just
R&DDevices employee incentives to both encourage innovation and innovative
cultureCFOs drive for predictability and reliability - an obstacle to innovationFlexibility and tolerance of failure are necessaryFinancial processes and metrics need to be aligned with innovation lifecycleLearns to ‘live with ambiguity’
Managing Innovation- 2013 CGMA
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The innovation imperative
Average tenure of a company in the S&P500 has fallen to 18 years from 61 years in 1950s
Managing Innovation- 2013 CGMA
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Leading innovation and managing risk
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Chief Future Officer?
Leading through Connections: IBM
75%
Collaborative67%Communicative
% of CEOs that identified these skills as CRITICAL for future success
61%
Creativity
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Chief Future Officer?
Turning the Tide; Accenture
52%
Report international skills as being critical for the future success of their
organization
But only
18%Of those have these skills available
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Of the global respondents identified ‘strategic vision’ as the hardest skill to find
for executive roles within their organizations
Chief Future Officer?
Plugging the skills gap 2012EIU
55%
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CFO of the Future Will Create Strategic Impact
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Striking the Right Balance
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CFO of the Future Builds Business Capabilities
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Importance of Various Skills for Finance – As Rated By Non-finance Personnel
The inside track ; Partnering for value- 2012 CGMA
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Skills Most in Need of Improvement by Finance Personnel
The inside track ; Partnering for value- 2012 CGMA
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Collaboration and Decision Support
The inside track ; Partnering for value- 2012 CGMA
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IBMs Chief Future Officer
SOURCE: IBM Institute for Business Value, The New Value Integrator: Insights from the
Global Chief Financial Officer Study
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Collaboration and decision support
SOURCE: IBM – The New CFO: Chief Future Officer
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Applying principles to management process & practice
SOURCE: CIMA- Building World Class Businesses
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FURTHER READING
http://www.cgma.org/Pages/default.aspx?token=d34b4679-bbb6-4f45-8ca0-ceb79ee5f318
http://www.cgma.org/Resources/Reports/DownloadableDocuments/CGMA-managing_innovation.pdf
http://www.cgma.org/Resources/Reports/DownloadableDocuments/inside-track.pdf
http://www.cgma.org/Resources/Reports/DownloadableDocuments/CGMA_launch_report.pdf
http://www.cgma.org/Resources/Reports/DownloadableDocuments/From_insight_to_impact-unlocking_the_opportunities_in_big_data.pdf
http://www.cgma.org/Resources/Reports/DownloadableDocuments/CGMA_Talent_pipeline_report.pdf
http://www.cgma.org/Resources/Reports/Pages/building-world-class-businesses.aspx
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Q&A
CFOThe Chief Future Officer…
anoah@aicpa.orgwww.cgma.org
Thank You For Attending
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