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clrmoney
clrmoney
3/8/2018 2:19:52 PM
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Platinum
CFOs in Transformations
I know the CFO/Chief Financial Officer has many things to do because its a higher position of power making decisions as a leaders. I think they can handle it and come up with something and keep you up to speed to make sure that everything functions well for Digital Transformation.

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Joe Stanganelli
Joe Stanganelli
3/8/2018 3:02:30 PM
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Author
Digital CFO ==> ?
CFOs are increasingly expected to take the lead on other digital/technological issues as well -- not least of which being cybersecurity. (This, indeed, has perennially been a key topic at the MIT Sloan CFO Symposium every year.)

The question is, will this lead to the creation of a new CxO title redundant with the crossover the CFO, the CIO, and the CTO?

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Shaunn
Shaunn
3/8/2018 10:00:05 PM
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Platinum
Re: Digital CFO ==> ?
I think so. Chief financial officer is named for the work it entails. Enough add-on will warrent a change in job description and a title to match, and it looks like that's already beginning to  happen. If they asked me it would be something like CFITO.

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mhhf1ve
mhhf1ve
3/8/2018 10:04:11 PM
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Platinum
Re: Digital CFO ==> ?
Is it really that surprising that CFOs have to deal with more and more technology decisions? CEOs have been in the same boat, but perhaps needing to adapt even more quickly. The CFO needs to understand the business, and if that includes technology then so be it, and advise from a financial angle from a CFO's expertise. Perhaps more surprisingly, a CTO isn't expected to have more financial expertise in order to argue back? 

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afwriter
afwriter
3/8/2018 10:35:13 PM
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Platinum
Re: Digital CFO ==> ?
How much can a person in one of these positions take on before it starts hurting their performance? It makes sense that they would have more responsibilities as transformation take hold but I would be worried that they would be expected to know too much about too much and then things start slipping through the cracks. 

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Joe Stanganelli
Joe Stanganelli
3/9/2018 1:48:33 AM
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Author
Re: Digital CFO ==> ?
@Shaunn: But, see, this is where it starts to get ridiculous. Don't we have enough of these C-suiter titles already? CEO, CFO, CMO, CIO, CTO, CDO, CAO, COO, CXO, CISO, and so on and so forth.

Here was my modest proposal, in 2013, for an additional C-suite position... It hasn't taken off yet, but eventually, I think, it will: https://twitter.com/JoeStanganelli/status/321307974385688576

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Joe Stanganelli
Joe Stanganelli
3/9/2018 1:49:44 AM
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Author
Re: Digital CFO ==> ?
@mhh: The CFO is evolving to more of a CRO -- Chief Risk Officer. Finances and Risk, after all, are closely related.

And cybersecurity and compliance issues, among other digital/data concerns, tie directly to those concerns.

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Joe Stanganelli
Joe Stanganelli
3/9/2018 1:51:03 AM
User Rank
Author
Re: Digital CFO ==> ?
@afwriter: Well, that's why they get paid the big bucks. It's easy to gripe about their substantial compensation packages until you have a full understanding of exactly what it is they have to do, be responsible for, and possibly even face personal liability for (not to mention, relatedly, the relatively high turnover in such positions at times).

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vnewman
vnewman
3/9/2018 1:34:35 PM
User Rank
Platinum
Re: Digital CFO ==> ?
My answer to this dilemma is for there to be a tech committee comprised of folks in the trenches with technical backgrounds and aptitude that can advise the CFO on the technical needs of the company. They can help address budgetary concerns and define what is mission critical and what could possibly wait until next year.

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afwriter
afwriter
3/9/2018 4:33:54 PM
User Rank
Platinum
Re: Digital CFO ==> ?
This is a fantastic idea! Especially because they can advise from the front lines and aren't just another bunch of guys in suits sitting behind desks and making decisions. 

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