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clrmoney
3/8/2018 2:19:52 PM
User Rank 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.
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?
Shaunn
3/8/2018 10:00:05 PM
User Rank 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.
mhhf1ve
3/8/2018 10:04:11 PM
User Rank 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?
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.
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
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.
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.
vnewman
3/12/2018 6:53:40 PM
User Rank Platinum
Re: Digital CFO ==> ?
It’s definitely not a cure-all but it does accomplish a few important objectives:
It takes some of the pressure off of the CFO. while giving people at all levels of the organization a degree of input into the technological decisions that impact them.
Ariella
3/13/2018 12:48:00 PM
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Re: Digital CFO ==> ?
I just read about what AT&T us doing for this, and I have to say I think it's a brilliant idea. So many companies pay lip service to valuing their people but in fact treat them as expendable, particularly when new skill set are needed. AT&T is investing in training its own people in the skills they need for digital tansformation. See https://www.cnbc.com/2018/03/13/atts-1-billion-gambit-retraining-nearly-half-its-workforce.html
vnewman
3/14/2018 2:28:26 PM
User Rank Platinum
Re: Digital CFO ==> ?
@Ariella. Well that’s refreshing news. The mindset for most companies is to outsource for specialized skills while overlooking the talent that is right under their noses if they were willing to invest in it a bit.
Of course it is not possible in every situation nor is every person capable of learning new skill sets (or wants to). But there are plenty of people who do. The rapidly changing tech landscape may force companies to look inward more often than they have in the past.
Ariella
3/14/2018 2:48:02 PM
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Re: Digital CFO ==> ?
@vnewman I just got off the phone with someone whose business is recruiting. He said that in his experience capable people can and will learn the skills they need. That especially holds true, he said, for software developers who can learn new languages as needed once they have the core capability. People empowered to hire who get hung up on only giving the job to someone who has that particular language on their resume rather than giving the chance to the person on hand to learn lose sight of the bigger picture of capability.
Re: Digital CFO ==> ?
@Ariella: What a rare attitude for a recruiter! In my experience, recruiters are generally not so imaginative -- and want to find as close a match as possible to the on-paper job-description and qualification attributes that were mostly made up on the fly.
vnewman
3/14/2018 2:36:24 PM
User Rank Platinum
Re: Digital CFO ==> ?
As an aside - I’ve personally always felt that I am capable of doing plenty of different “jobs” other than the one I was hired for or what I was formally educated to be. Train me, give me a book or some online material, or just throw me into a situation and I’ll figure it out. So long as it’s not brain surgery. I’m pretty confident in my own resourcefulness, perseverance, and logical/reasoning skills. So what if I’ve never done something before? Watch me now! Am I the only one to think so highly of myself? 😄
Ariella
3/14/2018 2:58:22 PM
User Rank Author
Re: Digital CFO ==> ?
@vnewman Back in 2010 big data was a new term to me, but within the next year I learned a lot about it, enough to make the list of bloggers specializing in the topic in 2012. In 2013 I had barely heard of bitcoin, but I was recruited to write on the topic for CoinDesk and so learned enough to do so. Now everyone's talking blockchain and crypto, but I studied up on it back in the day! So anyone who has some intellectual curisotiy, capability, and self-motivation can learn what they need to for their jobs.
vnewman
3/19/2018 1:46:17 PM
User Rank Platinum
Re: Digital CFO ==> ?
I think we will soon see research skills and the ability to learn new concepts take a front seat in job descriptions.
Ariella
3/19/2018 2:19:21 PM
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Re: Digital CFO ==> ?
@vnewman that certainly is more important than any particular scale fo ran agile organization. But I think that most people -- particularly the ones who scren out appliacant is in HR-- think too much in the box to put that kind of thing in a job description.
vnewman
3/20/2018 9:29:02 PM
User Rank Platinum
Re: Digital CFO ==> ?
@Ariella. You bring up a great point with regard to HR and standard operating procedures. True job descriptions require someone in HR to do an in-depth analysis of the skills, knowledge, and abilities needed for a person to perform their job successfully. A true job analysis rarely happens today.
In its place, folks in human resources typically copy job descriptions off of the Internet, ask a supervisor what they think the job entails, or just take their best guess. Ineffective to say the least.
Michelle
3/31/2018 11:44:29 PM
User Rank Platinum
Re: Digital CFO ==> ?
@V That's all true! A full analysis of a job is rarely done. Who has the time?
Re: Digital CFO ==> ?
@Ariella: Agreed. And the issue has been made worse with automation and those online hiring portals like Taleo and Brassring. Now applying for jobs is a matter of gaming the system. Independent recruiters experienced in these systems are known to puff up an applicant's resume to 10 pages simply to ensure they hit all the keyword green lights! Then when the actual hiring manager has to sit down and review the applicant's resume and profile, he or she is boggled by the amount of content to sift through.
Michelle
3/31/2018 11:42:45 PM
User Rank Platinum
Re: Digital CFO ==> ?
@Joe The hiring portals are awful. Terrible to use as an applicant and just as bad as a hiring authority. Classic enterprise software?? Gaming the platform just to get a second look is brutal. You could resort to classic networking to be seen. Networking isn't always a possibility when you consider moving to a new state, for example.
Re: Digital CFO ==> ?
@Michelle: The digital age has elevated networking beyond traditional physical networking. There are people I've never or have only barely met IRL who I am more willing to help -- and are more willing to help me -- than people I've known for twice or three times as long, IRL.
Michelle
4/3/2018 3:15:52 PM
User Rank Platinum
Re: Digital CFO ==> ?
@Joe I feel the same way about people I work with online. I also don't know many local folks in my field. I suspect there are few, but I still don't know them well or have never met them.
Re: Digital CFO ==> ?
@Michelle: There are groups online, though, no?
(I know that LinkedIn groups have become all but obsolete, but there are still forums and mailing lists and whatnot; I'd be surprised if you can't find what you're looking for.)
Michelle
4/4/2018 11:42:11 PM
User Rank Platinum
Re: Digital CFO ==> ?
There is one, yes. Maaaybe I'm just not that into socializing (even with like characters).
Re: Digital CFO ==> ?
Happy Spring & Happy April to all my compadres here in TT,
To add one to what @joe noted, one that I found interesting is Meetup--it provides both a "Virtual" and a "Physical" engagement avenue for all to get involved with--nothing still beats person-to-person contact though--does it?
:)
Michelle
3/31/2018 11:47:49 PM
User Rank Platinum
Re: Digital CFO ==> ?
@Ariella I second that! I am stunned when people believe otherwise. You work very hard to learn what you need to do a good job. It would be fantastic if everyone were willing and able to do the same.
Re: Digital CFO ==> ?
@vnewman: Indeed. My degrees are in theatre and law. And yet substantial portions of my living come from (1) writing and (2) corporate communications (marketing/PR/etc.). I don't have a degree in English, journalism, or marketing. (Of course, I will say that both my theatre education and my law education improved my writing ability.)
Meanwhile, two of the best marketers I know do not have marketing degrees. One of them has a bunch of industry-relevant degrees. The other has a degree in psychology. And, indeed, product knowledge and psychology are probably more relevant to marketing expertise than the coursework of an actual marketing degree!
vnewman
3/25/2018 11:28:52 PM
User Rank Platinum
Re: Digital CFO ==> ?
@Joe - I recently read that less than 20 percent of the workforce is employed in the field they got their degree in. Amazing, no? My Bachelor’s Degree is in Business Administration and my Master’s is in Industrial-Organizational Psychology which included studies in Org Development, HR, and Training. In the real world, training basically became computer training which is how I fell into technology. Everyone assumes I have degrees in Computer Science at the office.
This is fun - who else wants to chime in with their story?
mpouraryan
3/27/2018 2:42:38 AM
User Rank Platinum
Re: Digital CFO ==> ?
I would only humbly suggest this: the need to be adaptable and flexible is at the heart of it which is an implicit message of what you've noted--especially in this era where an estimated 800 Million People are slated to be "out of a job"....
vnewman
3/27/2018 10:22:43 AM
User Rank Platinum
Re: Digital CFO ==> ?
@mpouraryan. For his private school admittance, I had to write an essay explaining my goals for my 5 year-old sons’s education. Those two things are basically what I said at the end to sum it up. I was him to learn how to be adaptable and flexible in an ever-changing and uncertain world.
Re: Digital CFO ==> ?
@vnewman: You're a living, breathing example of the notion that your intelligence and adaptability are more important than your degrees. Maybe you can spread the word among your fellow industrial/org'l psych. MAs who took the more traditional HR path that their traditional thinking -- that you have to be a 100% fit on paper -- is dead wrong. ;)
vnewman
4/3/2018 8:21:38 AM
User Rank Platinum
Re: Digital CFO ==> ?
@Joe - I always thought of myself as an ambassador of sorts. I will tell anyone and everyone who will listen. I also think the resume process needs a revamp. I prefer an infographic type myself. Anyone else ever use these?
Re: Digital CFO ==> ?
@vnewman: Infographic resumes can be cool, but they're not always suitable, and they can be difficult to make (let alone make engaging). At least traditional resumes offer some semblance of standardization.
But, lo, here again is another example of hiring portals failing applicants -- because if you put your dates of employment in "the wrong place" (but in a perfectly fine, standard, traditional place) for each job listing, most hiring software will read it improperly and completely discount the experience/accomplishments that follow.
Either way, we have an automation problem.
mpouraryan
3/11/2018 7:40:02 PM
User Rank Platinum
Re: Digital CFO ==> ?
Here is the problem: You'll have meetings about meetings--the CFO mentaility has to evolve as well in order for a rapid reaction to on-going challenges--there lies the challenge.
Ariella
3/12/2018 12:13:22 PM
User Rank Author
Re: Digital CFO ==> ?
@mpourarayn I agree: meetings are usually productivity killers rather than boosters. They also tend to make people more cautious about presentation, I think.
mpouraryan
3/17/2018 2:24:22 PM
User Rank Platinum
Re: Digital CFO ==> ?
Those who read their audience, understand the message and position it the right way will always prevail.
srufolo1
3/12/2018 12:05:09 AM
User Rank Platinum
Re: Digital CFO ==> ?
@vnewman That sounds like a great idea for a tech committee, but I think the idea of the CFO beng more involved with technology has been a long time coming. After all, if they're in control of a corporation's purse strings, then they should understand the timeline of when technology is actually needed, and have knowledge of the technology they are purchasing. Maybe it requires more training, but that's the direction it appears to be going.
Re: Digital CFO ==> ?
@vnewman: Yeah, but then it gets to be too many oligarchies and boards of directors and advisory boards instead of too many C-suiters.
Or, in meme terms: "Yo dawg, I heard you like boards, so I gave your board a board so it can direct while it directs."
afwriter
3/8/2018 10:35:13 PM
User Rank 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.
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).
elizabethv
3/13/2018 5:23:44 PM
User Rank Platinum
Re: Digital CFO ==> ?
@Joe, I would think the CFO, more than any other position would be in a vital role to ensure they know more about the company than any other position, including the CEO, who has almost always naturally relinquished some of his power to the CFO. But money of course fuels our entire way of life, and as such fuels entire businesses. If the person in charge of financing a business, doesn't know how that money is being spent, they're really just being lazy in their responsibilities.
And on a lighter note, I really just hope your idea for a C-suite job also ensures there is also toilet paper in the lavatory. I see the absense of the latter as a larger breakdown of the entire company. So really it's a vital role.
Re: Digital CFO ==> ?
@elizabethv: Indeed, somebody has to do the dirty work! Otherwise, the whole company goes down the drain. They need to take the hiring plunge!
ha-chah-chah-chah...
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