We are living in a business world in which change is the only constant: a maelstrom of political, economic, social, legal, technological and environmental forces that have a disruptive influence on enterprises and how they are managed. Add to this the new wave of competitive influences, the torrent of big data and ever-increasing customer expectations and the challenges facing the executive team have never been so pronounced – or so business critical.
To quote Wotif founder, Graeme Wood: “Change has never happened this fast before, and it will never be this slow again.”
As a consequence, the current business environment has been described as ‘VUCA’ – Volatile, Uncertain, Complex and Ambiguous.
So, who in the organisation is best placed to navigate their way through this increasingly complex landscape? Certainly, the Finance Director is uniquely equipped to determine the data essential to effective decision-making, after all they routinely manage and report on the numbers. But have they stepped up beyond the auditing, planning and budgeting role for which they have traditionally been known? Do they have the ability and agility to support the strategic decisions that matter to the success of the enterprise and ensure their execution?
In summary, today’s FDs / CFOs face an incredibly challenging universe of risks and opportunities. CEOs are increasingly looking to their finance leaders for strategic direction and operational support to propel the organisation’s vision, strategy and drive financial performance. Understanding the changing dynamics of the Finance Director’s role, to be able to determine ‘what outstanding looks like’ and benchmark their ability to be effective has never been more vital.
Through closely examining the risks and opportunities to the organisation, this White Paper explores and confronts the modern Finance Director’s role in meeting and adapting to key business challenges, by asking the question, “Is your FD fit for purpose?”
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