Going Beyond the Book 2023

18 | Going Beyond the Book 2023 [ THE CHANGING ROLE OF CFOs ] 1. including technology, analytics, ESG 2. across multiple departments 3. including talent fit for changing roles in finance domain 4. enlarging boundaries from shareholder to stakeholders Ratings: 1 = Limited increase in time spent / less impact on CFO responsibilities; 5 = High increase in time spent / high impact on CFO responsibilities Source: IFMR GSB at Krea University, D&B analysis The survey results of our research clearly suggest that CFOs need to get the big picture of the business across different functions to be a strategic partner; they need to understand the catalytic role technology can play in their business to drive profitable growth, competitive differentiation and enhance shareholder value, as well as manage a new breed of investors including angel investors, venture capitalists, private equity and crowd-funded investors. Rating-wise, the respondents consider ‘ Env i s ioning bus iness growth, ’ ‘Providingaholistic viewof thebusiness to the stakeholders,’ ‘Understanding the role of technology,’ and ‘Managing investors and government regulations’ to be the five critical traits that are essential for CFOs today. ESSENTIAL TRAITS OF NEW-AGE CFOs – KEY FINDINGS We asked CFOs to rate a range of traits on a scale of 1 to 5, where 1= less critical trait and 5 = highly critical trait. 9 Envisioning business growth 9 Advising and spearheadingM&A 9 Management of government regulations 9 Management of the investor community 9 Under s tanding the rol e of technology 9 Providing a holistic view to the CEO About 72% of CFOs gave the highest rating (rating #5) to ‘Envisioning Business Growth’ as they need to have a deep understanding of the business and operating models to participate in the development of multi-year growth strategy, aligning with the purpose and vision of the company. About 45% of CFOs gave high rating (rating #4) to ‘Management of government regulations’ since a CFO’s officehas to interact frequently with government authorities for matters related to taxation and emerging regulations on ESG. 100% of CFOs gave an above average rating (rating > 3) to ‘Understanding the role of technology’ wi th CFOs expected to deeply understand and appreciate how technology provides Dun & Bradstreet