Going Beyond the Book 2023

Going Beyond the Book 2023 | 1 [ MESSAGE FROM MD’S DESK ] The world has gone through some of the most challenging times of our days, especially in the aftermath of the global pandemic, as well as amidst rising geo-political tensions, spiraling inflation, spiking interest rates and growing fears of recession across the developed economies. On the domestic front, however, the corporate segment has shown remarkable resilience, being able to navigate through these turbulent times with tremendous grit and determination. Every quarter since 2013, Dun & Bradstreet talks to more than 250 CFOs in India and asks them about their expectations and optimism about the economy. We call it the “CFO Optimism Index.” • In the Q3 2023 report, the revival of the Indian economy has been reflected in the optimism shown by CFOs. • Optimism for the domestic macroeconomic scenario has improved significantly to 72% in Q3 2023, highest in 10 quarters, pointing towards the revival of domestic economy. It is pertinent to point out that it was the finance leaders of the Indian corporate sector who continually worked towards stabilizing businesses and rebuilding them, and it was not just through prudent management of the books. Evolving role of the CFO The role of finance leadership or the CFO has undergone a paradigm shift in recent times. Today’s CFOs are not merely engaged in the traditional tasks such as record keeping, audits, taxation or compliance. The role of the CFO is now more multi-dimensional encompassing functions of risk management, strategy building & planning, digital transformation, sustainability, integrating ESG and much more. Three of the key evolving roles that CFOs play in today’s dynamic world include: CFO as strategic partner As the country heads towards economic recovery, it is a thriving opportunity for CFOs to become enablers of growth. Not an easy task though, it requires a big shift in the mindset – from being in an operative role to that of a strategic partner. In a research study conducted last year by Dun & Bradstreet in collaboration with Krea University, an essential role of the new-age CFO is to be the CEO’s partner in trying times by providing a holistic view. In these turbulent times, the enhanced participation of CFOs fosters a holistic approach to decision-making, which will ultimately enable organizations to achieve sustainable growth. EVOLVING ROLE OF THE CFO: GOING BEYOND THE BOOK Dun & Bradstreet