Casey is the CFO at her company and wants to turn the finance functions in her organization into an analytics powerhouse. Casey isn’t quite sure how to achieve this so she decides to conduct some research to help her achieve her goals.
Before Casey can begin her journey to achieve her goals, she needs to understand that as the CFO of her company, she has four areas she must focus on:
- Execution (The Catalyst)
- Performance (The Strategist)
- Efficiency (The Steward)
- Control (The Operator)
Knowing the four areas of the finance function, Casey will be able to turn her finances into powerful analytics.
Casey understands that finance functions are changing in today’s organizations and to keep up, she needs to expand her sphere of influence beyond traditional financial reporting roles. Casey knows that leading finance executives have successfully found ways to partner with business and functional leaders and have become the trusted advisor for their CEO. Casey decides to take a page from their playbook and follow the four major steps they take to turn her own finances into powerful analytics.
Step 1) Set a mandate that creates a culture of analytics. As the CFO of her company, if Casey wants to play a more strategic role, she’ll need to better understand and redefine not only her role as CFO but also the finance function within the overall organization.
Step 2) Assess weaknesses that impair data-driven decision-making. Modern financial leaders like Casey require a broader set of skills and her role as CFO is growing in the importance of the development of executive presence, influence, and strategic insight.
Step 3) Build an analytic powerhouse. As the financial leader of her company, Casey requires a committed and competent team. Casey needs to choose members of her team that can look beyond operational metrics and drive intelligence.
Step 4) Invest in the technologies that enable insight and value creation. If Casey wants to improve her financial leadership, she needs to champion the investment and implementation of tools and solutions that allow finance to track leading indicators (KPIs), monitor ongoing results and performance, and inform and make recommendations to the business.
Now that Casey understands how she can turn her finances into powerful analytics, she’s ready to become the trusted advisor her CEO needs.
If you want to learn more about best ways to turn your finances into powerful analytics, click the link below for more information.