Strategic Financial Leadership Redefining How CFOs Maximize Firm Value. Photo By: Steven Rojas
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1 1 Strategic Financial Leadership Redefining How CFOs Maximize Firm Value Photo By: Steven Rojas
2 1. Increasingly, CFOs are mired in detail and complexity at the risk of neglecting true value creation activities analysis and strategic improvement. Irrelevant data, complex planning and budgeting systems, and impertinent measures keep finance and operation managers from focusing on key issues. 2 Photo By: Kle s Roy
3 3 CFO s report that almost all of their tasks are more important today than they were in How can a shift in mindset enable prioritization focused on capturing greater value? The Shifting Role of the CFO In the midst of global economic uncertainty, the big data revolution, and geopolitical instability, the role of the CFO must mold to support an adaptive organizational strategy. Increasingly, CFOs are pulled in different directions due to increasing prices, competition, risk, and regulation (Figure 1.0). As the modern market exists in a continuous state of transition, the CFO must transform its role to capture greater organizational value. Implications of global and national trends include: Volatile markets impede national economic growth. For example, the U.S. dollar experienced post-brexit gains of 6.3%. 2 A strong dollar dissuades global trade with the U.S., potentially resulting in domestic employment reductions and a significant manufacturing slowdown. Labor force participation has declined from 67.3% in 2000 to 62.6% due to the aging workforce. As unemployment continues to fall to record lows, labor constraints could present organizational challenges and increase the cost of qualified employees. 3 Technological development has created rapid development and disruption. There were 700% more patents granted in the U.S. in 2015 than there were in These innovations present the CFO with the challenge of deciding where and how to invest. The regulatory environment has become more stringent for businesses. The CFO should be involved in risk mitigation planning to limit liability. An overabundance of measures can result in organizational complexity and strategic irrelevance. CFOs must determine what pinpointed analysis will support competitive advantage. Figure 1.0: Global and national trends contribute to the reshaping of the CFO 1. Pushing the Frontiers: CFO Insights from Global C-Suite Study, IBM Institute for Business Value, Elisabeth Jacobs, The Declining Labor Force, Washington Center for Equitable Growth, July US Patents Statistics Chart, , USPTO.gov.
4 4 Maximizing Impact Companies have implemented an overabundance of measures, complicating the financial process and resulting in ineffective time allocation. Average company employees spend 79 percent of their time on tasks and a mere 21 percent of their time on thinking activities. 1 In the hypercompetitive global marketplace, the CFO must shift attention to the true value drivers of strategy and forecasting to differentiate the organization and gain a competitive advantage. In a study of 576 global CFOs, the most successful emphasized providing extensive business insight, making predictive insights, and ensuring high levels of risk management while maintaining financial efficiency. 2 The modern CFO has increased and redefined responsibilities. The CFO s evolving position, when managed effectively, should not entail more time nor stress rather it requires prioritization and innovation. It demands the CFO to lead the organization toward the most relevant and urgent information, sacrificing some of the onerous, unnecessary transactional tasks in order to maximize organizational impact. 3.0 CFO INSIGHTS A 2010 IBM study revealed that the highest performing organizations balanced transactional and compliance activities with strategy and forecasting activities Financial Efficiency Task-Centric Focus on accounts receivable & payable, payroll, job costing, wage withholding, sales tax, vendor requests Financial Effectiveness Thinking-Centric Focus on rolling operational forecasts, cash flow forecasts, project forecasts, strategic planning, implementation 1.Gottfredson, Mark, and Keith Aspinall. "Innovation Versus Complexity: What Is Too Much of a Good Thing?" Pushing the Frontier: CFO Insights from Global C-Suite Study, IBM Institute for Business Value, 2013.
5 Task Centric vs. Thinking Centric The CFO s contribution to the firm must entail more than financial intelligence, but also strategic expertise. As the engine of an organization, the CFO holds the authority to shift company mindset from historical to futureoriented, progressing a company and its employees toward a learning culture. Between 10 and 30 percent of recorded data is inaccurate, inconsistent, incorrectly formatted, or entered in the wrong field. 1 If a company lacks the analytical skills necessary to discern illogical conclusions, strategy can be founded upon falsities. While task-centric responsibilities cannot be eliminated from a CFO s work, these duties must be complimented with thinkingcentric activities. Throughout all operations, a CFO must ask: Where is the business going, and how quickly is it getting there? The next-generation CFO will posses a deep financial acumen, as well as a breadth of understanding of the holistic business environment. As the forces of profit erosion in the U.S. economy increase (including the level of competition and the rising cost of commodity prices and labor), pragmatic strategy requires strong, accurate forecasts and data-driven analysis. Application: By using in-depth activity analysis, CFOs can determine areas of weakness in the business model. By assigning a cost and value to each activity, companies can begin to minimize or eliminate costs (such as excess, time -consuming transactional items) that do not add value in order to focus greater attention on the true drivers of firm value. 4.0 CFO INSIGHTS An IBM study defined Value Integrator CFOs as focused on performance optimization, predictive insights, risk management and strategy. CFOs with these traits rank significantly more effective than disciplined operators. 2 5 Transforming antiquated methodologies and mindsets is often laborious. To compete in today s tempestuous economy, it is also necessary. The modern-day CFO has the power to move the organization toward environmental awareness to instill a proactive approach to the malleable ecosystem. 1.Jeremy Hope, Reinventing the CFO, Harvard Business Review Press, Pushing the Frontier: CFO Insights from Global C-Suite Study, IBM Institute for Business Value, 2013.
6 1. Only 47% of CFOs believe their organizations are effective at measuring and managing performance the task they ranked as the most important. 1 By implementing analytics, executives can better monitor business performance and devise a strategy to enhance operations Source: Pushing the Fron ers: CFO Insights from the Global C-Suite Study, IBM Ins tute, Photo By: Steve Coughran, Shanghai, China
7 7 Companies that inject Big Data and advanced analytics into their operations show productivity and profitability rates roughly 5% higher than their peers. 4 Analytical Advancement The dual-role of the new CFO demands strategic and operational excellence. According to a survey of 100 executives, 79% of financial managers have invested in analytics to drive improvement in both capacities. 1 As 96% of executives responded that analytics will grow more important to their organizations in the next three years, this trend is likely to persist. 2 Analytics can apply to many diverse areas of the business: Strategic Application: Positioning: Establish the most lucrative sectors and geographies to drive project profitability Sales and Marketing: Apply data to achieve accurate churn analysis to identify high-value customers. Use predictive analytics to forecast demand Offerings: Refine service offerings to include those that contribute most to overall firm value creation and enhance strategic growth 1. CFO Insights: How CFOs Can Own Analytics, Deloitte, CFO Insights. Deloitte.
8 8 Components of business driven by operating decisions Most common area of focus in the business Most important area of focus for business leaders Future-Focused on True Value Drivers It is necessary for CFOs not only to lead the change, but to accurately measure it. Though profitability is a benchmark of a firm s competitive advantage, free cash flow is the driver of firm value. True financial health requires attention to both financial measures. Without sufficient cash, a company is unable to maintain financial standing by reinvesting in research and development, making acquisitions, reducing debt, and paying dividends. By emphasizing the three components of firm value creation: getting more cash, getting cash faster, and lowering the discount rate, firms will be well-poised to capture market share and sharpen competitive advantage. In order to remain viable and liquid, CFOs must be aware of their firms cost of capital, working capital requirements, and measure the health of their businesses from a variety of angles.
9 9 CFOs were historically viewed as cost controllers, used as monitors of budget variance. Now, they are a key component of organizational strategy, performance improvement, and Big Data mining. Progressive CFOs now serve as the catalyst for change within their organizations. The finance department with CFO as leader has the power to create lasting transformation within their firms. Although change management is extremely difficult, in order to initiate change, the CFO must emphasize a persuasive case for change, set direction for the company, achieve support from the executive team, communicate the change to all stakeholders, and most importantly, stay focused on the end goal of value creation. Change is sparked by a compelling vision for a better future. The CFO now is in a primary position to pioneer toward the overarching goals of the firm.
10 10 WE HELP BUSINESSES THRIVE. Who We Are Coltivar is a boutique management consulting firm comprising finan- Copyright, Coltivar Group LLC 2017 Coltivar Group, LLC cial, accounting, and strategic leaders. Our consultants bring a wealth 640 Plaza Drive, STE 370 of multi-industry experience into each unique engagement to help Highlands Ranch, CO companies procure a competitive advantage We challenge conventional thinking to drive innovation and positive transformation. By identifying strong processes, we empower zations to employ repeatable steps to create lasting value. We believe that a great business strengthens the customers it serves, the employees within it, and the community where it operates.
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