Speed within reach
Many CFOs acknowledge the opportunities that speed and technology present: insight-driven decisions and new business opportunities. But there’s also a large gap between what finance leaders say they want to accomplish and what they’re able to do in terms of accelerating their predictive ability and expanding their influence.
In organizations that far exceeded revenue growth expectations over the past year, CFOs have occupied new and expanded roles
CFOs as economic guardians: lead an efficient and effective finance function focused on predictive insights in a volatile world.
CFOs as architects of business value: Collaborate with the C-suite to drive strategic change across the enterprise.
Catalyst of digital strategy: Create insights for new business models and realize value in a digital world.
A roadmap for success
Utilities CFOs are steering their businesses through uncertainty, driving widespread transformation, and they are ambitious to create new value. How, then, to manage this demanding workload – to deliver across three significant and interrelated objectives?
1. Close the gap between the CFO and operational finance
Right now, 78% of utilities CFOs concede there is a gap between the CFO’s strategic endeavors and the priorities, responsibilities and performance yardsticks throughout the rest of the finance function. The result is that too often, finance leadership and operational teams are focused on different goals.
2. Collaborate and integrate
CFOs are determined to be their organizations’ change-makers and value creators, but they must accept this is a shared endeavor. Without building stronger relationships with the rest of the enterprise, such ambition is likely to come up short. The good news is that utilities CFOs recognize that lack of integration and collaboration stands in their way as they drive strategic change: 34% cite this problem. Now they must overcome it.
3. Invest now to stay ahead of future regulation
Compliance with regulation across jurisdictions will be a priority in the years to come. In regulated environments, public authorities set the terms of engagement, so the key is to focus on the direction of travel rather than the immediate constrains.