Digital Transformation and the Role of the CFO, Part 2
In this week’s post on Digital Transformation and the Role of the CFO, we are sharing a recent article in Chief Executive Magazine by Sandy Cockrell III, national managing partner of the U.S. CFO Program for Deloitte LLP.
Mr. Cockrell writes: “For CEOs, it is critical to define and implement a digital strategy and allocate the resources needed to compete and deliver shareholder value. To get the job done, CEOs likely need a trusted ally in the C-suite, one who can help ensure sufficient capital and lead the organization through the digital journey. Moreover, it can serve the CEO to have an arbiter among members of senior management and the board, one who can bring an enterprise-wide view to decisions. Altogether, these requirements point to the CFO for this essential and complex role.”
What makes CFOs qualified to lead the digital journey? Mr. Cockrell argues that for many CFOs, leading a digital transformation is a “natural progression.” He says: “During the last decade, the responsibilities of their role have expanded beyond traditional financial and accounting oversight into areas requiring the skills of a catalyst and strategist.”
Mr. Cockrell concludes: “At so many levels, CEOs and CFOs are already partners in driving initiatives to improve top- and bottom-line results. Digital transformation is yet another opportunity for them to work together to drive shareholder value.”
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