CFO role living on borrowed time
Among 10 predictions for the future facing finance teams, Simon Fowler of Advanced Business Solutions (Commercial) sees the traditional role of the CFO disappearing by the end of this decade.
Graveyard shifts, the rise of mobile, green accounting and the demise of the CFO will all form part of the financial landscape in 2020.
UK business has altered significantly in the past decade and will experience even more change as mobile technologies surge and on-demand culture takes an even stronger hold. Finance professionals will face constant change, with their roles and working habits looking dramatically different by 2020. Here are the 10 most significant factors they are likely to face:
- Mobile working and the demise of the PC.
- More graveyard shifts.
- On call 24/7.
- Finance will become green champions.
- More women in the boardroom.
- Instant access to financial dashboards.
- Fraud detection will be key.
- Finance becomes a strategic role.
- Expansion of outsourcing and shared services.
- RIP CFO – We are already seeing many chief finance offucer (CFO) roles merging into that of the chief operating officer (COO) as their perspective becomes more strategic and less focused on just the numbers. This will continue and by 2020, the CFO role as we know it today may no longer exist.
Change is never easy. However a crystal ball isn’t needed to predict that financial professionals who are already adapting to these changes will become the business leaders of 2020.
Simon Fowler is managing director of Advanced Business Solutions (Commercial), a leading provider of integrated business applications and services for public, private and third sector organisations.