The Redefined No of the CFO

"If your measures don’t drive focus on customers and competitors, then you probably have the wrong measures. When you look externally, the clarity of what you have to do becomes a lot simpler."

To identify and track value drivers for each business, successful CFOs draw on all the sources of information available: enterprise-wide operational data, capital market trends, and access to vast amounts of financial and nonfinancial data. They take advantage of the deluge of data now available on business activity: market and company data, financial results, and data gathered from online employee and customer activity. At some companies, the IT function reports up through the CFO. At others, the CFO works in partnership with the CIO to develop analytics capabilities, thus arming the businesses with the data and operations insight needed to enhance performance.

"One thing that has helped," says Wells Fargo’s Rewcastle, "is the quality and sheer volume of information that’s available now, versus what was available 10 or 15 years ago. Even when it’s not purely financial information, it flows through finance, and finance is the linchpin for interpreting and synthesizing it. I look for our finance teams to be at the table helping our business partners understand their key drivers. It’s especially important to cut through all the data–not to throw a hundred metrics at them, but to make sure we all stay focused on the things that are impactful, and that we can affect."

Full Story: http://www.strategy-business.com/article/00307?pg=all

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