From Vitality to Bristol Airport – how is the role of the CFO evolving?
From Vitality to Bristol Airport – how is the role of the CFO evolving?
The evolution of the Chief Financial Officer (CFO) into a more value-centric role is an essential element of the transformation of the finance function. We invited finance leaders from some of the UK’s leading brands – Vitality, Hiscox, Just Retirement, Glencar Construction and Bristol Airport – to take part in our CFO to CVO interview series. These interviews explore how a value-centric approach is changing not only the way CFOs lead the finance function but how performance is measured by stakeholders across their organisations.
In addition to fulfilling their core responsibilities, today's CFOs are also being asked to act as strategic leaders, advising organisations on many of the key themes in our Chief Value Officer – The Important Evolution of the CFO report published in association with the ACCA, including:
- Building workforce resilience, attracting and retaining talent
- Implementing technology automation and driving digital transformation
- Pushing boundaries with innovation
- Data and analytical insights
- Reporting, and finance and accounting technology
- Supply chain resilience
- Sustainability and ESG reporting
- Developing and driving stakeholder value
- Safeguarding against risks and fraud
These case studies shine a light on how finance leaders are rising to the challenges, seizing the opportunities of their evolving role and three key factors for success:
1. A value centric approach
CFOs are now responsible for getting the balance right between short-term objectives and long-term value creation. As our case studies show, these two seemingly conflicting objectives can represent a harmonious balance. The CVO, as the right hand of the Chief Executive Officer, is responsible for delivering value-driven strategic success. The link between an organisation's values and the delivery of value to stakeholders is also clearly articulated. Several of the CFOs we interviewed explained how through strategic goals and reporting the organisation delivers for the public good.
Find out how Justin Skinner, Group CFO, Vitality is Creating Value Through Health and Innovation
2. Long-term sustainability vs short term profitability
Investment in a sustainable future requires a balance of people, profit and planet-centric views of performance, often challenging traditional approaches to business case development and investment appraisal.
Measuring a truly value-centric view of performance relies upon the finance function having a clear understanding of the organisation’s operating model. As the case studies demonstrate having a holistic view of performance can drive substantial growth, often in organisations whose purpose clearly shows how society benefits from their existence.
3. Robust and trusted data
In a value-centric performance model data does not simply include financial elements, it also embraces less structured data that supports strategic objectives around natural, human and intellectual capitals. Establishing and maintaining integrity over these data sources presents new challenges for the finance function.
Read How AI and Automation Are Shaping the Group CFO Role for Mark Godson, Group CFO, Just Group
Each of these case studies are a strong testament to the evolution of the CFOs interviewed into being a CVO. They underpin how an effective finance function is critical to organisational success. Yet that function must adapt to the changing world in which it operates. Value does not compromise profit; it makes profit stronger in the longer-term.
BDO Global have also conducted interviews with CFOs of companies around the world. You can read these here.
Learn more about the emerging role of the Chief Value Officer
Download the report Chief Value Officer - The Important Evolution of the CFO
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