From CFO to Chief Value Officer: how to navigate the changing business landscape

Gain insights from our Finance Function of the Future partner, Ian McBane, as he reflects on how the CFO role is evolving in response to today’s changing landscape.

When I reflect on how the CFO role has evolved, it’s clear we’ve moved far beyond the traditional model. Previously, the focus was financial stewardship – recording transactions, managing the month-end close, reporting and ensuring compliance. It was detailed, historic and in many ways reactive.

But today’s environment is very different. Businesses face increasing demands from boards, investors, regulators and wider stakeholders. And with that comes a need for broader, more strategic leadership. The Chief Financial Officer is now expected to act as a bridge between operations, strategy, people, ESG and sustainability, and digital transformation. This shift has sparked the emergence of a new title that’s gaining momentum: the Chief Value Officer (CVO).

For me, this is not just a rebranding exercise. It’s a recognition of what many CFOs are already doing. Over time, responsibilities have expanded into areas like technology, sustainability and risk. What was once a finance-centric role is now integral to shaping company vision and long-term value creation. In many ways, the move toward CVO is not about coming up with a new role but about recognising the one many finance leaders have already grown into.
 

Download The Important Evolution of a CFO report BDO and the ACCA surveyed almost 100 finance leaders to understand how a changing business landscape is shaping the CFO role. Download the report

The changing business landscape

One of the biggest challenges facing CFOs today is navigating uncertainty. We’ve all experienced this. Nobody predicted COVID-19, or how fast we’d need to enable remote working. Cyber-attacks are now front and centre on every risk register, where they were once a vague ‘future issue’ earmarked for next year’s budget.

What this tells us is that resilience and growth demands agility. The finance function can’t just report on the past, it must help lead through the present and prepare for what’s next. That might mean forecasting more frequently, reprioritising and supporting your teams through change. It’s not just about the strategy, it’s about operationalising value, helping others understand why priorities shift and keeping the business moving in the right direction.
 

From financial control to value creation

Today’s CFOs are expected to contribute far more than financial control. Turning complex data into clear, actionable insights for the C-suite has become a core part of the role. You can no longer look at a transaction in isolation because decisions made in one department can ripple across the business. That’s what creating value is really about – the CFO must have a cross-functional view where the finance function acts as a business partner, not just a back-office team.

This is where the concept of the Chief Value Officer really comes to life. A CVO doesn’t just focus on financial performance, they also think about environmental and social value. They work across sustainability, technology, risk and operations. It’s about looking at the business as a whole and helping to shape how it creates value today and in the future.

Read more: What are the most important skills for today’s finance leaders?
 

Transforming the finance function

This CFO evolution doesn’t just affect individuals – it impacts the whole finance function. The modern finance team needs different skills. It’s not a complete reset, but rather a shift in capabilities and a welcoming of digital transformation. We still need strong accountants, of course, but we also need data analysts, forecasting-experts and AI specialists. These aren’t traditional finance roles, but they are critical to helping finance step into a more strategic, value-oriented space.

Cross-functional collaboration is key. When data experts sit alongside accountants, it challenges everyone to improve. I’ve seen it first hand – team members asking, “Why are we still doing this manually when we can automate it?” That kind of mindset shift leads to better ways of working and frees up time for more value-focused activities.
 

Short-term control vs. long-term vision

CFOs often find themselves in the middle of competing priorities – particularly when balancing short-term performance with long-term value creation. Balancing the two isn’t always easy – and context matters. In a PE-backed business with a five-year exit plan, priorities differ from a well-funded enterprise with a longer runway. Similarly, if you’re in turnaround mode, your attention is on cash, not the next five years.

But in a stable or well-funded business, you can think about both. Delivering accurate forecasts builds credibility, and with that trust. You’re in a better position to push for longer-term investment. Implementing a new system might be expensive in year one, but the efficiencies it creates down the line (better data, faster forecasting, stronger insights) support your value creation goals in the long term.

Read more: How Does the Need for Broader Reporting Impact CFOs?
 

Breaking perceptions

So, what’s holding CFOs back from being seen as value creators? In many cases, it’s perception. The idea that CFOs are ‘historians’ focused only on the past still lingers in some circles. Shifting that mindset starts with relationships. If your stakeholders already see you as someone who adds value across the business, then making that step, formally or informally, becomes more natural.

Take a simple example: a sales director wants to change a commission scheme. If finance is brought in early, the conversation shifts: “Are we rewarding activity or results? What’s the cash flow impact? Are there better ways to incentivise performance?” That’s value creation. And it builds the kind of trust that positions the CFO as a strategic advisor, not just a number cruncher.
 

Evolving into a Chief Value Officer

If there’s one piece of advice I’d offer to CFOs thinking about the CVO journey, it would be to build your network. Being the senior finance leader can be isolating. You’re expected to have all the answers, but no one can know everything. That’s where having a strong network of peers, mentors and external advisors can make all the difference. When you’re faced with challenges outside your domain, that support system becomes invaluable.

This evolution doesn’t happen overnight. It’s gradual, built on trust, credibility and a willingness to learn. But for those ready to embrace it, stepping into the role of Chief Value Officer offers a chance to truly shape the future of business. And that’s a challenge worth taking on.
 

Prepare your finance function for the future

We work with CFOs to help navigate complexity, unlock insights, lead transformation and build high-performing finance functions that create sustainable value.

Partner with BDO to future-proof your finance function.

Find out more
 

Copyright © 2023 by the Association of Chartered Certified Accountants (ACCA). All rights reserved. Used with permission of ACCA. Contact insights@accaglobal.com for permission to reproduce, store or transmit, or to make other similar uses of this document.