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Why CFOs need a bigger role in business transformations

Here is an example of an article written by people who don't understand what a CFO is and does.

It's sad the McKinesy needs to fill "space" with this type of article. Don't get me wrong, the article is correct in its analysis, but what transformation goes off without the CFO or his/her office fully involved? Can we say, let's state the obvious?

What do you think?

http://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/why-cfos-need-a-bigger-role-in-business-transformations

Answers

Mike Haile
Title: Founder
Company: Haile Consulting Solutions
(Founder, Haile Consulting Solutions) |

Hi Wayne

I don't think issue is that that McKinsey's doesn't understand the role of a CFO but what it does highlight the difference the role of a CFO in a small & medium company vs. a huge multinational group.

Most of McKinsey's clients probably fall into the latter category and are more likely to hire a "chief transformation officer" rather than have major transformations managed by the CFO.

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

While I don't disagree Mike, the CFO in your example would still be involved in the overall strategic management, while the CTransO would be overseeing in the tactical elements.

EMERSON GALFO
Title: CFO
Company: C-Suite Services
LinkedIn Profile
(CFO, C-Suite Services) |

Having all that said, here is my comment...

Yes I agree that CFOs should be in the forefront of transformation. But that is missing the bigger picture. Businesses should be in PERPETUAL/CONSTANT transformation. It should NOT be a phase or particular period of time.

Transformation or change is all about CULTURE and CFOs need to have a hand in establishing and nurturing the culture.

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