New research from IBM provides a very good definition of "An Agile CFO." It is the best definition I've found recently for the role of the CFO in innovation. It is taken from The Institute for Business Success, The Agile CFO, IBM Business Services. The research says that the CFO is ideally positioned to lead innovation because CFOs possess:
- "A real and deep understanding of revenue sources and revenue generation
- A tactical understanding of expenditures
- Keen insight into market levers
- Intimacy with the board and leadership
- Bottoms up knowledge of the company's health and abilities
- An affinity for numbers
- Vital power in making decisions and driving change"
In another leading survey from Boston Consulting Group, the CFO is the biggest driving force for innovation in companies of only one percent of the respondents. However, many leading companies have CEOs who were formerly CFOs. CFOs can use their talents and skills to greatly affect the success of their organization and prepare themselves for even greater roles of leadership in the process.
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