# The Evolving Role of the CFO: From Scorekeeper to Business Partner Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2016-11-09 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: The Evolution of the CFO Role in the Digital Economy Meta Description: Insights on how Chief Financial Officers are transforming from scorekeepers to strategic partners through data analysis and embracing cloud and SaaS solutions. URL: https://financedigest.com/the-evolving-role-of-the-cfo-from-scorekeeper-to-business-partnerhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/partnershipf1wzycr-1736844392231-compressed.jpg) _By **Ian Charles**, CFO, Host Analytics_ There’s no question that the role of the CFO has evolved over the past few years. Historically recognized as scorekeepers or senior bean counters, CFOs were primarily responsible for overseeing the books, minimizing risk, and informing the C-Suite on the state of the business. Today, [CFOs do all that in addition to being involved in nearly every strategic](https://www.financedigest.com/why-cfos-must-have-intelligent-automation-on-their-strategic-agenda-in-2022-and-beyond.html "Why CFOs must have Intelligent Automation on their strategic agenda in 2022 and beyond") decision across the organization. The purview of the [CFO gives them the unique position to impact strategy through data](https://www.financedigest.com/the-benefits-of-big-data-how-to-convince-your-cfo.html "THE BENEFITS OF BIG DATA – HOW TO CONVINCE YOUR CFO") analysis of historical results and future operational performance projections. This includes human resources, [real estate](https://www.financedigest.com/the-professionals-at-real-estate-funding-solutions-helping-you-find-success-with-commercial-real-estate-loans.html "The Professionals At Real Estate Funding Solutions Helping You Find Success With Commercial Real Estate Loans"), IT, infrastructure, business expansion, product rollouts, acquisitions, and other areas that didn’t traditionally fall in their wheelhouse. What changed? A few things, not the least of which are [global competition and the digital economy](https://www.financedigest.com/imfs-georgieva-sees-darkening-outlook-for-global-economy-rising-recession-risks.html "IMF’s Georgieva sees ‘darkening’ outlook for global economy, rising recession risks"), both of which have increased the volatility of business, which makes gaining insight into performance across the company a necessity. This contributed to the rise of enterprise [performance management](https://www.financedigest.com/goodbye-excel-spreadsheets-hello-performance-management-tools.html "Goodbye excel spreadsheets, hello performance management tools") (EPM) solutions that enable finance to gain a near real-time, holistic view of the company’s performance across every function and line of business. A third factor, and one that might not immediately spring to mind, is the evolution of [cloud and SaaS solutions](https://www.financedigest.com/the-future-of-fintech-and-open-source-cloud-solutions-in-the-united-kingdom.html "The future of fintech and open source cloud solutions in the United Kingdom"). While traditionally technology strategy has fallen solely under the purview of IT, SaaS [solutions have made an impact on finance including everything from payroll and human capital management](https://www.financedigest.com/quality-and-compliance-management-solution-market-to-rise-at-a-high-cagr-of-9-4.html "Quality and Compliance Management Solution Market to rise at a high CAGR of 9.4%"), to procurement, transaction accounting, budgeting & planning, reporting and improving efficiency and transparency across the company. Admittedly, in recent years, finance has been one of the last functions to move to the cloud and adopt SaaS solutions, largely out of concerns about performance and security. However, a recent survey by [Host Analytics](http://www.marketwired.com/press-release/host-analytics-survey-sheds-light-on-perceptions-roles-finance-professionals-organizational-2151786.htm) shows that businesses are getting used to the idea, with 88 percent citing they are more comfortable today with the cloud than they were two to three years ago. Given the influences that have changed the role of finance, in our 2016 survey, we tapped into CFOs and finance professionals to get their perspectives on current priorities and how they anticipate their roles will shift yet again in the [near future](https://www.financedigest.com/automotive-digital-key-market-unit-sales-to-witness-significant-growth-in-the-near-future.html "Automotive Digital Key Market Unit Sales to Witness Significant Growth in the Near Future"). **Key Priorities for Today’s CFOs** As the CFO role continues to expand, the [top priorities](https://www.financedigest.com/why-intelligent-automation-should-be-a-top-priority-for-enterprises-in-2022.html "Why Intelligent Automation should be a top priority for enterprises in 2022") that have emerged are improving efficiency, driving profitability and growth, and capitalizing on the latest technologies and business models. To do this requires CFOs to consider the following three recommendations. The first, and most important, is to collaborate more closely with business unit leaders and the C-Suite, especially the CEO. Just as the CFO needs to fully understand the key initiatives, processes and functions across the organization, [business unit leaders also need to understand how their initiatives and processes impact](https://www.financedigest.com/how-technology-consultants-impact-business-growth.html "How Technology Consultants Impact Business Growth") financial plans and forecasts. With a greater understanding of each other’s roles and priorities, finance becomes more of a strategic partner and eliminates any misconceptions of being viewed as a roadblock. Second, [CFOs need](https://www.financedigest.com/cfos-need-to-embrace-todays-technology-for-tomorrows-success.html "CFOs need to embrace today’s technology for tomorrow’s success ") to strengthen their non-finance skills and adopt a more customer service-oriented approach to the job. This includes communication skills, with the ability to ask the right questions in order to better understand [business drivers and internal customer needs, and to provide advice and guidance to line of business executives as they evaluate new business opportunities](https://www.financedigest.com/date-palm-market-detailed-survey-on-key-trends-leading-players-business-opportunities-2026-2.html "Date Palm Market – Detailed Survey On Key Trends, Leading Players & Business Opportunities 2026").  It also includes distilling issues down to a few key bullet points, and the artful use of storytelling to [drive home](https://www.financedigest.com/the-irrevocable-innovation-to-drive-the-ready-to-move-in-luxury-homes-market.html "The Irrevocable Innovation To Drive The Ready To Move In Luxury Homes Market") an important message as it relates to the business. Third, [CFOs need to provide line of business executives with timely](https://www.financedigest.com/cfos-its-time-to-own-the-business-model.html "CFOs: It’s time to own the business model") insights and KPIs so that all stakeholders can have a better understanding of the company’s performance across the board. This enables improved strategic decision-making because stakeholders are able to see the [big picture](https://www.financedigest.com/trade-finance-the-small-brush-to-paint-the-big-picture.html "Trade Finance: The Small Brush to Paint the Big Picture"), and look back at past performance as well as into the future. To achieve this clarity, many [finance organizations](https://www.financedigest.com/six-reasons-why-digital-world-classtm-finance-organizations-outperform-peers.html "Six Reasons Why Digital World ClassTM Finance Organizations Outperform Peers") are turning to cloud-based and distributed EPM solutions. As the recent Host Analytics survey shows, EPM adoption is on the rise as 41 percent of survey participants indicate already having a cloud-based EPM solution, 29 percent in the evaluation phase, 23 percent planning to move to the cloud [next year](https://www.financedigest.com/uaes-adnoc-to-open-swiss-trading-office-next-year.html "UAE’s ADNOC to open Swiss trading office next year"), and five percent making their move in the next two to three years. That leaves only two percent that reportedly have no intentions to move to the cloud. It’s clear that the [CFO’s role will continue to evolve](https://www.financedigest.com/the-evolving-role-of-the-cfo-2.html "The evolving role of the CFO") and expand. This is the result of internal factors such as [organizational changes](https://www.financedigest.com/how-to-lead-organizational-change.html "How to Lead Organizational Change"), new business priorities, and strategic direction, as well as external factors including new digital technologies and shifts on a global stage. To lead and affect positive change in their organization will require [CFOs to shift](https://www.financedigest.com/shift-happens-but-what-are-cfos-in-financial-services-going-to-do-about-it.html "Shift happens. But what are CFOs in financial services going to do about it?") their focus from counting and score-keeping to considering the possibilities. To accomplish this, CFOs and their teams need to continue to build on their analytical skills, adopt softer and more strategic business skills, as well as have a solid [technology foundation that aligns with their current needs yet is flexible enough to adapt to planned and unexpected changes in the future](https://www.financedigest.com/nutragenomics-market-overview-forthcoming-technologies-future-trends-latest-insights-by-share-outlook-till-2022-2029.html "Nutragenomics Market Overview, Forthcoming Technologies, Future Trends, Latest Insights By Share, Outlook Till 2022-2029"). --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---