What is it about?
In today's rapidly changing business world, being a Chief Financial Officer (CFO) means more than just managing finances. We interviewed 21 CFOs in Thailand from various industries to understand how they see their roles in this ever-shifting landscape. Our findings reveal the "iCFO" model, where CFOs have "core" roles, like ensuring profitability and managing risks, and "future opportunities" roles, such as guiding digital transformation and partnering with CEOs to shape the company's future. Integrity and ethics are crucial in these roles. Our study, relevant globally, emphasizes the value CFOs bring to their companies, offering a path to sustainable success, not just in Thailand but around the world.
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Why is it important?
Understanding the evolving role of CFOs is crucial because in today's dynamic business environment, they are more than just financial wizards; they're strategic leaders. As our study shows, CFOs play a vital role in ensuring a company's financial health while also driving growth and innovation. This balance between "core" financial responsibilities and "future opportunities" is what sets successful CFOs apart. By recognizing the importance of integrity and ethical decision-making, CFOs can guide their companies towards sustainable success, making them not just financial stewards but key partners in shaping the future of their businesses. In a world where adaptability and foresight are paramount, this insight is invaluable for business leaders looking to thrive in the ever-changing market landscape.
Perspectives
As the author of this publication, I'm personally passionate about shedding light on the evolving role of CFOs because I believe it's a game-changer for businesses today. Having had the privilege of engaging with 21 CFOs across diverse industries, I've witnessed firsthand the transformation happening in the world of finance. This study isn't just about academic theory; it's a practical guide for CFOs and business leaders alike. It underscores the idea that CFOs are not just guardians of the company's financial health; they are architects of its future. By embracing the iCFO model and the principles of integrity and ethics, CFOs can elevate their roles to drive sustainable and impactful business outcomes on a global scale. This publication represents not only my research but also my conviction that CFOs have the potential to be true catalysts for success in an ever-changing business landscape.
Manoj Chatpibal
King Mongkut's Institute of Technology Ladkrabang
Read the Original
This page is a summary of: Driving financial results is not the only priority! An exploration of the future role of chief financial officer: a grounded theory approach, Meditari Accountancy Research, September 2023, Emerald,
DOI: 10.1108/medar-02-2023-1929.
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