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.
Photo by Adeolu Eletu on Unsplash
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.
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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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