Are CFOs the “influencers” of the company? 

In today’s dynamic business landscape, the role of the Chief Financial Officer is evolving dramatically. No longer confined to the back office as mere number-crunchers, CFOs are stepping into the spotlight as strategic influencers within their organizations. This transformation mirrors the influence wielded by cultural icons and social media figures, who have the power to shape opinions and drive decisions.

Historically, CFOs started their journey toward strategic influence by reporting on the progress of key initiatives. However, as Myles Corson, EY’s global and Americas strategy and markets leader, highlighted during a recent CFO Brew virtual event, the role has evolved significantly. CFOs are now not just participants but integral players in defining and setting the organizational strategy. This shift reflects a broader recognition of their capacity to drive business outcomes through strategic financial insights.

To effectively embrace this role, communication is paramount. CFOs must articulate their vision and insights not only within the finance team but also across the entire organization and to external stakeholders, including investors. As Corson pointed out, storytelling is a critical skill for CFOs. They need to convey the value of their function and advocate for necessary investments in finance. Demonstrating the return on investment from enhanced insights and strategic decision-making is essential in convincing other leaders to prioritize these investments.

This new influencer role also demands that CFOs build strong relationships across the C-suite. While the partnership between the CEO and CFO is typically robust, relationships with other executive leaders have not always been as solid. In fact, EY’s research revealed that a significant number of CFOs face challenges in aligning short- and long-term goals due to disagreements within the C-suite. This presents an opportunity for CFOs to leverage their unique position to foster consensus and drive commitment toward a unified strategy.

Ultimately, as organizations navigate the complexities of the modern business environment, CFOs are poised to be influential leaders who not only manage financial performance but also shape the overall direction of their companies. By effectively communicating their insights, advocating for investment in their function, and building collaborative relationships across the executive team, CFOs can harness their newfound influence to steer their organizations toward sustained success. As they embrace this role, the impact of CFOs as strategic influencers will only continue to grow, marking a significant evolution in the expectations of their position.