Reinventing the CFO: How Financial Managers Can Transform Their Roles And Add Greater Value

INTRODUCTION

In the post-capitalist society it is safe to assume that anyone with any knowledge will have to acquire new knowledge every four or five years or else become obsolete.

—Peter F. Drucker, Post-Capitalist Society

TOO MANY CFOS have failed to heed Drucker’s advice and keep their knowledge up-to-date. They remain prisoners of dysfunctional systems and mental models that were developed for a role that is fast becoming obsolete. Many spent their formative years working in accounting departments and had little contact with other people inside the organization. They focused on recording transactions, managing budgets, getting the accounts out on time, and preparing tax returns. They weren’t expected to be part of the team running the ...