Finance executives must meet a growing number of complex demands and challenges if their companies are to reach the next level of profitable growth.
Operational excellence around core financials is certainly essential. CFOs and their teams are expected to standardize transactional processes and deploy effective and efficient financial systems. They must deliver strong performance in everything from cash management to regulatory compliance to merely address foundational financial requirements.
But finance executives can’t stop there.
To differentiate their companies and take their own careers to new levels, they must focus on strategic financials. They need to provide forward-looking insight that enhances strategic planning and decision-making. They must extend the capabilities of their financial systems beyond core activities into new areas, automating more processes and driving productivity gains still higher.
This comprehensive perspective – covering core and strategic financials – is known today as Corporate Financial Management (CFM). As CFOs focus on addressing these strategic and operational challenges, they will have to invest in CFM systems and applications that enable them to meet their objectives.