What Chief Financial Officers Must Do to Become Competent

Kirk Chewning is an excellent CFO and has a lot of experience in finance. He also equips people with the valuable corporate skills. The advancements in technology and changes in the marketplace are affecting the role of a CFO. In the past, their duty revolved around the balance sheet of a company. Today, there is a lot that they must do to become competent.

Risk Management

Risks are very unpredictable in the modern world. Upon the introduction of new technologies, business models change. Changing a business model is also risky. It can turn out to be disastrous for the company due to the use of wring procedures. As such, a CFO should have excellent risk management skills. They should create the habit of identifying problems early and coming up with solutions. Proper management of risks prevents financial losses for a business.

Adaptability to Technology

Technological advancements are occurring at a breakneck pace. Usually such developments bring benefits for business. A CFO who wants to be competent must incorporate such changes to their business models. Traditional forms of financial analysis can be slow and tedious. With technology, a CFO can complete their tasks on time. They can also deliver exemplary services to their clients. When a CFO uses technology in the right way, they can avoid risks.

Big Data Management

Data analytics is becoming an essential strategy for many businesses. A CFO should be in a position to use big data to cause positive transformation in their companies. Data analytics has several benefits. It can help them identify the trends in the market. It also enables a CFO to know the problems that need addressing. Such practices enhance the delivery of quality services. It also enforces the expertise and competency of a CFO.

When a CFO is competent, their income also increases. This is because clients are looking for extraordinary services. To be an expert in this field, a CFO needs to know how to avoid and manage risks. They must also adapt to the latest technologies fast. Knowing how to handle big data is also essential. It enables a CFO to serve their clients in a better way.