The CFO role has changed as global economic pressures saw a shift in focus from a short-term financial return to longer-term business success. At the same time, technology and mobility were becoming central to global business operations. The “Internet of Things” and big data analytics transformed supply chains, customer relationships, and organizational design. In this new environment, setting clear goals for corporate purpose—and aligning that purpose with business strategy—became more critical than ever.
In addition to long-term sustainability, new trends such as artificial intelligence (AI) will change how professionals interact with customers, competitors, and suppliers. AI will enhance product quality and service delivery and drive operational efficiencies. And while AI will undoubtedly have a significant impact on how consumers interact with businesses in the future, it can also be used to identify opportunities for new products and services, noted Gary McGaghey.
What are some critical areas of focus for the CFO in 2022?
A PwC survey, sponsored by TIBCO Software and conducted on behalf of Ponemon Institute, offered a glimpse into how CFOs are thinking about the role of the CFO. Based on an executive survey of 302 senior-level finance and accounting executives, 62 percent of respondents anticipate that the CFO’s role will become more strategic and advisory in the coming years. In contrast, 35 percent anticipate that the role will remain similar. In addition, more than one-third of those surveyed believe that technology will play a vital role in the role, while less than 20 percent said the technology would not have much of an impact.
What will be the biggest challenges facing finance leaders in 2022?
Gary McGaghey: The road ahead will be one of transition and change. When CFOs align corporate strategy with their role as innovators and problem-solvers, they can forge new paths that help drive productivity, employee engagement, and business innovation. By understanding the value of purpose and the strategic role of finance, CFOs will fully leverage their experience, knowledge, and innovation to create a new path for the business. The key to success is understanding that it’s all about the experience.
Gary McGaghey has proven to deliver value across many business challenges and challenges. As Group CFO, Gary has successfully led the transformation of Nelsons &Co from a traditional pharmaceutical company to an integrated business that provides solutions to help people manage their health, wellbeing, and lifestyle.
He has always been passionate about the role finance plays in the success or failure of companies and has worked with many senior executives to ensure that finance is seen as an essential part of achieving overall business objectives. His international experience in fast-moving consumer goods and pharma companies, coupled with his extensive experience in financial restructuring and M&A, allows him to be a strong performer for Nelsons &Co as it continues its growth strategy by exploring new markets and acquisitions. Learn more: https://fitmediafitness.co.uk/team_member/gary-mcgaghey/