March 2023
CFO – From ‘Finance’ To ‘Futuristic’
The role of the CFO in the organization is changing and transforming. The new global order, regulatory challenges, advent of tech and fluctuating financial cycles in the 21st century and the current decade, in particular, are transforming the definition of CFO from Chief Financial Officer to Chief Futuristic Officer
The role of the Chief Financial Officer (CFO) has evolved considerably over the years, and the 21st century is no exception. The CFO has traditionally been responsible for managing a company’s financial operations, such as accounting, financial planning, and analysis, and financial reporting. However, in today’s rapidly changing business landscape, the CFO’s role is transforming to become more strategic and future-oriented. The CFO is now being viewed as a “Chief Futuristic Officer,” responsible for driving the company’s growth and sustainability in the years ahead.
The evolving business landscape of the 21st century is presenting new challenges to companies, which require a more strategic approach to financial management. For instance, globalisation has increased the complexity of financial transactions, making it more challenging for companies to manage their financial risks. Additionally, advances in technology are changing the way companies do business, with a growing emphasis on digital transformation and data analytics. Moreover, regulatory challenges have become more complex, with a growing number of regulatory frameworks that companies need to comply with. All these factors are forcing CFOs to adopt a more strategic approach to financial management and to become more involved in driving the company’s future growth.
One of the most critical roles of the CFO as Chief Futuristic Officer is to provide strategic financial leadership to the company. This involves collaborating with other senior executives to develop and implement long-term business strategies that align with the company’s goals and vision. The CFO needs to have a deep understanding of the company’s business model and the external environment to provide insights on the financial implications of various strategic decisions. Moreover, they need to ensure that the company has the financial resources to execute these strategies successfully.
Another important role of the CFO as Chief Futuristic Officer is to embrace technology and digital transformation. Digital technology is rapidly changing the way companies do business, with a growing emphasis on automation, data analytics, and artificial intelligence. CFOs need to have a deep understanding of these technologies and their implications for the company’s financial operations. They need to embrace digital transformation and lead the company in adopting new technologies that can enhance the company’s financial performance and competitiveness.
Furthermore, the CFO as Chief Futuristic Officer needs to develop a comprehensive risk management framework for the company. This involves identifying potential risks and developing strategies to mitigate them. CFOs need to have a deep understanding of the risks facing the company, including financial, operational, reputational, and regulatory risks. They need to work closely with other executives to develop risk management strategies that align with the company’s goals and vision.
The CFO as Chief Futuristic Officer also needs to foster a culture of innovation within the company. This involves promoting a mindset that encourages experimentation, creativity, and continuous improvement. CFOs need to identify new opportunities for growth and help the company to capitalise on them. They need to work with other executives to develop new business models, products, and services that can enhance the company’s financial performance.
The CFO has to deal actively with auditors, rating agencies, board and stakeholders as they are responsible for the balance sheet and disclosures.
Finally, the CFO as Chief Futuristic Officer needs to communicate effectively with stakeholders. This involves communicating the company’s financial performance to investors, analysts, and other stakeholders. CFOs need to be able to explain complex financial information in a way that is easy to understand. They also need to be able to communicate the company’s strategic vision and plans for the future.
In conclusion, the evolving business landscape of the 21st century is transforming the role of the CFO from Chief Financial Officer to Chief Futuristic Officer.
CFOs need to adopt a more strategic approach to financial management and become more involved in driving the company’s future growth. They need to provide strategic financial leadership, embrace technology and digital transformation, develop a comprehensive risk management framework, foster a culture of innovation, and communicate effectively with stakeholders. By embracing these roles, CFOs can help their companies to succeed in the years ahead.
The author is a practising chartered accountant and an independent director of many large public companies whose views and ideas have been instrumental in framing policy
JW Marriott New Delhi Appoints Anurag Mishra as Director of Finance
JW Marriott New Delhi Appoints Anurag Mishra as Director of Finance
New Delhi: JW Marriott Hotel New Delhi Aerocity is delighted to announce the appointment of CA Anurag Mishra as its new Director of Finance. Boasting over fifteen years of financial management experience and a comprehensive understanding of establishing, enhancing, and monitoring financial and accounting functions, Anurag brings unparalleled expertise to his new role. His extensive background in finance, spanning various hotels, has equipped him with the requisite knowledge to lead the finance domain at JW Marriott Hotel New Delhi Aerocity.
Prior to this, Anurag served a host of renowned organisations in senior roles including working as an Auditor with Vikas Kochhar and Associates – Chartered Accountant Firm, New Delhi, and Assistant Vice President with Genpact.
He has also played a key role in organisations including Ramco Systems, Starwood Asia Pacific Hotels and Resorts Private Limited, Le Meridien Hotel – Coimbatore, The Westin Mumbai Garden City, Sheraton Hyderabad Hotel, Hilton Bangalore Embassy Golf Links Hotel, and Taj Hotels and Resorts.
Anurag is a Bachelor’s degree holder in Commerce from Lucknow University and a proficient Chartered Accountant. During his leisure time, Anurag finds great pleasure in spending quality time with his beloved family including his wife Kanti and two children, Atharv and Anvika.
JW Marriott Hotel New Delhi Aerocity extends a warm welcome to Anurag as he joins the esteemed team, and looks forward to his valuable contributions towards the hotel’s growth and financial management.
About JW Marriott New Delhi Aerocity
JW Marriott Hotels & Resorts expanded its luxury portfolio in India with the debut of JW Marriott New Delhi Aerocity on November 21, 2013. The hotel is a luxury destination in Aerocity which has 511 luxuriously appointed rooms and suites, situated at a prime location adjacent to Central Delhi and Gurgaon, conveniently located at a 7 mins drive from Airport. The hotel offers an alluring array of five restaurants and lounges including K3 – New Delhi’s Food Theatre, Adrift Kaya, Delhi Baking Company and JW Lounge.
JW Marriott New Delhi Aerocity features one of the city’s largest meeting and conference facilities with over 30,000 sq. ft. of flexible convention spaces including a 12,000 sq. ft. pillar-less ballroom. The distinct features of the hotel also include Quan Spa, an outdoor heated Swimming Pool and a modern Fitness Centre.
Best CFO & Finance Strategy Awards: Navigating Through Uncertain Macroeconomic Environment
BW CFO World, through its sixth edition of the Best CFO & Finance Strategy Awards, acknowledged individuals who managed to steer their firms challenging macroeconomic environment and demonstrated outstanding capabilities and achievements in the finance function
2022 proved to be a year of uncertainties for the global economy. The war which broke out in Eastern Europe led to a surge in commodity prices, leading to a rise in inflation across economies. Rising inflation forced central banks worldwide to press their pedal on monetary tightening with the hope that by year’s end, they will be successful in taming it. Come 2023, the economic outlook remains bleak, and inflation will remain sticky, triggering fears of sustained monetary tightening by central banks.
However, despite the economic downturn, India Inc. has, by and large, remained resilient. Despite subdued sequential revenue growth, the profitability in the December quarter, for example, has largely been in line with analyst expectations. However, they see it moderating due to elevated levels of inflation. The resilience shows how finance leaders continue adapting to the ever-changing macroeconomic environment.
BW CFO World, through its sixth edition of the Best CFO & Finance Strategy Awards, acknowledged individuals who managed to steer their firms in these challenging times and demonstrated outstanding capabilities and achievements in the finance function.
The Methodology and Process
More than 700 CFOs and organisations were reached out and over 150 nominations were received. Among these, 82 nominations were short listed by the BW Editorial Team and were then presented to a jury. The final winners were decided by the jury members.
Participants were judged on various parameters such as the revenue/turnover generated and capital generated along with key growth parameters.
The Jury
The Jury was chaired by Sethurathnam Ravi, Managing Partner, Ravi Rajan & Company, Chairman, TFCI, Former Chairman, Bombay Stock Exchange.
Other esteemed jury members included Dr. Annurag Batra, Chairman & Editor-in-Chief, BW Businessworld, Founder, exchange4media; Rajnish Kumar, Chairman, BharatPe, Former Chairman, SBI; Vinod Gupta, Managing Director, VG Learning Destination India Pvt. Ltd; CMA P. Raju Iyer, President, The Institute of Cost Accountants of India; Anirban Chakraborty, Co-Founder, Cadmus Capital Private Limited; Deena Mehta, Group Managing Director, Asit C. Mehta Financial Services Ltd; Amit Malik, President Japan, Asia, Pacific & Australia, WadzPay Worldwide Pte Ltd; Talees Rizvi, Director, BW People & BW CFO World.
The Winners