Finance is a team sport: 4 ways finance leaders can collaborate to deliver insights

The CFO function was changing long before the uncertainty of the past few years. In a 2019 podcast on the evolution of the CFO role, McKinsey experts discussed a then-recent CFO survey, noting that the scope of responsibilities was expanding dramatically to include digital initiatives and oversight of activities outside traditional finance functions.

From 2020 to the present, CFOs stepped up to the challenge of navigating their businesses through a complex economic environment beset by multiple uncertainties. CFOs who understood the risks and opportunities best took steps to break down data silos and leveraged technology to improve efficiency and facilitate teamwork.

Along the way, they discovered that finance must be a team sport, and that it’s imperative to enable leaders from every department to be champions of finance. Now, forward-thinking CFOs are seeking more ways to improve collaboration across the business so they can identify insights that help drive better business decisions. Here are four ways you can turn your finance operation into a high-performing team that drives more value across the organization.

Alleviate manual tasks to free up time for more strategic work.

CFOs are under more pressure than ever to perform at the highest level. Uncertainty is increasing and the only way to win is to become a modern CFO who has more time, insights, and confidence. The department’s next evolution should be offloading much of the mundane manual entry and tedious review work that finance teams typically handle.

Read the original article from CFO DIve