More needs to be done to Unlock Shared Service Talent for the CFO Role, Says New ACCA Report
A recent report from the ACCA entitled “Finance Transformation Roles: Pathways to CFO” says that several organizations are continuously facing challenges in respect of making sure that people working at strategic levels do not face further obstacles in bringing transitions to the role of CFO.
The report also states that some entities increasingly regard the value of the change experience for the finance leadership. Challenges are faced by the leaders in bringing changes in this area.
The report has been co-authored by the Head of Corporate Sector at ACCA, Jamie Lyon, and managing principal and founder of the Sourcing Change, Deborah Kops.
The report considers the value of transformation and finance shared service roles in becoming a CFO. It also provides reviews of the officials from some of the major organizations of the globe like Accenture, Pepsi and Deloitte along with the guidance for the people who look forward to move into a transition of the finance career.
The report indicates factors which affect the value of time spent in transformation or the service delivery role such as the sponsorship from business leaders in the shared business, the timing of the move made, the prevailing corporate culture and others.
The useful and valuable expertise like operational leadership and change management are also emphasized in the report.
Jamie Lyon stresses that CFOs must be capable of bringing the real strength to the change and transformational leadership areas and capability of efficiently operating the finance functions while understanding the technology’s use and value in a business environment changing rapidly. Many opportunities are provided by senior finance roles in order to gain these skills. On the other hand, if the ultimate aim is to become a CFO then the career initiatives should be planned with much care.
Deborah Kops adds that it is not necessary that the CFO role is the end state for finance transformation leaders. Additionally, more career opportunities for business unit leads or COO are unlocked by the success in this role.