In today's increasingly volatile and fast-paced business environment, CFOs face challenges that extend far beyond the traditional scope of finance.
The modern CFO is no longer simply a “budget keeper” but has become a strategic factor, a companion to the CEO, creating a financial culture, leading technology and orienting long-term growth.
Here's how CFOs can proactively adapt and transform their roles to become true growth drivers for their organizations in the new era.
1. The role of CFO as the Enterprise's Strategic Architect
Traditionally, CFOs have focused primarily on the balance sheet and controlling costs. But in fast-growing businesses, CFOs need to think holistically. CFOs are key to shaping long-term strategy and business models.
According to McKinsey survey (July 2024), 55% CFO rates long-term planning as a top priority, up sharply from 30% in 2023. In particular, 60% emphasizes the role of strategic orientation – nearly double that of last year.
Why is this important?
The CFO is the only person on the executive team with a cross-functional view of finance, operations, marketing and sales. This is the ideal position to set a comprehensive growth strategy while ensuring that all decisions are tied to actual financial capacity.
However, with opportunities come challenges:
- 74% CFO expects double-digit growth in 2024, but more than 80% admits that forecasting capabilities need significant improvement.
- Only 41% automated financial processes, showing that there are still many bottlenecks in the ability to react quickly and make data-driven decisions (Source: McKinsey & Gartner, 2024).
With sharp analytical skills and market insight, CFOs can influence product direction, evaluate partnership opportunities, and ensure that financial health is aligned with growth goals.
- Expanding the role: Encourage the finance team to work closely with product, sales and marketing so that all departments speak the same “growth language”.
- Data-driven decision making: Good decisions are not based on gut feelings – they start with data, leading to accurate analysis and action.
2. Balancing Innovation and Risk Management
During the growth phase, businesses need bold initiatives – from testing new products to expanding into new markets. However, CFOs cannot be “easy-going”. Instead, they need to ensure that every initiative is takes place within a sound financial framework.
Innovation does not mean unlimited spending – but the ability to intelligently experiment, control risk and optimize investment performance.
Some strategic actions for CFOs:
- Controlled trial: Allocate flexible budgets for R&D or new initiatives, but set specific KPIs, clear deadlines, and transparent evaluation mechanisms. The CFO should be the one to design the “sandbox” to experiment with innovation without impacting the core budget.
- Ensuring financial sustainability: Before making any innovation decisions, CFOs need to carefully assess cash flow, liquidity risk, and the long-term impact on profitability. The goal is to maintain a “financial runway” so the business can take off without losing its footing.
- Establish an early warning system: Leverage technology like real-time dashboards, overspending alerts, real-time ROI analytics – to not only track, but also adjust strategies as needed.
3. Digital financial transformation: mandatory, not optional
As businesses scale rapidly, CFOs can no longer rely on Excel spreadsheets or semi-manual processes to manage cash flow, budgets, and investment performance.
Tools like AI forecasting, automated reporting, real-time analytics It is no longer a "nice to have" but has become a "must have".
3.1. Real-time analytics
Allows CFOs to track:
- Cash flow and liquidity position by day, instead of waiting for month-end reports
- Cost by profit center, helping to evaluate investment efficiency and adjust budgets promptly
- Financial performance index such as gross margin, burn rate, AR/AP turnover... to make quick, well-founded decisions
3.2. Process Automation (Automation & RPA)
Instead of spending hundreds of hours each month on manual tasks like:
- Approve payments and refunds
- Invoice reconciliation – debt
- Summary of cost reports
CFOs can deploy RPA and workflow automation platforms to:
- Cut 60% of disbursement approval time
- Reduce 20–25% in financial operating costs
- Save up to 25,000 labor hours per year
(Source: Gartner, 2025)
3.3.Integrating the cost management ecosystem - invoices - corporate cards
Optimize internal processes from Propose – Approve – Pay – Reconcile, through:
- Corporate cards limit individual budgets for each department
- Flexible expense approval system, directly integrated into the company's workflow
- Automatic data connection with accounting software (ERP, TMS)
Effective implementation example:
Some businesses are adopting expense management systems that allow employees to submit expense requests and reimbursements directly on their phones, use limited corporate cards by department, and connect directly to accounting software to synchronize data.
4. CFO – CEO Relationship: Creating a Common Direction
In every effective organization, CEO is the future mapmaker, still The CFO is the one who checks fuel, weather conditions, and operating capacity.When these two roles work together closely, businesses not only accelerate but also maintain direction in uncertain times.
4.1. Why is this relationship increasingly important?
In times of high inflation, expensive capital costs, and nonlinear growth, CEOs need to be nimble on opportunities – but CFOs must be set strategic limits, ensuring that resources are not stretched out of control. McKinsey (2024) indicates that businesses have Close CFO – CEO alignment typically grows EBITDA 1.6 times faster than the industry average.
4.2. Principles of effective cooperation between CFO - CEO:
Establish a “common language”
CEOs often talk about mission, brand, user growth; CFOs talk ROIC, EBITDA, CAC, cash flow. What is needed is build common dictionary, through intersecting goals such as:
- Net revenue
Spending performance - Sustainable growth based on real cash flow
When both speak from the same frame of reference, the strategy becomes more feasible – not just ambitious.
Transparency – two-way feedback
One quarterly meeting is not enough. Maintain:
- Regular 1:1 communication between CFO – CEO
- Real-time strategic dialogue, especially when market volatility occurs
- Shared dashboard system, updates goals, progress and resources
CFO – the “expectation tester”
If the CEO draws a 3x growth line in 12 months, the CFO has a role in testing:
“Can we grow within our current cost structure? If not, what restructuring is needed?”
The CFO's role is not to “hold back” but to Optimize the realization of vision.
A good CFO not only manages risk, but also inspires the CEO to make bold decisions – but within the realm of possibility.
5. Building a Culture of “Understanding Finance” in Enterprises
In many organizations, finance remains the “private language” of the accounting and finance department. But in a fast-moving market, every decision has financial consequences. A sustainable business is one where every level of employees understands the financial impact of their actions.
Financial culture is not about turning employees into accountants, it's about helping them Make responsible decisions and have financial data as a basis.
Three pillars to building a culture of financial literacy:
5.1. Financial decoding for the entire company
The difference between an effective organization and a stagnant one lies in the departments being able to understand the financial implications from each decision or not.
- Solution: Organize sessions internal workshop, townhall, or internal newsletter with topics such as:
- What is EBITDA and why is it important?
- What do CAC and LTV mean to marketing departments?
- How does burn rate affect the startup life cycle?
- What is the ROI of each campaign?
Should be implemented at different levels: from basic (understanding the concept) to application (attached to the actual work of each department).
5.2. Controlled decentralization: Delegating budgets to middle levels
An efficient organization cannot “centralize all spending decisions” in the finance department. The CFO needs to conditional empowerment for department heads, budget area supervisors according to the principles:
- With limits, automatic approval by category
- Integrate real-time expense tracking system
- Linking budget KPIs to operational KPIs
When department leaders understand “money tied to goals,” they become more proactive, and the Finance department becomes less of a “manual censor.”
5.3. Linking KPIs to financial results
To create a real shift in thinking, it is necessary to Link individual/departmental KPIs to specific financial metrics, For example:
- Marketing: CAC, cost/lead, % spend efficiency
- Operation: reduce logistics costs, order TAT
- Product: SKU margin, product life cycle
When operational metrics are tied to revenue – cost – profit, people in every department will focus not only on “doing the right thing” but also “doing it the right way to create financial value for the business”.
6. CFO – a leader of people, not just a man of numbers
It may sound strange, but today’s CFOs have a huge impact on corporate culture. Not only do they recruit and retain financial talent, they also play a role in shaping people development and employee engagement initiatives.
According to Deloitte research (2024), 65% CEOs expect CFOs to be deeply involved in internal HR and culture initiatives, a sharp increase compared to 2022's 40%.
Three pillars that demonstrate the CFO's people leadership role:
6.1. Create a bridge between departments – move towards the same strategy
The CFO is one of the few roles that has a holistic view of the entire business. By Connecting Finance with HR, Product, Operations, CFOs can help every department:
- See the connection between daily work and business results
- Understand the importance of spending efficiency, HR ROI, opportunity cost
- Agree on strategic goals – from sustainable growth to resource optimization
Finance shouldn't just "support" other departments – it should become thinking partner of the entire organization.
6.2. Investing in the team – developing sustainable capacity
In a volatile environment, the ability of finance teams to learn quickly, change quickly and adapt determines long-term competitiveness.
The CFO should initiate programs that:
- Training in analytical skills and modern financial modeling
- Update new technology in cost management and automation
- Internal Mentoring to Retain Mid-Level Talent
A good finance team knows not only how to “report correctly” but also strategic thinking, making recommendations that are data-driven and tied to operational goals.
6.3. Lead with empathy and transparency
Especially in difficult times (budget cuts, restructuring, spending cuts), CFOs need to be connectors – not “cutters”.
- Openly share about your business's financial situation
- Explain the rationale for financial decisions in a human way
- Create a safe space for employees to ask questions and make suggestions for spending improvements
A CFO who listens, responds honestly, and leads with empathy will create trust, retain talent and spread positive culture throughout the company.
7. Looking to the Future: The CFO as a Visionary Strategist
The role of the CFO is undergoing a “silent transformation”. From a number controller, the CFO is now strategic architect, the link between vision, resources and speed of operation.
In a context of macroeconomic uncertainty, constantly changing regulations and constant technological breakthroughs, The future CFO will be both an “anchor” to stabilize the business., is also a "compass" guiding growth.
7.1. Continuously learn to stay ahead of the trend
In a changing environment, traditional financial knowledge is no longer enough. Modern CFOs need to actively:
- Participate in specialized forums, connect with the global CFO community to stay up to date on trends
- Explore new technology like AI, blockchain, ESG reporting, RegTech to understand the tools of the future
- Learn from other industries: Logistics, eCommerce, SaaS, F&B all have fresh financial perspectives that CFOs can apply cross-sector
7.2. Building a solid financial foundation to unlock growth
A big vision cannot fly if the financial foundation is not solid. CFOs need to design a financial structure with 3 characteristics:
- Flexible: Ability to reallocate capital quickly as the market shifts
- Quick Response: Processes like forecasting, budgeting, spending approvals need to be digitized and automated
- Sustainable: Positive cash flow, safe debt ratio, contingency scenario for liquidity risk
In a crisis, a good CFO doesn't look for radical cuts, but knows where to cut to protect core growth capabilities.
7.3. Strategic thinking, not just operations
PwC survey (2024) shows that 58% CEO wants CFO to be more involved in high-level strategic decisions, not only in terms of costs but also in terms of investment, M&A, restructuring, ESG…
CFOs need to be proactive:
- Contribute to decisions related to market, product, strategic personnel
- Make data-driven recommendations, not just budget approvals
- Visualize risk from a systemic perspective – not just short-term cash flows
The CFO is no longer a “custodian of money” – but rather a leader of capital, vision, and strategic action. In an era where technology is constantly redefining the profession, the CFO is the bridge between the future and the present – between vision and operational reality.
The modern CFO is no longer just a controller of reports and budgets, but a guide the organization in a world driven by data, technology, and speed. They are strategic architects, risk managers, fintech ecosystem operators, and inspirers of more efficient and responsible business operations.
TIn the digital finance era, CFOs cannot stand still – they need to proactively adapt, continuously learn, exploit new technologies, promote a transparent financial culture, and keep the organization in a state of readiness: not just to face risks, but to anticipate and break through every opportunity. The future doesn’t wait. And CFOs – more than anyone else – must be the ones to best prepare for that future, starting today.
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Main reference:
- McKinsey & Company: The Evolving Role of the CFO
- PwC: CFO Pulse Survey
- Deloitte: Global CFO Signals
- CFO Connect: Reimagining the CFO Role for a Growth-Driven Future
- Accenture: CFO Now: Breakthrough Speed for Breakout Value
- Gartner – Future of Finance: 8 Shifting CFO Priorities for 2024 and Beyond
