How is this different from any other ideation session I might have run in an organization? The CFO bought in. What if the CFO was sitting at the ideation table when the brainstorming was occurring, would innovation in organizations suddenly take on a whole new dimension?
An expensive operational black hole surfaced in a recent creative leadership workshop I conducted with 14 senior leaders in a multi-billion dollar South African headquartered retail chain. I have not experienced a group of leading financial executives from one company in important strategic or tactical ideation sessions previously.
The 9 teams rated the ideas submitted 1 out of 5. It was perceived as nothing more than an old fashioned suggestion box promoted by the IT department that already had a bad internal reputation culturally. This unleashing though came in a very disciplined manner. Could the CFO be persuaded to re-engage in an ideation programme using this sophisticated financial modelling tool directly linked to the balance sheet as the framework for idea generation?
Here are three practical examples that brought me to this conclusion.
The CFO needs an understanding of how the business is operating daily, weekly, monthly, annually, what has made money, what has failed financially from a business perspective and is employed to prioritise and maintain fiscal probity and balance.
Yet the CFO and his immediate senior reports are the ones with the total organizational financial budget at their fingertips. When it comes to a new initiative, their responsibility is to question its importance, to value and validate it, to ensure proper commercial governance practices are adhered to and to make a conscious effort to reduce risk - all from a financial management perspective.
I would argue ideas need to have context and focus first and most importantly financial assumptions that can be tested as the ideas develop and emerge. The challenge the senior leadership set itself was to transfer the innovation thinking and capability as exemplified in its design and construction into and across the entire operating entity - to make the operating entity itself innovative and the CFO, along with his direct report, the COO were appointed to lead this transformation.
IT departments called upon to facilitate innovation as a way of saving costs struggle with stultifying technological infrastructure along with the other projects they are currently building and the rhetoric of the continual improvement acolytes ensuring organizations maintain their business as usual approach.
In the first round, each team had to submit 5 ideas for savings, in the second round 5 ideas for revenue generation.
Innovation in many instances fails not because of any lack of intention rather there is a very vital and important element missing from the discussion - the financial leader. Globally, I am hearing from fellow innovation practitioners of the high level of innovation failure in many organizations.
They have to use their imagination to visualise how it operates without actually working in it. So how might a CFO lead innovatively? I suspect this would not be the case if the CFO was able to lead rather than be the gatekeeper of the idea innovation flow in organizations. From this workshop, I began to see the importance of the CFO as a creative figure in the organization.Most chief financial officer positions require at least a bachelor’s degree and extensive experience; many top employers show preference to candidates with a master’s degree.
Some require the CPA designation, as well. Find Maryland Chief Financial Officer jobs on Monster. Search for Chief Financial Officer job opportunities in Maryland and apply for the job that's right for you. As Chief Financial Officer at EQUINIX INC, Keith Taylor made $6, in total compensation.
Of this total $, was received as a salary, $, was received as a bonus, $0 was received in stock options, $4, was awarded as stock and $7, came from other types of compensation.
Nymeo (a different way to look at money) Federal Credit Union, with over $ million in assets, located in Frederick, Maryland, is currently in search of a Chief Financial Officer to lead the fiscal operations of the organization. The chart on this page features a breakdown of the total annual pay for Robert S.
Taylor, Executive Vice President, Chief Financial Officer, and Treasurer at SUPERIOR ENERGY SERVICES INC as reported in their proxy statements. Frederick Taylor and other early twentieth-century management theorists believed which of the following would motivate employees to work hard?
money Prior to the Hawthorne Studies, management theorists believed that the primary motivators of employees were job .Download