Over the past 20 years, the business landscape has changed significantly compared to the previous 60 years. This transformation has accelerated even more recently, especially during and after the pandemic.
Angela Floyd, CFO at DPR Construction, highlighted the importance of skills like leadership, adaptability, and strategic planning due to this rapid change. Her insights were shared in an executive series titled “A Day in the Life of a CFO.”
Supporting this idea, the rise of remote work and global collaboration has emphasized the need for finance teams to stay focused. With this shift, finance teams have had to improve their skills and approaches to stay ahead.
Floyd noted that her own learning has come from actively participating in projects and cross-training, which is hard to replicate in a virtual setting. Sustaining alignment, focus, and team development in this environment is challenging.
She emphasized the need to maintain cohesion and concentration among teams and the benefits gained from transitioning to a distributed workforce. Staying connected and not losing sight of goals are crucial.
Adapting to Change
Adapting and planning for different scenarios are crucial in the ever-changing finance world. The COVID-19 pandemic highlighted the importance of agility and managing multiple challenges at once.
Floyd suggested that using concepts like pre-mortem and scenario planning during favorable times can help organizations prepare for the unexpected and protect their financial stability.
Drawing from her experiences of navigating multiple challenging cycles, Floyd stressed the importance of avoiding complacency. Regardless of a prosperous period’s duration, another crisis is likely. Anticipating the crisis type and impact is key.
She emphasized the value of diverse perspectives within the team, extending beyond finance. This diversity brings a range of ideas for solving business challenges.
At DPR, the “twenty-mile march” principle drives performance goals and consistency. This discipline nurtures focus and alignment with internal targets and milestones.
Floyd highlighted that commitment to progress persists even amid confusion. This approach forms the foundation of the business model, enabling sustained focus and alignment.
Moreover, Floyd noted that multitasking leads to confusion. Her disciplined approach to prioritization helps avoid this.
Technology’s Growing Role
In the rapidly changing environment, identifying urgent challenges is crucial. The role of CFO has evolved beyond finance, encompassing risk and its management.
As CFOs transition from a retrospective focus to an anticipatory outlook centered on growth, investing in technology becomes central.
Collaborating with counterparts, especially CIOs, is essential for aligning technology adoption, budget allocation, and the pace of change. Despite potential benefits not immediately apparent, investing in technology is prudent.
Balancing proactive leadership with gradual evolution is crucial in technology adoption. This approach enhances conventional practices like planning and forecasting, leveraging predictive insights for strategic advancement.
Floyd detailed DPR’s approach to integrating advancements like AI. Dedicated teams strategically determine optimal paths.
Given their clients’ digital transformations, staying current is essential. Collaboration is increasingly valued, with businesses recognizing that tackling challenges alone isn’t competitive.
Floyd stressed the importance of CFO involvement and collaboration, both internally and externally, for informed contributions that support the organization’s goals.
Conclusion
Business landscape shifts in 20 years, sped up by pandemic, redefine CFO role. Angela Floyd’s CFO insights emphasize adaptable skills and strategic tech investments. Remote work underlines the need for focused finance teams. Cohesion, diverse perspectives, and forward-thinking are key in today’s dynamic business environment.
