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Home Business Insights Competencies and Capabilities

CFOs' role in building consensus across the C-suite for investments

FutureCFO Editors by FutureCFO Editors
November 2, 2023
Photo by Canva Studio: https://www.pexels.com/photo/four-people-using-laptop-computers-and-smartphone-3277808/

Photo by Canva Studio: https://www.pexels.com/photo/four-people-using-laptop-computers-and-smartphone-3277808/

Chief financial officers, apart from their apparent role of overseeing the financial activities of the organisation, are found to have been holding a position to build consensus across the C-suite to better balance near- and long-term investments, according to an EY study revealed.

The EY DNA of the CFO 2023 report revealed that balancing short- and long-term investments is a defining challenge of the CFO role, particularly in Southeast Asia.

The study took note that compared with 76% of global peers, 84% of respondents in the Southeast Asian region agreed that today’s challenging market environment is increasing pressure on finance leaders to drive cost efficiencies and hit short-term earnings targets.

Long-term efforts focus on building sustainable growth, innovation and competitive advantage, while short-term efforts address immediate operational needs, financial targets and customer demands. Getting the balance right requires a collective C-suite effort.

However, the study found that Southeast Asian finance leaders reported disagreements in the top leadership team like their global peers. 

Sixty-five percent of Southeast Asian finance leaders in the study reported tensions and disagreements within their leadership teams on how to balance short-term and long-term priorities.

In the process of elevating their leadership importance, CFOs are well-positioned to build consensus across the C-suite’s different perspectives and conflicting priorities. They can help resolve tensions by providing valuable insights to inform decision-making, navigating trade-offs and facilitating the alignment of decisions with the long-term value strategy. 

Building consensus will require a CFO with the credibility and influence to challenge the CEO and executive team. But finance leaders are not always prepared to speak up when their opinion differs from the status quo or challenge their C-suite colleagues even in private.

For respondents in Southeast Asia, the top two abilities that CFOs need to effectively influence the executive team’s decision-making are as follows:

  • Use data-driven insights to inform decisions so that challenges can be addressed with evidence.
  • Build trusted relationships with key investors or the board so that C-suite colleagues know the CFO has the confidence of these critical stakeholders.
Related:  Making way for women in finance
Tags: Asia PacificCFO strategyEY
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