Becoming a CFO Wizard McKeon Sep09

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How finance professionals can show additional business value beyond what is expected of them.

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Becoming a CFO Wizard McKeon Sep09

  1. 1. Becoming a CFO Wizard Palladium Business Performance Conference Miami, September 16-17, 2009 Christina McKeon Director of Product Marketing Copyright © 2009 Infor. All rights reserved. www.infor.com.
  2. 2. Existing Perceptions Manage debt Report numbers Monitor cash flow Validate numbers Manage investments Meet regulations And repeat… Add up numbers 2 Copyright © 2009 Infor. All rights reserved. www.infor.com.
  3. 3. Existing Perceptions All complex processes, Manage debt but typically managing Report numbers Monitor cash flow the mechanics of Validate numbers Manage investments processes without Meet regulations And repeat… showing additional value Add up numbers 3 Copyright © 2009 Infor. All rights reserved. www.infor.com.
  4. 4. CFO Wizard: Making a Difference Prophet Predict the future Sorcerer Governor Show performance in line Ensure accuracy and with expectations validity of results Trusted Advisor Shape Shifter Develop relationships at Seamlessly shift across executive level roles 4 Copyright © 2009 Infor. All rights reserved. www.infor.com.
  5. 5. CFO Wizard: Focus for Maximum Impact Improve visibility Create quick wins Design the right roadmap Stay ahead of the curves Empower the organization 5 Copyright © 2009 Infor. All rights reserved. www.infor.com.
  6. 6. Improve Visibility Give more people in organization more access to good data that is relevant to their roles System must be easy to learn and use – self-service access Transparency into data for drill down and clear audit trails Follow the 80/20 rule before thinking about major overhauls 6 Copyright © 2009 Infor. All rights reserved. www.infor.com.
  7. 7. Create Quick Wins Follow the 80/20 rule What area will provide 80% of the result with 20% of the effort? Where are the sharpest business pains? Data visibility? Comparing actual results to budgets? Budgeting cycle too long? Planning and forecasting? Too reactive to changing conditions? Manual processes? Spreadsheet-based systems? Too long to close the books? Ready for XBRL or IFRS? 7 Copyright © 2009 Infor. All rights reserved. www.infor.com.
  8. 8. Design the Right Roadmap Know where you are, where you need to go, and how you are going to get there Roadmap makes it easier to make daily decisions that are in line with direction Eliminate choices that don’t support the goals Start on the quick wins developing roadmap in parallel Roadmap Create goals and communicate them to team and company Phased with short, medium and long term goals Seek out best practices in your industry and leverage them 8 Copyright © 2009 Infor. All rights reserved. www.infor.com.
  9. 9. Stay Ahead of the Curves in Technology and Regulation Generally plenty of warning and ramp-up time Don’t wait until the last minute and then react Factor upcoming changes into your roadmap International Financial Reporting Standards (IFRS) U.S. has no timetable yet Canada IFRS conversion starts 2011 Do your systems support IFRS? eXtensible Business Reporting Language (XBRL) U.S. public companies starting in 2009 Automate your tagging 9 Copyright © 2009 Infor. All rights reserved. www.infor.com.
  10. 10. Empower the Organization Control what needs to be centrally controlled Decentralize decisions best made at regional or departmental levels Bring others on board Convince, negotiate, inspire, and listen 10 Copyright © 2009 Infor. All rights reserved. www.infor.com.
  11. 11. CFO Wizard: Focus for Maximum Impact Improve visibility Create quick wins Design the right roadmap Stay ahead of the curves Empower the organization 11 Copyright © 2009 Infor. All rights reserved. www.infor.com.
  12. 12. Next Steps Develop a vision Mindset that goes beyond the traditional view of the role Choose your battles Biggest pain points, quick wins Plan for success Roadmap with short, medium and long-term goals 12 Copyright © 2009 Infor. All rights reserved. www.infor.com.

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