Modern-day CFOs Have a Bigger Role to Play
According to the World Bank, the pace of economic growth in the GCC is set to pick up momentum in the next two years as the countries continue with their diversification efforts. The report says that the region is likely to grow by 1 percent in 2023 before rebounding to 3.6 percent and 3.7 per cent in 2024 and 2025, respectively. The climate is looking good for Chief Financial Officers in the country.
However, modern-day CFOs are not just managing finances but also driving growth for their respective organizations. Today, CFOs have to balance growth and profitability, as investors expect both. This means they have to be more than just finance managers but also growth enablers. They have to work with other leaders, redesign work processes, and leverage technology—ensuring better coordination with all other functional departments. They have to create business strategies that produce quick and lasting results that show up in the P&L statements.
Digitalization is not a one-off project but a way of running a business. CFOs have to make sure they get real benefits and returns from investing in digital technology. Many of these technologies, some still in the early stages, are already making a big difference. The challenge for the CFOs is to take the risk and embrace them. They also need team members who have not only accounting, auditing, and compliance skills but also data visualization, flexible thinking, good communication, and, most importantly, business acumen. This special issue is dedicated to the outstanding CFOs in the GCC region.