From CFO to CVO: Creating Value With Data, Tech & Talent

Wednesday 5th June 2024, Home Grown Club

During the 18 years that TalentEdge and Talentarc have been helping businesses hire senior and executive-level finance talent, we’ve witnessed first-hand how the role of CFO continues to evolve at pace, shifting from a Board level support position to one central to the success and growth of the business.

In this session we were exploring how leaders in finance can make this transition from CFO to “chief value officer”, focusing specifically on how they can harness the power of data, technology and talent to help them do this.

Our panel of experts discussed:

• What differentiates the CVO role from a CFO
• How to build a “data mindset” and an effective data strategy across the business
• A team of data analysts, storytellers and collaborators? Building the finance team of the future

Summary

What differentiates the CVO from the CFO?

Transitioning from a CFO to a CVO requires a shift from a purely financial focus to a more value-centric mindset.  Traditionally seen as a support function, responsible for financial governance, risk management, and ensuring accurate financial reporting, modern CFOs are moving beyond this role, becoming strategic partners to the CEO and helping them realise their vision.

The CFO as CVO is involved in setting and achieving broader commercial goals and aligning the company’s mission and values with its operational activities.

They are:

• Business partner to the Board; changemaker; project manager; and stakeholder manager.
• An influencer and story-teller who can distill complex information into actionable insights for the leadership team.
• A strong leader who can drive cross-function initiatives that support the company’s strategic objectives.

What they do:

• Identify the key operational levers in the business – particularly around the data, technology and workforce – examining how they interact and where they can be improved.
• Pinpoint the “dial-movers” that impact longer term value and work out how to monitor, measure and quantify those.
• Seek out opportunities to create value (or supporting others to do so) and driving initiatives that align with the Company’s strategic goals.

Using data to create value

Data is crucial for business’s success. Without a data strategy, organisations risk drowning in unhelpful data or falling behind competitors. Understanding and utilizing data effectively will allow the CFO ( and the business) to provide valuable insights into customer behaviour, improve decision-making, and help enhance overall business performance.

Building a Finance team to support value creation

The finance team that you’re building now and for the future requires a different variety of skills compared to the past. It’s no longer sufficient to just have technically skilled accountants who are adept at compiling financial statements and ensuring all numbers and accruals are accurate. With automation handling much of this traditional work, the focus shifts to hiring individuals who possess a blend of financial acumen and analytical thinking.

The Panel

Liz Henderson, NED/Board Advisor/Global Digital Leader

Liz  is a seasoned NED, Board Advisor, and global digital leader, driving value for Fortune 500 & FTSE 100 firms including Cap Gemini, O2 and IBM. Known for her innovative ideas, long-term solutions, and fresh perspectives.

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Edward Guest, CFO/COO UNLIMITED Group

Edward has over twenty years’ experience working as CFO/COO in listed PLC and private equity-backed businesses. Having spent several years transforming the marketing services group UNLIMITED, he successfully led its sale to Accenture earlier this year, achieving a premium valuation for the business.

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Eleena Broadfoot, CFO/NED (Beauty Pie, Paysme, RFI Global)

Most recently CFO at Beauty Pie, Eleena has over 10 years’ experience in senior finance roles, working alongside leadership teams of both high-growth startups and global groups.  As a CFO she has reached far beyond the traditional finance remit to use her skills and knowledge to deliver strategic insights and drive growth.

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Alysha Randall, CFO/Founder – Fast Growth Consulting

As founder of Fast Growth Consulting, Alysha works with founders of startups and scaleups, helping them prepare for fundraising and providing strategic direction to enable growth. Her clients include allplants, Legl, Fourth Rev, Thrift+. Hived & Jude, Flourish and Feme.

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