In today’s rapidly changing economy, senior leadership teams and CFOs are taking on greater roles in terms of strategy and sustainable growth. We were once considered mere “bean counters,” but now we are becoming “bean sprouters.” And with this added responsibility, we’re expected to get constant “vision checks” to keep an eye on the future.
As a prominent global accounting association, IMA has an obligation to improve the CFO team’s “line of sight” to help preserve and create organizational value. I fell upon an idea by Nancy Axelrod in her book The Governing Board: Key Responsibilities for Association Boards and Board Members, in which she lays out four sights that you should keep in mind to ensure a vision of success. The four sights she described – foresight, insight, hindsight, and oversight – will lead you to a successful vision.The two stages most pertinent to management accountants and financial professionals are insight and foresight, as they are the most forward-looking. With these in mind, CFOs are able to act as trusted business advisors and leaders to help create sustainable growth.
The foresight stage is where the CFO plays a leading role in anticipating the future, building a curious and adaptable mindset, and helping organizations envision a great future that serves both mission and societal purposes. This could take the form of financial planning and analysis, mergers and acquisition analysis, or risk management during highly competitive times in a turbulent economy.
The insight stage is truly where business partnering begins and business analytics takes over the process, turning information into intelligence and good companies into great ones. This could take the form of predictive analytics, business intelligence, or data mining. Organizational leaders count on their CFO teams to envision the future (foresight) based on a sound analysis of today’s reality (insight).
Make sure to always keep your vision clear and to get it checked by the team regularly. Doing so will give you a clear view of success!
Written by Jeff Thomson, CMA, CAE
Follow me on Twitter @ima_JeffThomson