Tech investments crucial for supporting expanded roles of CFOs

DESPITE cautious hiring sentiment and stable remuneration policies, 97 per cent of Singapore's chief financial officers (CFOs) find it challenging to source skilled finance professionals, according to a recent Robert Half Survey.

Is it any wonder? As the world changes, so does the role of the CFO. The linear thinking that propelled CFOs to the top corporate financial role in the past is no longer enough. They now need to know how to be strategic partners with the chief executive officer (CEO), to play a larger role in driving corporate strategy, growth, and operational excellence in their organisations, including closer collaboration with other business partners across the enterprise.

Among 178 CEOs, business owners and company chairmen in 13 Asian countries and territories in the region surveyed by Forbes Insights and KPMG, 49 per cent said their CFOs needed big-picture thinking and a strategic approach. This expanding role is being shaped by an intensely competitive and constantly changing business landscape in Singapore with growth a major focus as well as managing the regulatory environment, leveraging technology, pursuing innovation and organisational culture.