The ever-changing business environment necessitates that organizations look within. Starting from the top, the CFO should no longer be the sole “gatekeeper” of monetary flows. Instead, the role now requires collaboration across the entire company to ensure innovation at a more efficient cost and to achieve corporate agility.
HOW THE CFO CAN PUSH FOR CORPORATE AGILITY
The CFO can empower Agile teams by adjusting their budgeting practice, metric creation, and integration of financial representation to support the collaborative way of working. By making more resources available, teams have the ability to try out new processes, experiment with new platforms, and ultimately fail-fast and fail-often … a critical component of improving products and agile practices.
HOW THE FINANCE OFFICE CAN TRANSFORM
Agile is great for teams currently siloed and looking to be more collaborative. By removing these silos and ensuring cross-functionality, a better understanding of the needs of the organization, team, and department are brought to light. Finance departments are often ones that, by nature, are siloed from the rest of the organization. Creating a more collaborative environment within will lead to interdepartmental knowledge sharing and improved company-wide operations.
Adopting Agile will enhance the CFO’s ability to calibrate finances. The CFO can utilize Agile to disrupt the traditional annual system typically implemented in financial practices in favor of a dynamic flexible system of value streams that are in-tune to the company.