Gregory FereL, CFO of computer-generated solutions, believes the effectiveness of the financial team depends on collaboration with non-financial functions. Only then can the finance team and its leaders meet the extraordinary expectations that CEOs and other company stakeholders have for those in the CFO seat, Ferel says .
“To really add value, we have to engage with other functions every day. We have to organize, understand and identify areas for improvement,” he says. For more than 20 years in corporate finance, FEL has accumulated his own perspectives on the traits, actions and ways of thinking that contribute to the effectiveness of CFOs. In the next interview, he shares his perspective and advice for the next generation of CFOs.
How do you see the role of CFO evolution and what skills and strategies will be the most important in the future?
Rather than focusing solely on financial management, modern CFOs now serve as strategic advisors and drivers of change. This change reflects the increasing complexity of today's business environment. I continuously remind my finance team that it's not limited to the “financial bubble.”
I spend a lot of time working closely with my finance team and management. [people]ensuring we work together to approach the challenges. This is not a first-person show, but a collective effort to promote outcomes and encourage innovation.
As businesses rely more and more on technology and outsourcing to streamline operations, today's CFOs need to have a deeper understanding of digital tools such as AI and advanced analytics. Additionally, many CFOs are now expected to manage operations, risk analysis and commercial connectivity while shaping the talent experience and culture of the organization. The final part involves raising and maintaining talent with non-traditional skills that go beyond funds and effectively manage both human and mechanical labor.
What are the biggest challenges faced by CFOs? Also, how would you recommend approaching it?
Today's CFOs face ongoing geopolitical uncertainty, path change technology, AI enthusiastic growth, and greater expectations placed on the main role of finance.
Balancing short-term financial resilience with long-term strategic growth is a constant challenge. To address this, it is recommended that CFOs commit to data-driven decision-making. For example, CGS uses AI in daily work to improve efficiency. By migrating to the global ERP system, we collected data faster and more accurately. This allows finance to provide actionable intelligence to its operations teams and supports informed decisions outside of the realm of finance.
What lessons have you learned from your career that other CFOs may benefit?
One of the most valuable lessons I have learned is the importance of adaptability. Issues and changes should be viewed as opportunities to review and improve operations. It is important to challenge the current situation and constantly seek reinvention. Being deeply involved in your business and spending time operating can help you identify areas for improvement and assess risks.
Building and developing exceptional teams is equally important. Internally, it means bringing together groups with diverse skills to cover all areas of finance, accounting, tax and audit, but externally, it partners with experts in areas such as tax law. It includes doing so. Create a collaborative team environment where members can challenge the current situation and propose new ideas.
Finally, effective leadership requires that CFOs move beyond being “boss” to be a true leader and mentor. By guiding and empowering your team, you will inspire them to achieve their best.
All the challenges I faced – a period of financial recession, a geopolitical crisis, or rapid technological advancement, was an opportunity to reassess priorities and build resilience. For today's CFOs to succeed, they must adopt a positive mindset, combined with humility and curiosity, to consistently drive better outcomes.
What advice would you ask for on how to succeed in this role?
My advice to become a CFO is to continue to learn and remain interested in fields beyond finance. When management deepens their understanding of operations, strategies and technology, they can make a greater contribution to the company. This is what the top CEOs have come to expect from CFO position.
It is equally important to develop strong personal brands as communicators and leaders. The ability to stimulate trust and clarify a clear vision is just as essential as technical expertise to promote success.
