CFO and CDO: the winning duo to co-manage a business transformation

As key collaborators in any company, the CFO and CDO play a critical role in driving a large-scale business transformation. What are the roles of these two actors? How can the synergy of their know-how promote the smooth running of change management? WAYDEN takes stock of the missions of the CFO and the CDO, a winning duo to co-manage the business transformation.

 

The CFO: a key player in the management of financial risks during a business transformation

The CFO (Administrative and Financial Director) manages the administrative and financial management of the company. An expert in accounting and finance, he is responsible for managing cash flow, ensuring the economic stability of the company, controlling financial risks and carrying out reporting missions, among other things. It also plays a vital role in improving the company’s performance .

A true right-hand man of the manager, the CFO has many transversal skills (financial, legal, accounting, HR, business law, management control, etc.). In particular, he has an in-depth knowledge of the company’s business model and an ability to anticipate, prevent risks and develop different transformation scenarios.

During a business transformation (whether organizational, financial, commercial, digital, etc.), the CFO will therefore have the strategic missions of analyzing and controlling financial risks, to set up reporting tools and to define appropriate KPIs (performance indicators). He will also be able to To put its expertise in the analysis and exploitation of financial data at the service of transformation. Finally, his interpersonal skills and high-level managerial skills will help strengthen the commitment of employees to the transformation project.

 

The CDO: a data expert at the service of business transformation

The CDO (Chief Data Officer) or chief data officer, is one of the new jobs resulting from the emergence of Big Data. This senior executive, a data specialist, participates in the management of the company’s digital strategy.

He works closely with many business units (marketing, quality, communication, HR, finance, management control, etc.).

Its primary role is to set up architectures, IT systems and processes for collecting, storing, managing and optimizing data. He is thus responsible for validating the company’s data to ensure that it is reliable. He is also responsible for making them usable, intelligible and coherent to allow their use by the various departments of the company.

This meticulous processing of external data makes it possible to facilitate strategic decision-making within the company, to anticipate possible risks and disruptions and to monitor market and demand developments.

The CDO can thus intervene in companies in all sectors of activity (health, banking, insurance, marketing, e-commerce, etc.). He has skills in statistics, computer engineering and mathematics and he has a perfect mastery of the various big data tools (machine learning, business intelligence, data base management, etc.).

 

CFO and CDO: why are they a winning duo during a business transformation?

The CFO and the CDO both hold highly strategic and cross-functional functions, which lead them to collaborate with the various departments and to have, at all times, an overview of the company, its processes, its challenges, its strengths and weaknesses.

As part of a transformation project, these two players will be able to make the most of their transversal and complementary skills. The CFO will be able, thanks to the expertise of the CDO, to: Accelerate and secure the management of the transformation with the help of new technologies and big data. The CDO’s skills in data management will also make it possible to guide decision-making during the transformation, strengthen knowledge of the ecosystem and secure change in a sustainable way.