After many years in financial reporting, controllership and accounting, Adam Drew is now CFO of a software company, Kyriba, at a time when the path he followed to the CFO office is becoming less well-worn. Through finance roles at technology companies like Linux OS company SUSE and his early career at Deloitte, Drew has seen the evolution of the skills essential to the CFO seat during rapid changes to automation.
“I spend a lot of time learning about all kinds of things that were not a feature of the CFO role two decades ago,” Drew said.
As finance chief of a treasury platform provider, Drew is also discovering how the current economic disruption is causing liquidity management and other treasury department functions, like tracking bank balances globally, to climb the ranks of finance’s priorities.
Drew spoke with CFO Leadership about the skills CFOs need in times of economic uncertainty, the foundational competencies of future CFOs and the crucial pieces to a productive working relationship between treasurer and finance chief.
What overlooked or unexpected skills do CFOs need to steer a company through economic uncertainty?
While experience, decision-making and a firm grasp of data remain critical, agility and technological fluency are often overlooked.
First, CFOs must demonstrate agility in decision-making. The global economy has been quite volatile and will likely remain that way. This new reality requires leaders who can adapt strategies in real time while maintaining clarity and confidence. This flexibility ensures businesses can pivot effectively when faced with unforeseen challenges or opportunities.
Second, technological fluency is no longer optional. With the rise of advanced analytics, machine learning and AI-driven tools, CFOs must understand how to leverage technology to optimize decision-making and uncover actionable insights.
Just as the abacus and physical ledgers are no longer our primary method of accounting, the same should be said for a simple spreadsheet. Secure, cloud-based SaaS solutions that ensure greater speed, accuracy and compliance should be table stakes.
Optimizing resources amid uncertainty is not an overlooked competency but is crucial. That means improving cash flow management and strategically managing working capital to maintain operational efficiency while fostering growth opportunities.
Given the importance of technological fluency, what advice would you give young professionals seeking to one day become a CFO?
The route to the CFO position is changing. I followed a somewhat traditional one, from university into a graduate scheme, then through the ranks of an accounting firm before moving into a series of business roles. Those business roles encompassed a range of traditional accounting and control roles, as well as commercially focused ones.
CFOs of the future will likely have a different skill set. I spend a lot of time learning about all kinds of things that were not a feature of the CFO role two decades ago, when I first started interacting with these corporate leaders. What started with process automation and evolved into robotics now leads into artificial intelligence and, in all likelihood, technologies that don’t exist today but will in 10 years.
A solid foundation in the numbers is always going to be a prerequisite. CFOs need a deep understanding of how to record, report and analyze the financials. I advise young professionals and students to find something they enjoy to get a foot in the door. Once in, embrace and learn as much as you can about the outer frontiers of where the finance profession is heading.
The real niche for CFOs of the future will be identifying the tools that best fit a company among the hundreds available and extracting maximum value from them.
Given the importance of cash flow and liquidity in this economy, treasurers will have more visibility again, as they have during past times of volatility. What is the ideal working relationship between a CFO and treasurer?
The relationship between the CFO and treasurer can vary significantly depending on the organization.
The CFO is ultimately responsible for overseeing all aspects of finance, including budgeting, forecasting, financial planning and reporting; the treasurer focuses on managing cash flow, investments and banking relationships.
Naturally, these roles require close collaboration. The CFO and treasurer must have open and transparent communication to ensure that all financial decisions are made with a complete understanding of each other’s responsibilities and objectives. That helps avoid any misunderstandings or conflicts within the team.
The CFO should trust the treasurer’s knowledge in cash management and investment strategies. In contrast, the treasurer should acknowledge the CFO’s expertise in financial planning, reporting and understanding the nuances of alignment with the organization’s broader leadership team. All that is crucial to the company’s economic well-being.
