Why CFOs need a bigger role in business transformations

When managers decide that a step change in performance is desirable and achievable, they’ll often undertake a business transformation. Such transformations are large-scale efforts that run the full span of a company, challenging the fundamentals of every organizational layer. That includes the most basic processes in everything from R&D, purchasing, and production, to sales, marketing, and HR. And the effect on earnings can be substantial—as much as 25 percent or more.

Given the degree of change such endeavors require, this would seem to be an ideal opportunity for CFOs to play a major role. They are, after all, already familiar with the many activities and initiatives that underlie a transformation. And they often have an organization-wide credibility for measuring value creation. The way it usually works, though, is that CEOs sponsor transformations. A full-time executive—often a chief transformation officer—assumes operational control, and individual business units take the lead on their own performance. That often leaves CFOs on the sidelines, providing transaction support and auditing the transformation’s results...

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