Should CFOs be focused on today’s operations or tomorrow’s innovation – steady play or strategic change? The answer, of course, is yes. Here are ten lessons learned from this year’s MIT Sloan CFO Summit.
Customer centricity: If you keep a focus on what’s important for your customers, you’ll reap the benefits as a company.
Priorities: Details are important, but so too are priorities. Identify the big issues first, and then the details.
Be pliable: It’s the combination of fixed goals and flexible approach that allows for ongoing success.
Measurements matter: Know what you’re measuring – data can correlate, but is there a causal relationship?
Systems matter: Spreadsheets work for small endeavors, but it’s critical to have the right system – be it stand-alone software or enterprise-wide technology.
KPIs matter: Focus on 2 or 3 Key Performance Indicators; more than that and not only are you spending all your time measuring, but the overall goal is obscured.
Get started: The best way to get something done is to get started. You can iterate and fine-tune once it’s started, but you have to get started first.
Get buy-in: Regardless of your expertise, if you don’t have buy-in, you’re not going to get it done.
Don’t skimp: It’s tempting to go for the least expensive person, product or process. But skimp too much and that person will walk out the door, that product will be overwhelmed and the process won’t deliver.
Save the date: Next year’s MIT CFO Summit will be held Thursday, November 19, 2020.
We look forward to seeing you.
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