Top Skills for CFOs and Operations Managers: Mastering Success in Leadership

The roles of CFOs and operations managers are changing and blurring. While CFOs traditionally managed financials and ops managers focused on production, both roles today are immersed in overall business strategy. This has become critically important as technology evolves.

As more companies undergo digital transformation, it will be crucial for everyone in the C-suite and in leadership roles to maximize business transformation.

For those looking for how to become a successful CFO or operations manager in today’s business environment, it will require an evolving set of skills and greater collaboration across the entire organization.

Working Collaboratively with HR and IT

Here’s just one example of how leaders will need to develop cross-functional teams to work efficiently.

CFOs and operations managers typically rely on different sets of metrics to evaluate business values and outcomes. For example, when considering an investment in AI tools, the CFO may look at the overall ROI to maximize returns on AI initiatives. An ops manager may focus more on the efficiencies AI tools bring in accelerating production or time-to-market.

HR and IT teams may assess a technology investment completely differently, as well. IT may focus on infrastructure needs and compatibility with existing tech stacks. HR likely places greater emphasis on the tool’s impact on employee experience and ensuring the right talent is in place for success. CFOs and ops managers must collaborate with HR and IT stakeholders to ensure an investment is delivering returns across the organization.

Each part of this equation is important, but cost control presents many challenges. 52% of CFOs we surveyed said there is a risk that costs can rise quickly. 41% said cost controls become more technically challenging as companies grow.

Today’s environment requires rethinking business processes to ensure consistency and ROI across the organization. Business leaders need to develop a more collaborative strategy that crosses functional boundaries to make this vision a reality.

What Are the Key Skills for a Modern CFO?

Our survey shows that 57% of CFOs are investing heavily in growth strategies despite current concerns about economic conditions. 63% said investing in cutting-edge technologies is critical to success — nearly double the number in a 2023 mid-year survey.

Yet, the majority of CFOs admit they understand very little about emerging technology in finance. Only 4% said they have strong knowledge of AI. Statistics like this show how important collaboration will be. CFOs must have the skills to work effectively with CIOs and IT teams to implement technology and strategies to drive growth.

Other key areas of focus that have emerged over the past few years include:

• Restructuring to increase agility
• Greater emphasis on evolving market conditions
• Proactive cost reduction

While each of those scored well below the need to invest in new technology, CFOs remain focused on these outcomes. Besides working with IT, it takes a collaborative effort with HR teams to achieve these goals. Restructuring and reimagining workflows affects every aspect of the employee experience, including making sure you have the talent on board to manage innovation.

In addition to mastering traditional financial controls, CFOs must also refine these skills for success:

• Strategic communication: Clearly articulate financial strategies and their impact across the organization.
• Technological fluency: Stay informed about emerging tools and platforms relevant to financial operations.
• Change management: Guide teams through organizational and market shifts with a focus on long-term success.
• Cross-functional leadership: Build strong relationships with other departments to align goals and enhance cooperation.

What Are the Essential Competencies for an Operations Manager?

Operations managers are no longer confined to managing supply chains and meeting efficiency benchmarks. Like CFOs, their role has expanded to include strategic decision-making and cross-departmental collaboration.

Modern operations managers must juggle multiple priorities, from leveraging technology to analyzing performance metrics, all while ensuring operational excellence. A successful ops manager needs to be well-versed in several key areas, including:

• Process optimization with technology: Embracing automation tools and AI-driven insights is becoming standard. Managers need to evaluate which technologies will streamline workflows while delivering measurable outcomes.
• Strategic alignment: Operations managers must ensure operational goals align with overarching business objectives, creating a seamless synergy between different teams, including finance, IT, and HR.
• Data-driven decision making: Metrics like production efficiency, cycle times, and resource utilization remain critical. However, interpreting these metrics within the broader context of organizational goals requires a more strategic approach.
• Risk mitigation: Modern challenges, including supply chain disruptions and regulatory compliance developments, demand agility and the ability to pivot strategies swiftly without sacrificing long-term goals.

Just as CFOs benefit from working cross-functionally, operations managers need to collaborate extensively across teams. For example, IT teams play a vital role in evaluating and implementing tools that track and analyze operational performance, while HR often supports training efforts to ensure teams leverage these technologies effectively. Finance teams manage cost controls and spending to ensure alignment with organizational goals.

Both CFOs and operations managers share a mutual need to adapt to technological advancements and organizational shifts, and collaborating with their counterparts in HR and IT can help them hone these skills.

How Do SAP Concur Solutions Benefit CFOs and Operations Managers?

SAP Concur solutions provide significant benefits to support CFOs and operations managers. By streamlining workflows, reducing manual tasks, and enhancing spend management, both leaders can make better decisions.

For CFOs, SAP Concur provides greater visibility into expenses and travel spending with detailed analytics to assess ROI and identify areas for cost reduction. For operations managers, the integration of Concur Expense and Concur Travel can produce significant efficiencies. By automating tedious tasks, such as expense reporting and compliance tracking, managers can reallocate resources toward strategic priorities like process improvement and supply chain optimization.

One of the biggest benefits of SAP Concur is that it integrates seamlessly across departments. When data is shared between finance, operations, IT, and HR, organizations can uncover patterns and insights that drive improvements across the business.

Here are a few examples:

• AI-powered analytics: Artificial intelligence embedded within SAP Concur solutions identifies anomalies, highlights spending trends, and provides predictive insights, making it easier to plan for future initiatives.
• Enhanced collaboration: When teams use the same platform to analyze and act on data, it creates greater visibility and alignment in achieving company objectives.
• Improved employee experience: Automating workflows reduces the administrative burden for everyone, creating a better experience for employees submitting expenses or coordinating travel.

By leveraging tools like SAP Concur, you can empower your leadership to better manage innovations and lead transformational change.

Learn more about how finance leaders benefit from SAP Concur solutions.