As a strategist, the CFO is involved in corporate planning and aims at business performance as well as increase in value. He leads from a financial perspective the strategy process and derives the financial strategy from it. As a catalyst the CFO stimulates value-creating or strategy-compliant behavior in the company and promotes the implementation of the strategy. Development of the administrative apparatus and creation of control security.
As an operator, he ensures financial efficiency and service level and ensures that everything runs smoothly in the financial operations. As a steward he builds the protection and securing of the assets of the company on functioning internal controls. The role model of the CFO will develop into a strategist even more in the coming years. This role is already mentioned most frequently today, closely followed by the steward.
Gig economy worries, data protection, return on investment and development of a master data strategy and new business models, manage security risks and at the same time the risks and expectations of the company, skills shortage, promotion of a learning and development culture despite daily business, development of the right cloud strategies and the cultural change in a digital world are the great challenges of a CIO (Chief Information Officer). IT decision-makers develop into strategists of the company at breakneck speed.
Intelligent technologies, changed processes in the IT landscape, from on-premise to multi-cloud management, security sensitive data, change management and agile action, co-development of digital business models and early awareness of regulations and compliance. The fast pace of digitization and the growing number of new technologies, laws and ordinances bring about changes in the areas of responsibility of CISOs (Chief Information Security Officer) and information security teams with them. In the coming years, CISOs will play an increasingly important role in the playing corporate management and at the same time being confronted with new priorities.
Technological change in the fast lane, massive digitalization pressure on all markets, ever tighter time windows for sustainable competitive advantages and dynamically networked ambiguous future worlds that result in structural changes - The consequence: The agenda of the Chief Technical Officer (CTO) has fundamentally changed and demands today to break new ground. It's about business model innovations, agile organization and a consistent outside-in perspective and all with new and unconventional tools, methods and concepts.
The demands on purchasing are increasing: Economic and political risks emerging from all directions force CPOs (Chief Procurement Officer) to further reduce the company's costs. Gaining external risks thus increasing the attention of CPOs. In particular, the economic downturn and trade conflicts are taking shape turn out to be essential factors. In the digital environment, CPOs focus on analytics technologies. New chances are possible for purchasing if CPOs provide purchasing competencies in complex and cross-functional tasks and more strongly than ever about new collaboration and networking Accelerator models with the business.
In the age of globalization, intercontinental supply chains are becoming increasingly complex. This makes global delivery and production networks and the international flow of goods special vulnerable to disruption from trade wars, natural disasters, or health emergencies such as the recent ones outbreak of the corona virus COVID-19.
At the same time, the demands and the pressure to optimize logistics are growing: It should be sustainable, networked, individual and intelligent.
Leadership, vision, ability to work in a team, communication skills, motivational skills, acceptance of a culture of error, empathy and agility are considered by many respondents as most important competencies of a successful CEO, Supervisory Board or Shareholder of the future classified.
The most important tasks of the future are a long-term strategy, motivating the workforce, observing the work-life balance of the employees, good communication, create a pleasant working atmosphere, generate profits and provide impetus.
At the same time, the following challenges will have to be mastered by the CEO, The Supervisory Board and the Shareholders in the future: Shortage of skilled workers, social change, digital transformation, climate change, lack of economic activity, trade conflicts, globalized trade and new work models.
Data and technology management, talent management, employee qualification, competence management also in the field big data and people analytics, experimentation and digital knowledge are challenges for the CHRO (Chief Human Resources Officer) to develop solutions. Digitization and automation are massively changing the world of work.
Some jobs are becoming superfluous, while completely new job profiles are emerging. Change also affects how people work (together). This process poses major challenges for human resource management. Personnel management accompanies change in companies - and has to fundamentally reorganize itself to meet its to meet changed tasks.
Creating demand through awareness and preference building, the CMO heads all marketing-related activities from sales management, product development, advertising, market research and customer service. Focusing on maintaining quality product and service through communication, the CMO align the interests of all departments to optimize promotional activities.
Formulating, facilitating and communicating organization’s strategic initiatives and future goals are the main responsibility of the CSO including divestures, mergers and acquisitions as a supplemental demand generator for the company.