Tech CFOs struggle to adapt to changing times
The CFOs and finance directors of technology companies are struggling to find the right balance between strategist and controller in the post-boom world of mature markets, according to The McKinsey Quarterly, the online magazine published by management consultants McKinsey & Company.
The consultants say that when the technology industry was growing rapidly, many CFOs of tech companies served purely as strategists, helping to guide companies through mergers and acquisitions and relying on growth rather than productivity to meet financial goals. Many others limited themselves to the role of controller, staying out of strategic discussions and focusing instead on keeping the books balanced.
As the sector has matured, the demands on financial officers have changed, and now CFOs must find the balance between strategy and controlling that their counterparts in other industries have mastered over long experience. Many are struggling to find this balance, and the result is a fascinating lesson for all CFOs.
The full story can be read on The McKinsey Quarterly website at: www.mckinseyquarterly.com