70% of Boards and Teams Are in the Dark - It’s Time for Change!

"It's about making your silos porous.” Mike Rose

Embark on a journey of discovery with hosts Chris Argent and Mike Rose in this week's episode of "It's Not All About the Numbers". Get ready to explore the launch of the GENCFO Academy and the crucial role of continuous learning and collaboration in the realm of digital transformation.

Discover the importance of continuous learning and collaboration as Chris and Mike delve into the challenges facing IT and finance teams. Be intrigued by the startling statistic revealing the lack of understanding among CFOs and CIOs regarding cloud computing costs. Stay tuned as they share unique insights into the Rugby World Cup and the intriguing concept of Money Bag KPIs in sports.

Stay ahead in the rapidly evolving landscape of digital transformation by prioritising continuous learning and collaboration. Experience the excitement of envisioning a future where IT and finance teams work seamlessly together to drive innovation and success. Imagine the possibilities that arise when leaders understand the intricacies of cloud computing costs and leverage unique KPIs to achieve excellence.

Take action now by tuning in to this enlightening episode of "It's Not All About the Numbers". Learn how to align IT and finance teams, gain insights into cloud computing costs, and discover innovative approaches to KPIs in sports. Don't miss out on this opportunity to gain valuable knowledge and strategies for navigating the challenges and opportunities of digital transformation.
 

Episode Quotes

What Chris Argent said…

• "I have just tested and learned my way through Gen CFO."
• "The academy is there to sort of try and bring a bit of clarity to the subject specifically for business CFOs, business accounting and finance teams." 
• "We need to start looking at it as more of a journey for people. And not just like a one off project."
• "Digital transformation is it. I know that there are concepts, you know, the Agile concepts and continuous improvement kind of concepts, I think that they go hand in hand with this space."
• “The CFO and the finance team have a complete holistic view of the business, there's not a single door in the company that they cannot walk in.”

What Mike Rose said…

• "I've been resilient and I don't know about how high performing I've been. But hey, I'm still here."
• "I think there's a real opportunity for people outside of Finance to get a look under the hood, a little bit of what's going on."
• "It's about making your silos porous. So information can communicate between the important bits of expert teams."
• "Leadership is much more about knowing when you don't know and feeling comfortable and reassured to be able to say, I don't understand that."
• “I think that it's just, you've also got a look at outcomes, as well as indicators, I suppose, is where I'm going with this.”

Episode Summary

This podcast episode of the "It's Not All About the Numbers" podcast featured hosts Chris Argent and Mike Rose discussing various topics related to leadership, technology, and business growth.

The episode began with Chris providing an update on his personal training goals, as he works to improve his cardio fitness and slim down before upcoming events. Mike shared that he had been dealing with a cold but pushing through various projects as a self-employed individual.

Chris then provided an overview of the Gen CFO Academy, an educational platform his company offers for business CFOs, finance teams, and accounting professionals. The goal of the Academy is to bring clarity to the subject of digital transformation and provide practical guidance on implementing new technologies. Chris emphasised that the Academy is focused on peer learning and sharing real world use cases, rather than product demos.

The discussion shifted to the importance of finance leaders understanding the needs of their various stakeholders in order to effectively lead digital transformation initiatives. This includes understanding the perspectives of other functions like IT, as well as professionals outside of finance. Mike and Chris agreed finance leaders should focus on critical decision making and collaboration rather than trying to be “rock stars.”

When discussing the CFO's role in digital transformation, Chris highlighted how the CFO has a holistic view of the business due to overseeing budgets across departments. This positions CFOs well to sponsor transformative changes. However, Mike cautioned against an overly transactional approach focused only on direct financial returns, suggesting transformation requires a more holistic, long-term mindset.

Business partnering, collaboration, and admitting what you don't know were identified as important leadership qualities for navigating organisational change. Siloed expertise can cause issues, while porous communication between teams is vital. Data and key performance indicators (KPIs) were also discussed, with Chris and Mike agreeing irrelevant or misaligned metrics can do more harm than good.

To wrap up the episode, Mike shared an example from rugby where a team dominated statistical metrics but still lost the match. This demonstrated how outcomes matter more than indicators alone. It also prompted a discussion about potential "perverse incentives" created by the wrong KPIs. Finally, the hosts highlighted an impressive fundraising effort by an individual running 10k every day for charity as an inspiring example.

Overall, the conversation provided insightful perspectives on leadership, technology, data analysis, and how finance functions can effectively support digital transformation through collaboration, peer learning, and a holistic mindset.

Episode Time Stamps

0:00 - 01:30 - Personal updates and goals - Chris discusses his personal training program and Mike discusses dealing with being sick while working on projects.

01:30 - 04:00 - The Gen CFO Academy - Chris provides an overview of the Academy's purpose and focus on practical peer learning over product demos.

04:00 - 07:30 - Finance leadership and stakeholders - The hosts discuss the importance of understanding stakeholder needs, including those outside of finance, and focusing on decision making over flashy "rock star" behaviours.

07:30 - 11:00 - Digital transformation and the CFO role - Chris and Mike debate the CFO's holistic view and ability to lead transformation, with cautions about only focusing on financial returns.

11:00 - 16:00 - Business partnering and transparency - The importance of collaboration, admitting unknowns, and breaking down silos is discussed.

16:00 - 21:00 - Data analysis challenges - Chris shares a statistic around cloud computing understanding and the hosts touch on issues with irrelevant metrics and incentives.

21:00 - 25:00 - An example - Mike provides a case study demonstrating how outcomes matter more than indicators alone.

Listen to the latest episode of ‘Its not all about the numbers’ now! 

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