Tragically, the hard benefits of innovation tend only to be realised many years after the actual creation of these innovations (eg: step changes in productivity due to technology use, process changes, organisational redesign.)
But why?
We may be reluctant to change, we may be waiting for people to leave, even retire. You may be waiting to be ‘the boss’ before making change, or you have a great idea, but will only pursue it when it can be accredited to you. You may have introduced partial change due to capital restrictions knowing that end to end change is what’s really needed to exploit innovation benefits… but all the above slows our overall progress.
CFOs not only need to understand the art of the possible, but bring in ways to capture and implement new ideas to make ‘the possible’ happen as early as possible.
Are you waiting to make change? If so why?