How can modern Chief Financial Officers drive innovation and business transformation? The CFO of cloud computing enterprise software company, ServiceNow, Gina Mastantuono, explains CFO transformation, including how she collaborates with other business leaders such as the company’s Chief Information Officer.

Aside from discussing Chief Financial Officer responsibilities, the conversation includes:
-- What does a Chief Financial Officer do?
-- What is the CFO leadership role?
-- Why is the CFO / CIO relationship important?
-- Why is the CFO the Chief Transformation Officer?
-- Cross-team collaboration and the CFO
-- Balancing short-term needs vs. long-term investment
-- Talent management, human resources, and the CFO
-- Advice to Chief Information Officers
-- Women in technology and business
-- Advice for women on joining boards of directors

At ServiceNow, Gina Mastantuono is developing and leading world-class teams focused on driving customer success. As Chief Financial Officer, her global organization spans all aspects of Finance, including Accounting, Risk & Compliance, Payroll, Tax, Investor Relations & Treasury, Real Estate & Workplace Services, and more.

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Read the complete transcript: https://www.cxotalk.com/episode/what-cfo-servicenow-chief-financial-officer-explains

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From the conversation:

What does a Chief Financial Officer do?

Michael Krigsman: We have this image of the historical, traditional CIO as kind of like an advanced accountant bean counter, you know, with the green eyeshade. Yet, you're talking about digital transformation. I know that there is the innovation role as well. What's going on with the CIO role, and how accurate does that green eyeshade image?

Gina Mastantuono: The CFO is the image that you are talking about as the bean counter, right? It's definitely an outdated image. I'm definitely not the typical image of a CFO.

We are really no longer just bean counters with the fierce grip on the checkbook. Right now, a major growth driver for many companies is digital transformation and CFOs are playing a key role in not just enabling that transformation but driving it. Being a CFO today is all about strategy, understanding those growth levers that drive the business, and the investments that are needed to get us where we need to go.

It's also about leadership. Gone are the days when all leaders needed was a strong IQ. Today's leaders really need to have a high level of EQ as well. They need to lead with compassion and empathy. Especially in today's COVID-19 environment, leaders must ask every day how they're helping employees navigate the new normal.

What is the CFO leadership role?

Michael Krigsman: I'm slightly taken aback, in a way, to hear you talk about leadership, empathy, driving digital transformation, again because I have, in the back of my mind, the stereotype of a traditional CFO. I guess we could say your role, it's a leadership role with an emphasis on the finances and investing? Is that an accurate way to say it?

Gina Mastantuono: Absolutely. I think the leadership piece is so important and the role of the CFO really has evolved over the last five, ten years. Even in the last year, COVID-19 has really elevated the CFO role.

We're playing a pivotal role in guiding organizations through the crisis. We're essential to the strategic decisions that are going to help our companies not only survive the current climate but come out stronger on the other side.

What I think is especially interesting is that we now must have a stronger understanding of technology. This is especially apparent after COVID-19. Instead of delegating down all the technology work, CFOs are spending more time actually learning it.

If you think about all the data that we have, CFOs have to become immensely data-driven. We're using predictive analytics, for example, and machine learning to really ensure that our initiatives are driving real impact.

In fact, I was actually recently talking with our CIO, Chris Bedi, about the shifting paradigm. For so long, CIOs were told they needed to be more business savvy. But today, it's really the rest of the C-suite that needs to become more comfortable with technology because technology is becoming the business as more companies must really pivot their business models in order to continue to compete and be disruptive in the current landscape.