The Modern CFO: Post-COVID Priorities That Matter

The role of a CFO has always been vital, but in the wake of the COVID-19 pandemic, it has evolved significantly. With businesses facing new challenges and opportunities, CFOs have had to pivot their strategies to ensure financial stability and growth. As we move into the post-COVID era, the focus for CFOs is no longer just about keeping the lights on—it’s about driving transformation and efficiency across the entire organization.

In this new landscape, CFOs have to balance traditional financial stewardship with a range of emerging responsibilities. Here’s how their Key Responsibility Areas (KRAs) are shifting, and why managing SaaS waste has become a crucial component of their role.

1. Driving Financial Resilience and Agility

The pandemic forced many organizations to rethink their financial strategies and prepare for potential downturns. In today’s volatile market, CFOs are focused on ensuring their companies are financially resilient and able to adapt to changes quickly.

Key tasks for CFOs now include:

• Strengthening cash flow management.
• Building more robust financial forecasting models that account for unpredictability.
• Exploring new revenue streams or cost-saving opportunities.
• Ensuring the business has access to liquidity during emergencies.

CFOs must balance short-term financial health with long-term growth potential, which requires a deeper understanding of both the internal financial landscape and external economic factors.

2. Improving Operational Efficiency Through Digital Transformation

The shift to remote work during the pandemic was a major driver of digital transformation, and many organizations found themselves relying more heavily on technology to maintain operations. Post-COVID, CFOs are increasingly focused on using technology not just to stay afloat but to drive operational efficiency.

A key area of focus for CFOs today is:

• Automating manual processes, especially in finance and accounting.
• Integrating systems to reduce silos and improve cross-functional data sharing.
• Exploring tools that allow for more agile decision-making.

Digital transformation isn’t just about adopting new tools; it’s about strategically managing technology to streamline operations, reduce costs, and make smarter decisions across the organization.

3. Cost Management and Waste Reduction

While every CFO has historically focused on controlling costs, the post-COVID era has introduced a new level of urgency. With many companies still navigating uncertain economic conditions, the role of the CFO has expanded to not only managing costs but also identifying areas of waste.

One such area is SaaS waste management, which has become an emerging priority. The rapid adoption of SaaS tools over the past few years has led to organizations accumulating a large, often underutilized, portfolio of software solutions. CFOs now need to ensure that every SaaS investment is delivering value, with a keen eye on minimizing waste.

Strategies for managing SaaS waste include:

• Conducting regular audits of all active subscriptions to identify redundant or underused software.
• Optimizing software spend by consolidating tools with overlapping functions.
• Negotiating better pricing or switching to lower-tier plans for tools that aren’t fully utilized.

By actively managing SaaS spend, CFOs can free up resources that can be better used elsewhere in the business, ultimately improving profitability.

4. Prioritizing Data Security and Compliance

The post-COVID era has brought a significant shift in how businesses operate, with data security and compliance now top of mind. As remote work and cloud-based operations become more ubiquitous, CFOs are tasked with ensuring the company’s financial data is secure and that it complies with an increasingly complex web of regulations.

CFOs must now:

• Invest in robust cybersecurity measures to protect financial data.
• Ensure compliance with global and local regulations, such as GDPR and financial reporting standards.
• Implement proper controls around data access and financial reporting.

With a growing reliance on digital platforms and data-sharing, CFOs must ensure their company is not only efficient but also protected against financial and reputational risks.

5. Managing Talent and Workforce Strategy

As businesses have adapted to remote and hybrid work models, the CFO’s role has expanded to managing workforce dynamics more closely. Post-COVID, many companies are reassessing their talent needs and focusing on optimizing workforce productivity while managing costs.

Key focus areas for CFOs in workforce management include:

• Developing flexible compensation strategies to attract and retain talent.
• Investing in employee development and well-being programs to improve engagement and productivity.
• Evaluating headcount levels against current business needs and implementing cost-effective staffing solutions.

CFOs are now integral in aligning financial strategies with people strategies to build an effective, productive, and cost-efficient workforce.

6. Shaping Long-Term Strategic Growth

Finally, CFOs are no longer just seen as financial stewards but as strategic partners in growth. The post-COVID world demands that CFOs play an active role in guiding the company through market uncertainty and seizing new growth opportunities.

This involves:

• Identifying profitable expansion areas and new revenue models.
• Working closely with other executives to ensure alignment with long-term goals.
• Assessing risk and developing strategies for sustainable growth.

CFOs are now tasked with not just protecting the bottom line, but also actively driving the company forward into new markets and industries.

Conclusion

In the post-COVID era, CFOs are taking on broader responsibilities that extend beyond traditional financial management. The new KRAs reflect the evolving nature of business, with an emphasis on digital transformation, operational efficiency, and managing both financial and talent resources strategically. Among these priorities, SaaS waste management has emerged as a key focus area for CFOs. By effectively managing software spend, CFOs can improve profitability, drive cost efficiency, and ensure their company’s financial resilience in a rapidly changing business landscape.