It is evident that research, development and innovation hold the key to unlock Africa's hidden potential that will enable CFO's to drive successful businesses that are profitable and sustainable, the question is how CFO's should engage in these markets to ensure that businesses remain profitable and compliant?
The mode of doing business in Africa has changed and so has the role of the CFO for obvious reasons. Cash payments may still be preferable in some market environments, however more and more countries are adopting innovative financial approaches for making business transactions, paying suppliers and financial reporting.
According to a study report published by the CFO Research in 2013, for many CFO's to realise this profitable growth, the finance functions will need to be reinvented to prominent roles in business leadership, both pursuing strategic goals and overcoming strategic challenges. Survey results show that finance organisations expect broad, external pressures to pose the greatest challenge to their organisations over the next years.
Doing business and driving profit across borders requires a different and new thinking approach that is flexible. The only way for CFO's to be in control is by monitoring and analysing market data to help understand the financial activities and find ways to create profitable business transactions.
The challenges facing today's CFO's present a totally new financial environment which requires intelligence and flexibility in managing costs while innovatively remaining profitable. This means taking up a strategic leadership role that is accountable and willing to adapt to other markets conditions.
