CFO's have always ruled the C-Suite. So why are people only now calling them influencers?

I was doing some research for a feature earlier this week and came across a webinar entitled ‘Are CFOs the New C-Suite Influencer?’

I can’t help but chuckle. New influencer? CFOs have been pulling the strings since before “influencer” was even a word.

CFO’s haven’t suddenly stumbled into relevance like a TikTok star going viral overnight. They’ve been the backbone of executive decision-making since the role’s inception. The only thing that’s new is that the rest of the corporate world seems to have finally gotten the memo and are listening more intently to what they have to say.

A Walk Down Memory Lane

Cast your mind back to any major corporate decision in the last half-century. Mergers, acquisitions, expansions, cutbacks – you name it. Behind each of these moves, you’d invariably find a CFO, calculator in hand, running the numbers and whispering (or sometimes shouting) words of financial wisdom into the CEO’s ear.

Remember the financial crisis of 2008? While some CEOs were busy reassuring shareholders with overly optimistic projections, it was often the CFOs who were burning the midnight oil, navigating treacherous financial waters, and making the tough calls that kept companies afloat.

So why have CFOs always been the power players of the C-Suite? It’s simple, really:

1. They control the purse strings. In the corporate game, cash is king, and the CFO is the royal treasurer.
2. They’re the voice of reason in a sea of optimism. When everyone else is caught up in the excitement of a new venture, the CFO is there to ask, “But can we afford it?”
3. They’re the crystal ball gazers of the business world. Long-term financial planning? That’s the CFO’s bread and butter.
4. They speak the universal language of business: numbers. In a world of corporate jargon and buzzwords, the CFO cuts through the noise with cold, hard data.

So What’s Changed?

If CFOs have always been this influential, why the sudden spotlight?

Well, it’s not so much that CFOs have changed, but rather the world around them has.

In this age of big data and digital transformation, the CFO’s analytical skills are more valuable than ever. The 2008 financial crisis put a premium on financial transparency and risk management – areas where CFOs excel. Covid only amplified these skillsets. And as global markets become increasingly complex, who better to navigate the storm than the financial captain?

Moreover, the modern CFO has expanded their toolkit. They’re not just number crunchers anymore (though they’re still pretty good at that). Today’s CFOs are tech-savvy, operationally minded, and strategically focused. They’re not just influencing decisions-  they’re actively shaping the future of their organisations.

The Loud and the Quiet

Now, I’ll admit, there has been one change: CFOs are getting louder. Or perhaps it’s more accurate to say they’re being heard more clearly. In boardrooms across the globe, the CFO’s voice is carrying further than ever before.

So, to the organisers of this upcoming webinar, I say this: CFOs aren’t the new influencers of the C-Suite. They’re the original influencers, the OGs of corporate impact. What’s new is that the rest of the world is finally catching up to what some of us have known all along – that behind every successful company is a CFO, crunching the numbers, managing the risks, and yes, wielding enormous influence.

The real question isn’t whether CFOs are influential. It’s whether companies are ready to fully embrace and leverage that influence. In today’s complex and uncertain business environment, they’d be foolish not to.

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