Adding innovation to the CFO’s agenda
When a group of CFOs at Deloitte’s CFO Vision Conference last fall were asked whether anyone in the audience had grown tired of hearing about innovation, several people raised their hands, but they need to add innovation in their agenda.
“For some CFOs, the term innovation has become meaningless and has been applied to just about anything that can justify budgets in a company,” says Geoff Tuff, Deloitte Consulting LLP, who leads Doblin, the innovation practice of Monitor Deloitte. “Moreover, according to Doblin research, 95% of innovation attempts, on average, do not return their capital,” he adds. Little wonder some CFOs are sceptical of innovation.
“Yet CFOs are the people who can bring discipline and analytical thinking to the innovation process, which are needed for success,” says Mr. Tuff. Below he and Bansi Nagji, principal of Deloitte Consulting LLP and leader of Monitor Deloitte, discuss why CFOs should play a larger role in setting and managing an organisation’s innovation agenda and the value they can bring.
CFOs are the ones who can ensure that the core business does not get fundamentally hurt as innovation teams start to play with different business models
Inside magazine, issue 5 - June 2014
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