In today’s ever-digitalized world, television networks are scrambling to remain competitive and continue providing exclusive content through all their platforms. For Disney, television remains the primary source for video content, but it’s no longer the exclusive one. Through pay TV retranmission, Disney has added an impressive $500 million to its coffers, most of which is pure profit.
CFO Jay Rasulo, though, isn’t 100 percent certain that 2014 will be the year that online pay TV will become mainstream. Still, he believes that the market is trending that way, and says he would be “happy to license” the content. Rasulo is happy to support online pay TV as long as Disney can keep its program bundles.
Just as Rasulo is adapting to the evolving marketplace, CFOs in various industries are all adapting to the “new normal.” Whether it’s the marketplace or the increasing importance of technology, CFOs have to accept these changes or be left in the dust.
Transforming Leadership Leads to Business Transformation
As CFOs adapt to business in today’s world, they’re cementing themselves as key players in business strategy, transformation, analytics, collaboration, and much more. It’s no secret that the CFO’s role is changing, but perhaps the adaptability of CFOs is what’s making them more prominent. Since CFOs increasingly contribute to company-wide strategy, their unique financial perspective remains an objective voice in complex decision-making.
So how are CFOs adapting to change and making themselves more valuable?
- Acceptance. Instead of denying change, CFOs are accepting that our digital world is evolving faster than ever before. By accepting change on the onset, finance professionals can quickly learn and develop new strategies necessary for success.
- Open communication. As the role of the CFO evolves, you’ll find your professional relationships with the CIO, Board, and other prominent figures improving. As in any relationship, the key to success is transparent communication.
- Developing leadership. Aside from their financial duties, the most successful CFOs are those who manage resistance and serve as role models when change impacts the business.
Change in the marketplace and your organization is inevitable and CFOs must learn how to react accordingly. How are you responding to it?