Nancy Reynolds* has served as Chief Financial Officer for several companies. She often found her job to be the “financial conscience” of the business – custodian of the numbers.
Nancy also frequently found herself taking on another role: pushing and prodding other business leaders to achieve targets that had been established, often arbitrarily, by the executive team.
She knew that sometimes the nancial organization was called the “Watch Dog.” That did not bother her. She and her organization did what it took to drive the business results the executives expected – even if it caused strained relationships with the heads of the other business functions.
After experiencing Integrated Business Planning (IBP), Nancy now views the CFO’s role differently. Still the financial conscience of the business, she has expanded her vision to being a trusted advisor to the business functions, too. A key element of IBP is functional transparency and accountability for achieving business results. The CFO and her organization no longer need to try to enforce it themselves. As a result, they have shed the “Watch Dog” label.
The Company and Role of the CFO in Integrated Business Planning
Nancy Reynolds is the CFO for an emerging and fast-growing player in the healthcare industry. The company provides service, maintenance, and repair of medical devices. It also manages the warranty programs for medical device manufacturers. The company’s customers are hospitals, medical practices, and the device manufacturers. The design and manufacture of medical devices have evolved to using more advanced technology, components, and functionality. Specialized technical capability is now required to properly service and maintain these devices, so companies manufacturing this equipment are outsourcing these functions in order to focus on their core businesses
Since joining the company, Nancy has developed a good relationship with the co-founding CEO and COO. They have deep experience in the medical device industry. They have forged strong relationships with customers and suppliers, which has helped to identify innovative ways to provide value-added services.