In addition to being a financial whiz kid, the CFO of tomorrow is also a bridge builder between the departments of an organization. Few embody that image better than Wouter Pattyn. He is CFO at Decospan, the European market leader in the processing of veneer wood. How does he see his role as a catalyst? What are his challenges? And how does he create support for finance in the organization? We went looking for answers.
Previously, the role of the finance department was only associated with keeping accounts, drawing up invoices and paying wages. Decospan, with a turnover of 160 million euros, the European market leader in veneer products, proves that those days are finally over. The finance department is a crucial discussion partner in every important decision and forms the bridge between the various departments within the organization. How does that work? We listened to CFO Wouter Pattyn. “It's all about a common goal, a shared story.”
Tell me, how is your job as CFO different from all the previous ones?
"I have been working at Decospan for five years. In previous positions I often focused on my own performance and output. Today I take on a more delegating role. I try to ensure that employees can perform their jobs smoothly and that they receive all the support to feel good. The logical consequence is that people will therefore deliver better quality. The way I do that is all about giving people responsibility and open communication. That means daring to let go and everything at the same time. To discuss, including the difficulties.”
Why exactly are you taking on the role of catalyst within the organization? What do you want to achieve?
"The biggest reason why I take on the role of catalyst is to get people to work together better. And so that everyone knows what is going on within the organization. To do this, I talk to people from every department, from logistics to production and sales. Of course, the connection I try to create is mainly about data and figures. At the same time, I also inform them about the risks within those figures. In order to then look for concrete solutions together. My main task is to solve financial challenges in a manageable way. To translate into a common goal, a shared story.”
Is there sufficient support for finance in other departments? And how do you create it?
"Yes, because you can also support people very well from finance. In decisions regarding the follow-up of customers, for example. Or our controller gives employees advice when they need to choose a new telephone subscription. After a financial exercise, we recently also proposed replacing all our current company cars with hybrid vehicles. Employees also appreciate that such changes are driven by the financial department. And because it is much less rigid today and communicates openly, you automatically create a better support.”
How will the role of the CFO evolve further?
"The CFO of tomorrow will be even more involved in business operations. He or she must also look ahead, think strategically and be able to spot new opportunities. But also properly assess the risks and try to manage them. This can be very broad: from people to transport or cyber. By mapping those risks, you automatically gain more insight into how you can limit them. And therefore also a better view of the future. For example: how can we make the organization less vulnerable to a certain trend? In that spirit, the CFO will automatically be involved in business operations in a much broader way. That is already the case today, but the risk management aspect will become even more important.”
Has the CFO's influence increased as a result?
"In my opinion, the influence of the CFO has always been great. If in the past the figures were good, then the company also did well. He or she had the responsibility to report those figures correctly to management. Today it is about more than just the figures. Because a CFO today has to know the business very well, he or she can also provide added value everywhere and be a challenger for other people. Of course, it is still true that there are still KPIs must be demonstrated, but it is no longer just about numbers. This can also be about sustainability, a pillar that we are working very hard on.”
What do you think the CFO of the future will look like?
"More like a generalist than a specialist. In addition to financial talent, a broad view and interest is crucial for the job. In addition, he or she must also dare to let go of pure finance every now and then. A financial education is therefore not an absolute requirement, precisely because the position is so much broader than that. However, leadership skills and an affinity with IT and automation are indispensable. It is only then that you can make maximum use of the most critical factor within any organization: the immense human capital contained in it.”
Three tips from Wouter Pattyn for finance professionals
- Stay forever curious: Broad knowledge is essential. Always remain curious about new fields
or industries and master your domains down to the core. - Collaborate with others: With two you always know more. Don't play smart solo, but let yourself be guided and set
open yourself up to new ideas – even beyond the purely financial. - Also consider the why: Think critically and try to understand the broad context of your business. And ask
you always wonder what the added value is of what or how you do something.
Read the full whitepaper here
The CFO of the future will be the Da Vinci of his time, it seems. From watchdog to catalyst, leader or innovator: no role is unfamiliar to the Chief Financial Officer. What expertise and skills are indispensable for the coveted job of CFO? And how do you do that, combining all those different hats? In addition to Hilde Vangilbergen, we interviewed 4 other CFOs about their roles and experiences.
