The “Full Stack” CFO & the Full Stack Developer - similarities

These days there is a huge demand for Full Stack Developers. They become one of the most wanted employees in tech companies.

I tried to figure out why they are so popular? and is it possible to link between the changes that have taken place in the software development world and the new capabilities required from CFO / VP finance.

What is the role of Full Stack Developer?

Full Stack Developer is an engineer who works on both client-side and server-side of the software application. This type of developer works on the Full Stack of a software application meaning Front end development, Back end development, Database, Server, API, and version controlling systems.

Full stack developers translate user requirements into the overall architecture and implement the new systems. A Full-Stack Developer doesn't necessarily master all technologies. However, the professional is expected to work on the client as well as server sides and understand what is going on when developing an application. He or she should have a genuine interest in all software technologies.

It means that it has the ability to connect all the dots into one structure/ process which will support the holistic needs of the client as well as the server side.

Similarly, the “full stack CFO” should have a holistic financial strategic view and the ability to connect figures and processes into strategy.

In Deloitte's framework there are Four faces of the CFO emphasizing four roles of a CFO: steward, operator, strategist, and catalyst.

1. Steward - CFOs work to protect the vital assets of the company, ensure compliance with financial regulations, close the books correctly, and communicate value and risk issues to investors and boards.

2. Operator - CFOs have to operate an efficient and effective finance organization providing a variety of services to the business such as financial planning and analysis, treasury, tax, and other finance operations.

3. Strategist - CFOs take a seat at the strategy planning table and help influence the future direction of the company. They are vital in providing financial leadership and aligning business and finance strategy to grow the business. In addition to M&A and capital market financing strategies, they can play an integral role in supporting other long-term investments of the company.

4. Catalyst - CFOs can stimulate and drive the timely execution of change in the finance function or the enterprise. Using the power of their purse strings, they can selectively drive business improvement initiatives such as improved enterprise cost reduction, procurement, pricing execution, and other process improvements and innovations that add value to the company.

Picture: Deloitte - Four faces of the CFO -https://bit.ly/31Iff7b

Also, the CFO should be tech-savvy which essentially embodies the fact that the CFO understands the benefits technology can have on the business. A tech-savvy CFO uses technology to drive innovation across the four faces (steward, operator, strategist, and catalyst) to improve efficiency, control, cost savings, and revenue across the company. A full-stack CFO understands how technology, and in particular automation, can help keep costs down while allowing employees to focus tasks that will move the company forward.

A full-stack CFO uses technology to streamline financial processes, including accounting, treasury and cash management, receivables, and payables.

At last, we can say that the role of the CFO is changing. it should have a unique, holistic view of the business, the modern CFO is breaking the traditional boundaries of their finance-based role to develop insight-driven strategies for growth.

Sources:

1. Deloitte - Four faces of the CFO - https://bit.ly/31Iff7b

2. Picture: https://topsecretrecipes.com/foodhackerblog/in-n-out-burger-double-double