The role of chief financial officers has moved beyond managing finances only. The conversation has shifted from whether CFOs should be called chief value officers to how they can actively embody this role.
Whilst the title CFO is here to stay, today’s finance leaders are also recognised as key architects of enterprise-wide value creation. But a vital question remains: How can CFOs move beyond traditional financial metrics and embrace innovative problem-solving?
In this episode of the ‘Reshaping Finance’ podcast, two leaders ¾ Dr. Rouxelle de Villiers, Senior Lecturer at AUT, New Zealand, and Annelize du Toit, FCMA, CGMA, Country Finance Manager, Colgate-Palmolive, New Zealand ¾ highlight the shift in CFO responsibilities, in a conversation centred on the value of creativity in finance and how to mentor a team that thinks outside the box.
The eureka moment: Creative problem-solving as a process
Creativity can often be idealised as a sudden flash of insight — the ‘Eureka moment’ associated with an unexpected moment of clarity.
But de Villiers emphasised that creativity is a process rooted in quiet reflection and deliberate experimentation. ‘Creativity is not some random, lucky, generated “aha” moment. It’s a process,’ she said.
Creativity is a way of thinking that involves challenging old patterns and analysing them to uncover fresh perspectives. To unlock creativity, you need to ‘look closely, listen intently, feel deeply, and observe continuously’, according to de Villiers.
Viewing creativity as an analytical process deeply intertwined with critical thinking resonated with Annelize du Toit as a finance leader. ‘We must continuously challenge ourselves to stay curious and open-minded,’ she noted, adding that approaching even routine tasks with creativity can drive efficiency and align your business closer with customer needs.
Turning ideas into strategy
Ideation often begins with what is known as ‘blue sky thinking’, where you explore ideas freely without thinking about how to implement them. Turning ideas into reality, however, requires thoughtful evaluation, feasibility checks, and a clear link to strategic objectives.
At Colgate-Palmolive, du Toit leads her team by dedicating ideation days that allow the team to explore new possibilities more freely. The ideas that emerge are then refined in collaboration and validation of internal stakeholders, then tested with business application. This way, ideas are brought to life through collaboration and purposeful leadership.
Taking ideas from concepts, formulating those ideas into goals, and creating action items illustrates how imaginative thinking can be integrated into the finance function. ‘Effective organisations will combine creativity with execution, structure, and, most importantly, strategic alignment,’ de Villiers said.
The role of AI in amplifying innovation
Using AI systems can enhance the ideation process, bringing in different perspectives. Whilst there is optimism about the possibilities that AI offers, the responsibility for reliable information, ethical action, and sound decision-making ultimately rests with humans.
As a finance professional, you carry the moral compass and the capacity for professional judgement that no AI system possesses or ever will. The ethical decision-making process, which is vital to finance roles, relies on human intuition and moral stance.
‘AI is a tool in a toolkit. It's not the next answer to every question’, de Villiers said. Accountability and professional judgement are uniquely human traits that technology cannot replicate.
Effective leaders must engage and inspire
As a leader, honing skills that enable you to inspire, engage, and guide your teams is critical. Creativity is a ‘muscle’ that becomes stronger through practice, engagement, and collaboration, de Villiers said.
To build an engaged team, leaders need to have an open mind. CFOs should be intentional about keeping teams engaged, du Toit recommended. The key is to realise that the capacity for ingenuity exists in everyone, and unlocking that potential within your team is essential and gives you a competitive advantage.
Creating a culture of creative thinking involves nurturing psychological safety and encouraging an open exchange of ideas where questioning assumptions is welcomed. Communicating to your team that you embrace experimentation, diversity, and failure by learning from it is a fundamental part of a successful workplace culture.
‘No single background, no single mindset, no single culture can replace the richness that diversity brings,’ de Villiers said.
Listen to the full episode of the‘Reshaping Finance’ podcast.
Additional resources:
How finance leaders can develop creativity in their teams
Harness the power of productivity
Re-defining finance for a sustainable world