TLP438: A missed opportunity isn’t measured on the balance sheet with Myles Corson

Myles Corson is the Global and America Strategy and Markets Leader for Financial Accounting and Advisory Services at EY. He also hosts the EY Better Finance Podcast, which focuses on various financial topics and trends affecting businesses today.  Myles shares insights on the importance of “doing the math,” explaining how effective finance leaders filter valuable information from overwhelming data sources to drive consistent performance. Myles discusses how companies can adapt to disruptions like economic shifts, geopolitical instability, and advancing technology.  He emphasizes that strong finance functions must balance short-term and long-term performance, especially when navigating Environmental, Social, and Governance (ESG) priorities alongside shareholder demands. He also covers how finance leaders can utilize AI and digital transformation tools in innovative ways, moving past traditional models to enhance efficiency and market adaptability. Myles reflects on what he’s learned from hosting the EY Better Finance podcast, noting the essential skills that set great CFOs apart, especially their ability to communicate complex ideas with clarity and build trusted relationships within the executive team. He concludes with a look at EY’s ongoing research, such as the DNA of the CFO report, and the significance of alignment between personal and functional transformations in fostering organizational resilience.     Key Takeaways   [03:51] Myles agrees with Jim on the importance of numbers, noting that CFOs face a data overload, making it difficult to separate critical information from noise. Successful CFOs, he adds, prioritize clarity and focus on key metrics to drive performance. [05:00] Myles addresses the issue of achieving a “single point of truth” in company data, particularly within finance. He sees AI as a tool for improving data consistency but underscores the CFO’s role in guiding organizations to focus on key KPIs for clear, actionable steps. [07:10] Myles agrees with Jan that establishing decision-making criteria based on company values and mission is crucial. He highlights that data strategy and governance are essential, with CFOs evolving from data stewards to data architects. [09:32] Myles describes how CFOs can balance traditional finance duties with strategic business partnerships. He emphasizes that finance transformation should focus on adding value, not just cutting costs. [11:14] Myles comments on the need for companies to adapt to disruptions with a clear strategic vision. He shares how agile, cross-functional leadership became a key factor during the pandemic and encourages CFOs to leverage this approach in the future. [15:55] Myles acknowledges the challenge of balancing ROI, DEI, and ESG initiatives, especially when there are competing priorities. He highlights that top CFOs deliver both short-term results and long-term investments, with a strong focus on culture and adaptability. [22:38] Myles compares the AI hype cycle to the early days of the internet, expressing his belief that AI’s real value lies in transforming processes rather than providing small improvements. He advises leaders to align AI applications with clear outcomes. [33:18] Myles emphasizes the importance of storytelling and communication skills among top CFOs, recounting a guest’s two essential questions for finance teams: "Do you trust us?" and "Do you value having us at the table?" [36:50] Myles concludes with insights from EY’s ongoing research on CFO transformation, stressing the need for alignment across personal, functional, and enterprise goals to achieve successful change. [40:18] And remember, "The theory that can absorb the greatest number of facts, and persist in doing so generation after generation, through all changes of opinion and detail, is the one that must rule all observation." - Adam Smith   Quotable Quotes "The math has to be there; add up the math. If you sit there and just pay attention in meetings, how many times the math just doesn’t add up." "Successful CFOs have that clarity; they know what drives performance in their businesses, and they make sure the math stacks up." "The challenge isn’t the individual issues; it’s the compounding effect and the magnitude of impact."  "Transformation is a tool, but it’s about outcomes. What are the outcomes we’re trying to drive toward?" "A missed opportunity isn’t measured on the balance sheet."  "If you understand the outcomes and choose the right tools to deliver those outcomes, that’s when you’ll be successful." "Four out of five investors tell us they would trade some short-term performance for longer-term investment because they want confidence in sustained performance." "Too often, transformation is seen through the lens of cost reduction, but it’s really about focusing on what matters." "What we need is a moment of commitment as a leadership team—and you have to commit to what the outcomes are and stick to it."    Resources Mentioned The Leadership Podcast | Sponsored by | Rafti Advisors. LLC | Self-Reliant Leadership. LLC | Myles Corson Website | Myles Corson LinkedIn |