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On the heels of a decade of scandals and the new pressures brought on by the Sarbanes-Oxley Act, corporations expect far more from their CFOs than simply managing the numbers. They expect decision-making support and performance insights that can improve bottom-line results. Unfortunately, the complexity and detail inherent in CFOs' jobs keep them shackled to budgeting and transaction-processing systems that leave little time for value-adding activities.

Jeremy Hope says it's time to redefine the role of CFOs in today's organizations, liberating them from ineffective number-crunching...