The technology industry has changed dramatically in the past five years, and so have the demands on its CFOs. While some thrived as strategists during the boom times, others steered clear of mergers and limited themselves to the role of controller. Now, in a time of slower growth, high-tech CFOs must broaden their responsibilities by paying more attention to the factors that drive value in mature companies, such as measuring and improving productivity. This approach to growth isn't as sexy as mergers and acquisitions, but it is required at this point in the sector's evolution. In other words, technology CFOs must become more like their peers in other industries.

The missions of CFOs

Over the past year we studied the role of CFOs in high-tech companies to see what makes executives effective in that position. Through our research and discussions with 38 CFOs, we identified a financial officer's six missions. These roles may be familiar to CFOs in other kinds of companies but not necessarily to those in thetechnology business. No CFO we spoke with excelled at all six. Chief financial officers who did excel at this whole range of duties would become the most important advocates of productivity and...