In today’s business landscape, CFOs play a critical role in driving competitive advantage through data-driven insights and strategic thinking. However, with a vast array of risks and challenges to navigate, it’s essential for CFOs to stay on top of emerging trends and best practices. This report highlights nine key trends that CFOs should know.
One critical trend is the increasing focus on risk management, from climate change to cyber risks. CFOs need to understand these risks and their potential impact on the bottom line. Another trend is the emphasis on upskilling existing talent, both inside and outside the finance function, to meet the demands of a tight labor market.
Companies are also engaging in higher levels of mergers and acquisitions, joint ventures, and partnerships to modernize faster. Planning and forecasting are moving outside traditional financial processes to other parts of the business, while automation is streamlining workflows for improved efficiency.
Data analytics investments have not always yielded the expected returns, but organizations will invest more heavily in data culture and skills to achieve their goals. Accurate, validated data remains crucial, but speeding the delivery of decision-ready data will become increasingly critical.
CFOs must take a stronger hand in analyzing the costs and benefits of hybrid and remote work, as these programs have a significant bottom-line impact. To capitalize on digital opportunities, CFOs should prioritize revenue from digitally enabled products and services.
Other key trends include increasing responsibility for managing complex risks, greater use of cloud-based and self-service planning tools, more demand for actionable financial data, CFO participation in hybrid-work strategies, heightened focus on learning and development, liberation of finance talent through AI and automation, increased focus on strategic transactions, and hunger for new digital business models.
As businesses continue to face unprecedented challenges and opportunities, CFOs must stay abreast of emerging trends and best practices to drive success. By understanding these nine key trends, CFOs can position themselves and their organizations for sustained growth and success.