If last year financial managers focused on reducing operating costs to ensure that their companies survive the economic crisis associated with the global pandemic, today they must prioritize revenue growth through new technologies and new business models.
Play a vital role in achieving the company’s goals
In fact, companies are going through a period of accelerated digital transformation and trying to return to solid financial health after this crisis, which is forcing finance managers to address new issues with very important implications for the entire finance function and for all departments in the Company.
Leaders face the urgency of returning their companies to growth by accelerating digital transformation and implementing new, truly transformative business models. They expect their CFOs to play a critical role in achieving these goals. The Resurgent Finance Leader survey, conducted by Board International in 2021 among 600 finance leaders worldwide, explores the theme of the transformation of the finance department. It provides an overview and concrete examples of how finance managers see the development in their function and the necessary means to achieve the company’s strategic goals.
The results of this survey show that finance managers know they have the support of senior management to achieve this and that business leaders see the finance team as a key player in supporting business objectives.
Change from controller to performance driver
The vast majority (94%) of financial decision makers Respondents believe leaders in their organization are ready to completely rethink traditional finance roles and responsibilities. They are also reassured that the same proportion (94%) believe their managers are ready to support the finance department, become more strategic and accelerate the digital transformation of the company by making this function the most important center. business asset: data.
These financial decision makers are aware that the finance department could potentially become automated and disappear, unless it moves from a secondary support function to a strategic center for vital data. It is therefore not surprising that most financial leaders agree that it is time to accelerate the transition from a controller role to a performance driver role and that finance should be the natural home of all data.
Transforming the finance office and leading tomorrow’s digital finance function
The report also shows that not all CFOs are convinced their department is ready to drive business decisions, profitability and performance.
Only 47% of CFOs surveyed are completely confident in their department’s ability to gather insights for business decisions and profitability. The report identifies 62% of CFOs who do not believe that current financial reporting allows them to project performance with complete accuracy and adjust forecasts in real time to reflect changing market conditions. Even more worryingly, the report highlights that most CFOs (81%) believe the way their finance department uses technology to influence decision-making and business strategy needs a complete overhaul or lots of improvement.
Finance leaders now have the opportunity to close these gaps to deliver a truly transformational experience for finance teams, using innovative technologies, but also people skills and a culture of change, to transform the office. finance today and lead tomorrow’s digital finance function.