Optimize your finance transformation strategy by prioritizing effectively Theme 1: Finance transformation success
Finance transformation and functional improvement are predominant themes through the top 10 priorities for 2024. Leading change, improving the strategy design and function of the finance team, and leading transformation are three of the top 5 critical priorities.
Theme 2: FP&A evolution
Evaluating or improving the FP&A function’s strategy and org design, improving forecasting capabilities, and creating a modern and actionable finance data and analytics strategy rank highly among CFOs — along with improving finance metrics, insights and storytelling. These demonstrate the importance to CFOs of having timely, actionable insights and information from FP&A.
Theme 3: Upping CFO influence
Improving personal effectiveness is an area of increased focus for CFOs as they have taken on more enterprisewide responsibilities. CFOs are playing an increased role in measuring the return on enterprise assets, talent planning, AI investments, ESG, cybersecurity and supply chain enhancements.
Theme 4: Growth through productivity
Improving the effectiveness of resource allocation, together with cost optimization, indicate that CFOs are still prioritizing the key drivers of efficient growth. CFOs are seeking better returns on enterprise assets and driving ROI from substantial digital investments while taking out cost and headcount to improve cash flow and margins in the tougher operating environment. Finance’s digital future will involve tools and techniques that are different from those of today. Data scientists, prompt engineers and other roles bring powerful new capabilities to the finance team but also bring new challenges around governance and org structure. Building an effective roadmap to maximize these capabilities while minimizing their disruption will be critical to finance transformation success in the coming years.
Questions finance leaders are asking related to the strategy include:
What are my greatest opportunities to advance my finance function’s maturity?
How well does my function perform the activities that are most important to internal business partners?
What external service provider solutions and vendors should I use to support finance transformation initiatives?