{"id":4211,"date":"2018-09-18T08:52:27","date_gmt":"2018-09-18T08:52:27","guid":{"rendered":"https:\/\/athis-consulting.com\/news\/?p=4211"},"modified":"2018-10-02T10:28:24","modified_gmt":"2018-10-02T10:28:24","slug":"eight-in-ten-cfos-spearheading-digital-transformation","status":"publish","type":"post","link":"https:\/\/athis-technologies.com\/news\/market\/2018\/eight-in-ten-cfos-spearheading-digital-transformation\/","title":{"rendered":"Eight in ten CFOs spearheading digital transformation"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">As Chief Financial Officers at companies across the world face up to seemingly unresolvable uncertainties surrounding Brexit in the UK and the mounting threat of international trade wars more generally. In this climate of anxiety, a number of\u00a0Deloitte<\/span><span class=\"s3\">\u00a0surveys have shown that many CFOs have\u00a0grown more risk-averse<\/span><span class=\"s3\">, and are predictably placing greater emphasis on defensive strategies for the coming years. As a result, CFOs are increasingly turning to technology to help them combat this array of issues.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">A global poll, from\u00a0EY<\/span><span class=\"s1\">, at the turn of the year saw CFOs list their number one priority as \u201cUpgrading IT and financial data analytics tools to professionalise finance management.\u201d Due to the notable challenges this presents, including the need to up-skill staff and recruit technological specialists into companies, 87% of CFOs also noted that they plan to\u00a0increase their investment<\/span><span class=\"s1\">\u00a0in corporate reporting technologies over the next two years. Meanwhile, 85% of the same group confirmed are now providing automated alerts to audit committees and boards about governance, risk and compliance issues, with this increasing to 95% of US respondents and 93% of UK respondents.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Following up on this, new research by\u00a0Accenture<\/span><span class=\"s1\">\u00a0has found that today\u2019s financial directors play a larger role in driving digital disruption across their respective organisations than ever before. Rather than looking back, today\u2019s CFOs are change agents who look forward, directing company-wide digital investment. Accenture probed more than 700 finance leaders from around the globe, alongside more than 200 up-and-coming finance professionals considered tomorrow\u2019s likely CFOs, to find that as automation has become a key objective to maximising the functionality both inside and outside a CFO\u2019s role, many of those in the job are working to get their houses in order to free up the time they need to branch out and take on entirely new tasks with broader impact.<\/span><\/p>\n<p class=\"p4\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" title=\"Proportions of finance functions that are receiving growing requests for insight and analytics in key areas\" src=\"https:\/\/www.consultancy.uk\/illustrations\/news\/detail\/2018-09-14-101344880-Proportions-of-finance-functions-that-are-receiving-growing-requests-for-insight-and-analytics-in-key-areas.jpg\" alt=\"Proportions of finance functions that are receiving growing requests for insight and analytics in key areas\" width=\"900\" height=\"345\" \/><\/p>\n<p class=\"p3\"><span class=\"s1\">Reflecting this, 81% of all CFOs now see identifying and targeting areas of new value across the wider business as one of their main responsibilities, while 77% believe it is within their remit to drive business-wide operational transformation. At the same time, a further 73% of respondents told Accenture that they are already exploring how disruptive technologies could benefit the entire organisation and business eco-system.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Commenting on the drastic findings, David Axson, a Senior Strategy Executive Principal in Accenture\u2019s UKI CFO Strategies wing, said, <\/span><\/p>\n<blockquote>\n<p class=\"p3\"><span class=\"s1\"><em>\u201cIn virtually every company we look at, the CFO is becoming the second most important C-suite executive, sitting at the right hand of the CEO and articulating a story about the financial results they expect to realise. An effective leadership team depends on the CEO and CFO being a great double act.\u201d<\/em><\/span><\/p>\n<\/blockquote>\n<p class=\"p3\"><span class=\"s1\">The study revealed the areas in which finance functions are receiving the largest amount of growth in requests for insight and analytics, from the broader business. While financial data remains one of the largest areas in firms which were not considered \u201c<em>high growth<\/em>\u201d, listed by 54% of respondents, in the case of high-growth firms \u2013 organisations that greatly exceeded their targets for revenue growth last year \u2013 it was only joint-fourth, at 72%.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">In the case of high-growth firms, financial data was behind market data relating to pricing and trade, social media data, and marketing and CRM data, each at 74%. This suggests that companies getting the most from their finance functions are the ones which encourage their CFO to expand their digital remit beyond purely accounting roles.<\/span><\/p>\n<p class=\"p5\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" title=\"Finance\u2019s non-traditional strengths and their value to the business\" src=\"https:\/\/www.consultancy.uk\/illustrations\/news\/detail\/2018-09-14-101412510-Finances-non-traditional-strengths-and-their-value-to-the-business.jpg\" alt=\"Finance\u2019s non-traditional strengths and their value to the business\" width=\"900\" height=\"289\" \/><\/p>\n<p class=\"p3\"><span class=\"s1\">To further illustrate this point, Accenture\u2019s study also looked to demonstrate the potential value of finance\u2019s non-traditional strengths to the broader business. In every case mentioned, fewer than 8% of respondents found that finance was worse than other functional areas at the capabilities in question, while a majority of three-quarters or more found they were better than other functions.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">The foremost of these fields was in forecasting the long-term value and lifespan of specific technologies being implemented by a company. As firms across the board look to boost their performance by adopting a range of new innovations, this is increasingly important to help ensure a firm gets the maximum value for money from their new apparatus, and according to the report, 80% feel that finance is better at this than other functions.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Elsewhere, guiding the successful adoption of emerging and evolving technologies and effectively balancing investments in technology, between core and new business elements, also scored highly. With both perceived as being fulfilled best by finance by 78% of respondents, the functions reveal that CFO\u2019s understanding of technology, alongside their knowledge of the financial health of each area of a company, are key to maximising digital transformation efforts.<\/span><\/p>\n<blockquote>\n<p class=\"p3\"><span class=\"s1\">David Axson added, <em>\u201cIn an era of unprecedented disruption, this repositioning of the role will continue as CFOs take the role of digital stewards, using data to drive value and improve efficiency while mapping out the digital investments required for their organisations to remain competitive.\u201d<\/em><\/span><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>As Chief Financial Officers at companies across the world face up to seemingly unresolvable uncertainties surrounding Brexit in the UK and the mounting threat of international trade wars more generally. In this climate of anxiety, a number of\u00a0Deloitte\u00a0surveys have shown that many CFOs have\u00a0grown more risk-averse, and are predictably placing greater emphasis on defensive strategies [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4212,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"amp_status":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Eight in ten CFOs spearheading digital transformation","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[351,10],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Eight in ten CFOs spearheading digital transformation - AthisNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/athis-technologies.com\/news\/market\/2018\/eight-in-ten-cfos-spearheading-digital-transformation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eight in ten CFOs spearheading digital transformation - AthisNews\" \/>\n<meta property=\"og:description\" content=\"As Chief Financial Officers at companies across the world face up to seemingly unresolvable uncertainties surrounding Brexit in the UK and the mounting threat of international trade wars more generally. In this climate of anxiety, a number of\u00a0Deloitte\u00a0surveys have shown that many CFOs have\u00a0grown more risk-averse, and are predictably placing greater emphasis on defensive strategies [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/athis-technologies.com\/news\/market\/2018\/eight-in-ten-cfos-spearheading-digital-transformation\/\" \/>\n<meta property=\"og:site_name\" content=\"AthisNews\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AthisNews-271175647014395\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/AthisNews-271175647014395\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-18T08:52:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-10-02T10:28:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/athis-technologies.com\/news\/wp-content\/uploads\/2018\/09\/1_0wyMavd2UJilO2YavkHKMg.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ashley Reyes\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/AshleyReyesCom\" \/>\n<meta name=\"twitter:site\" content=\"@Athis_News\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ashley Reyes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/athis-technologies.com\/news\/market\/2018\/eight-in-ten-cfos-spearheading-digital-transformation\/\",\"url\":\"https:\/\/athis-technologies.com\/news\/market\/2018\/eight-in-ten-cfos-spearheading-digital-transformation\/\",\"name\":\"Eight in ten CFOs spearheading digital transformation - 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