26 Apr The Role of Chief FUNancial Officers in 2022
Today’s CFO is far more than just the head of finance. They are operational leaders, planners, and visionaries who must lead their organizations through changing times. But what keeps them up at night? A recent survey1 reveals what’s on the top of mind of today’s CFOs and where they think the future is headed. In this guide, we discuss the role of Chief FUNancial Officers in 2022.
Table Of Contents
Challenges
CFOs face a multitude of challenges every day. But one common thread entwines them – lack of resources. Constraints hinder future growth opportunities, which can ultimately impact the bottom line. 70% of CFOs are concerned about their day to day responsibilities interfering with the ability to plan strategically. Nearly one third cite a lack of IT system support as a prevalent challenge.
Transformation
Businesses are constantly evolving. While change is ever present, the more the change, the more businesses are impacted and need to respond accordingly. Nearly 75%said their finance operating model will change significantly over the next 3 years.
Data management is one area undergoing significant change -from the various data sources and how information is stored, to the way we process and analyze it. Having a clear picture of your business has never been more important to success. 63% are experiencing moderate to severe disruption in their business.
Technology
With limited resources, businesses must innovate and invest in their future – or risk being left behind. Now more than ever, technology is playing a pivotal role in how CFOs are transforming their organizations to continually add value. 74 % said Data Analytics would have the greatest impact to their firms over the next 3 years. Nearly half believe Automation, the Cloud, and AI will change how business is done.
High performing organizations plan to spend, on average, nearly 60% moreon technology than low performing over the next 12 months2. The risk of not investing in the future is great – can your organization afford to wait?
Sage Intacct’s native cloud Intelligent General Ledger is helping CFOs worldwide by providing unparalleled insight and delivering continuous strategic value to organizations. AICPA-endorsed and customer preferred.
If you enjoyed our guide on the role of Chief FUNancial officers in 2022, drop us a line on 011 792 9521, and we’d be glad to guide you further with your Cloud Financial Management Software requirements.