09/10/2024 | News release | Distributed by Public on 09/10/2024 05:55
Results from our latest Global Finance Trends Survey reveal a tale of transformation for CFOs whose responsibilities continue to widen. Our findings highlight the rising importance of technology and automation to support the growth and success of the organization. Finance teams are increasingly collaborating with stakeholders across the organization to tackle issues such as cybersecurity, strategic planning, cost optimization and sustainability initiatives.
The survey of over 950 finance leaders around the world shows:
Go deeper: Our report provides an in-depth look at these and other priorities on the minds of CFOs and finance leaders worldwide, along with practical calls to action for them to address these challenges.
Dive into the results of our global finance trends survey to identify key priorities for finance leaders, look at new and emerging issues and explore strategies to navigate these growing pressures.
priority is security and privacy of data.
of organizations that are employing generative AI* are doing so as part of financial forecasting activities.
* Our survey indicates that 34% of finance organizations are currently using generative AI.
of publicly held organizations report a high level of preparedness for ESG reporting.
2024 Rank |
Area |
2024 |
2023 Rank |
1 |
Security and privacy of data |
7.7 |
5 |
2 |
Financial planning and profitability analysis and reporting |
7.7 |
N/A |
3 |
Strategic planning |
7.6 |
6 |
4 |
Routine reporting and closing activities |
7.5 |
10 |
5 |
Process improvement |
7.5 |
11 |
6 |
Leadership (within your organization) |
7.4 |
23 |
7 |
Enhanced data analytics |
7.4 |
7 |
8 |
Cloud-based applications |
7.4 |
9 |
9 |
ESG metrics and measurement |
7.3 |
1 |
10 |
Changing demands and expectations of internal customers |
7.3 |
15 |
11 |
Tax changes (Formerly "National tax changes") |
7.3 |
8 |
12 |
The changing roles of human resources, leadership & development, and recruiting |
7.1 |
13 |
13 |
Transaction planning and readiness |
7.1 |
16 |
14 |
Mobile finance applications |
6.9 |
12 |
15 |
Artificial intelligence (including generative AI) |
6.9 |
N/A |
CFOs play a crucial role in cybersecurity. With the growing demand for data and the need for sophisticated controls, accuracy assurance and compliance savvy, the CFO's data governance responsibilities have increased. New cybersecurity disclosure and reporting requirements, along with customers' and vendors' expectations for data privacy and security, also require the CFO's hands-on cybersecurity role.
FP&A has transcended its traditional finance boundaries to become a critical function across all business areas. It's pivotal for driving value and streamlining costs enterprise-wide - no department is exempt. Given today's demands for advanced, forward-looking analytics, the need for FP&A is even more pronounced. Now integral to organizational strategy, finance teams are guiding others to ensure data used for analyses is relevant, precise and secure.
Finance leaders are shifting focus from immediate gains to the transformative impact of generative AI. By deploying AI in areas like process automation, financial forecasting and risk management, CFOs aim to boost revenue and profitability. Our findings indicate that finance organizations investing in these applications anticipate benefits far beyond short-term efficiencies, eyeing substantial returns over time.
CFOs must boost agility and resilience in a high-risk global environment by continuously optimizing costs and boosting revenue through finance automation, strategic sourcing and tech enablement. Our research highlights that while progress has been made, there's still significant room for improvement in cost optimization efforts.