THE CFO OF 2023
Key learning CFOs should keep
front and centre in 2023
THE CFO 2023 MUST GEAR UP FOR DIGITAL CHANGE
Technology and business strategies are interlinked. Top-level C-suite executives are now tasked with achieving better results through data and technology.
Digital transformation has risen to the top of the corporate agenda. Whatever the business vision at the top, innovation should figure highly in 2023. That’s because today’s connectivity supports new ways to engage with customers, with data insight being used to increase productivity and efficiency.
THE EMERGING SHAPE OF THE FINANCE FUNCTION
95% of CFOs say that their role has changed significantly in the past five years—and that rate of change is only going to increase.
CFOs and finance departments will follow a delicate balancing act to build and execute a 2023 plan that strategically prioritises growth and ensures cash flow. How do you decide how to allocate capital? How much should you continue to invest in fighting the war on talent? Reluctantly, most management teams cannot afford to be as aggressive in their business expansion plans as they might have been a year ago.
The CFO of 2023 must deal with the effects of multiple advances in technology, which make data more available throughout the business. This has begun to evolve the finance team from curators of past company data—historians of record—to owners of the “single version of the truth” that will drive the company forward.
As information becomes a key currency of operations and technology ever more pervasive, the role of the CFO now includes taking additional responsibilities for IT—owning tech investments, data processes, the deployment of automation technologies, and even information security.
Invest in digital transformation to optimise your team and processes
By now, CFOs and the rest of the C-suite appear to be aligned in terms of digitalisation as a high investment priority for 2023.
According to a recent global survey of CFOs, more than 70% of CFOs surveyed recognized the need to invest in digital technologies as their top priority. Furthermore, a 2022 Protiviti survey found when CFOs were asked about their organization’s most important priority over the next 12 months, respondents specified automation most frequently.
Leveraging digital technologies, such as automation, to modernize financial reporting processes improves efficiency and reporting accuracy, compensates for smaller team sizes and frees up time for finance teams to focus on more strategic, value-additive work. Digital automation can also boost employee engagement and further drive business growth initiatives. Optimising your operational processes with the right digital tools is critical for business success during periods of continued volatility.
Download the 7 steps for the next gen CFO which covers:
Step One: Think about the connected business
Step Two: Discover value through automation
Step Three: Become a data scientist
Step Four: Anticipate the talent gap
Step Five: Think about customer expectations
Step Six: Get a handle on Cybersecurity
Step Seven: Become the driver for change
Focus investments on talent retention aligned with business strategy
Be the driver for change in your organisation and evolve your role as a leader.
Planning for 2023 will be no easy feat for CFOs and finance departments, as they continue to brace for another year of challenging economic conditions. Focusing on cash flow while driving business growth is a delicate balance that will require more accurate forecasting models, as well as more realistic growth targets to keep the business headed in the right direction.
Investments in digital transformation and talent retention are likely to remain top priorities in the year ahead, with the anticipated continuation of workforce challenges and higher demand for business-critical insights from finance teams. A laser focus on these key areas from the past year will position CFOs with a strong and secure 2023 game plan.
We offer the seven steps CFO’s can follow in this FREE E-book download.
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