7 SURPRISING INSIGHTS – HIGHLIGHT FROM RECENT SURVEY OF 500+ CFOS
David Fionda CPA
Startup Coaching and Mentoring | Business Development, Finance, Sales, Pitching , Product Development
A recent survey of 533 CFOs worldwide, compiled by Adaptive, uncovers several surprising insights about the changing role of the CFO, their place in the organization and the challenges they face.
CHANGING ROLE OF THE CFO
The survey found that the CFO’s role continues to transform. The availability of ever-increasing amounts of data and better analytics—along with new technologies that are managing and influencing corporate performance—has moved the CFO from finance gatekeeper to a champion of strategy and value creation.
NEED FOR COLLABORATION
Since finance is more integrated into a business than ever before, CFOs surveyed said they needed a new level of collaboration and “soft skills” not traditionally associated with the finance department.
To get your copy of the survey report, with comprehensive analysis and insights, please click here.
PERSISTENCE OF DATA SILOS
CFOs reported that despite improved technologies, tools, data silos continue to exist in most companies today, creating alignment, reporting and collaboration challenges.
SURPRISING CRITICAL SKILLS
The majority of CFOs surveyed now rank interpersonal/communication skills as a key priority for their teams today, not accounting software and data tools.
COORDINATION WITH OTHER DEPARTMENTS
Finance teams must also be able to reconcile functional goals with finance goals to effectively coordinate among functions, departments and business units. And while finance teams are making inroads, more than 50% are spending nine-plus hours a week meeting with other departments to help resolve a problem.
SHARING OF KEY METRICS AND ANALYTICS
CFOs reported that the finance function must evolve to successfully deliver the insights and value that businesses now expect. Finance must not only gather, consolidate and make the data available, but finance must also present the resulting analysis in a way that is easily understood by all audiences and stakeholders.
EMERGENCE OF DATA VISUALIZATION
Data visualization’s role across the finance function is also gaining traction, with 53% of CFOs reporting it as an initiative their team will undertake in 2016.
To get your copy of the survey report, with comprehensive analysis and insights, please click here.