CFOs Toughest Challenges in 2023

The landscape has changed for CFOs and leaders in finance alike.? In 2022, many business leaders embraced technology in bold new ways and found much success driving revenue growth while keeping their workforces connected remotely.? Further technology implementations centered on automation remain a notable challenge for CFOs in 2023 and beyond. A recent survey shows that only about one-third of finance tasks have been automated, although Accenture reveals that 80% can be.?

• What are your thoughts on the stats surrounding process automation??
• How many finance tasks in your workforce have been automated?

Innovation is the only way up.??

2022 was a year full of expansive technology changes across industries. Maintaining the speed of innovation and change that helped businesses survive the current economic situation and seize possibilities in the future will be a major issue for CFOs in 2023. How effectively CFOs can lead innovation within their firms will be a key factor in how they fulfill their expanded roles. So, where does that leave you? It depends. Have you adopted tools like:

• Predictive analytics?
• Dashboards??
• Key performance indicators??
• Process Automation – such as AP Automation??

?If you have, were they implemented, and have they been managed adequately?

Invest Deliberately??

How are you accelerating your post-pandemic growth? Much hard-earned growth was seen across the board in 2022. A major challenge for CFOs and finance leaders will be to ensure they are well–positioned to leverage that growth in 2023.? As a strategic finance leader, you understand that you can’t simply cut costs for future growth. You need to invest deliberately to make it count.??

Most CFOs and finance leaders we talk to are increasing revenue through these channels:?

• Customer growth??
• Launching new products??
• Mergers and acquisitions??

Data-driven decisions stole the show in 2022.??

This means CFOs and finance leaders will need to address the challenges that legacy data presented in 2023. Unifying disparate data for analysis is a top concern for businesses across industries. We are hearing from our current clients in finance that they are also on the hot seat to ensure company financial statements are accurate and auditable.?

Three benefits of unifying your disparate data are:

1. Smoothed audit engagements??
2. Lowered costs for professional services??
3. Reduced Finance department overtime?

Sprinkle in some process automation, and you will be skating through the next year. Let’s get on a call and discuss how Arista can support your digital transformation efforts.??