Blockchain Ireland Week 2023
CFO perceptions of organizational transformations
In a dynamic business landscape, the role of Chief Financial Officers has been under scrutiny. To shed light on the future of this pivotal position, a comprehensive study was conducted, engaging CFOs from various industries.
The study aimed to:
This study was executed in two stages, employing a meticulous methodology that ensured valuable insights. In the initial phase, a quantitative approach was adopted to capture the prevailing development trends. A diverse group of almost 200 CFOs participated, offering a comprehensive overview of the challenges and priorities on the horizon. Building on this foundation, the study advanced to the second stage, a qualitative exploration through bilateral interviews with CFOs, further enriching the findings.
The key takeaways from this study illuminate the strategic priorities that will shape the future landscape for CFOs. At the forefront, digitalization emerged as the primary concern, reflecting the imperative to leverage technological advancements for financial advantages. Following closely was the significance of cash management, a vital aspect of financial stewardship. Additionally, the study revealed the increasing relevance of Corporate Social Responsibility, emphasizing the expanding scope of CFOs to encompass sustainability practices, extra-financial data monitoring, and reporting.
Notably, the study highlighted the demand for a new breed of CFOs with hybrid profiles—individuals possessing a fusion of business acumen and financial expertise. The evolving landscape calls for professionals who can employ a fact-based approach, monitoring and interpreting relevant extra-financial KPIs. Alongside the traditional financial skills, project management expertise emerged as a sought-after competency, equipping CFOs to navigate the transformative changes affecting their roles.
Furthermore, the study revealed CFOs' eagerness to embrace emerging technologies. Data science, cloud computing and blockchain garnered significant attention as CFOs recognized the potential of these innovations to enhance financial operations and strategic decision-making.
By delving into the perceptions of CFOs and exploring their expectations for the future, this study provides insights for organizations seeking to stay ahead of the curve. The findings shed light on the evolving landscape of finance departments, the skills required to thrive in this dynamic environment, and the transformation of the CFO role itself.