As CFOs aim to generate growth and create efficiencies across their organizations, they are increasingly focused on transforming finance digitally as a path to achieving their goals. For CFOs, succeeding in this transformation involves improving technical proficiencies, retaining key finance employees and driving organizational change.
Mirroring its appeal across the C-suite, AI is gaining traction with finance leaders, according to our Leadership Perspective Survey results. While they hope to use AI to increase automation and find efficiencies, several notable challenges persist. According to Gartner’s latest CFO Report, “More than half (53%) [of finance leaders] report they are not confident in their ability to balance oversight with experimentation of AI.”
More than 100 CFOs across our communities shared their key priorities, opportunities and challenges in our proprietary survey – here’s what they reported.
Finance Transformation is a Top Priority, and AI Joins the List
For the second year in a row, CFOs cited Finance Transformation as a top priority, and this year, it has grown in importance. Improving Business Processes also makes an appearance in the top five for the second year, while AI & Process Automation is a new priority for CFOs in 2024.
Increasing Productivity Is Top Priority for the Enterprise
Creating operational efficiencies and improving productivity are top priorities for CFOs in their roles as leaders of the enterprise. This is perhaps a reflection of what CFOs hope to gain as they implement finance transformation, AI and automation. They are also focusing on revenue generation and cost optimization this year.
Budgets Have Increased or Remained Flat
In 2024, the same percentage of CFOs (42%) report that their budgets are increasing or remaining flat compared to last year. Only 16% of CFOs say that their budgets have decreased this year.
Investing in Data & AI Tools
CFOs’ planned areas of investment are closely aligned to their top priorities. Fifty-two percent of finance leaders plan to spend on data and analytics this year – a similar number to last year. In addition, nearly half of CFOs plan to invest in AI & Automation Tools, which is new in 2024.
At Evanta, we survey members annually for our proprietary Leadership Perspective Survey. C-level executives in our communities share their top priorities, challenges and goals for the year, enabling us to highlight year-over-year trends and develop agendas and discussion topics based on their real-time needs. Apply now to join a local CFO community, or if you are already a member, sign in to MyEvanta to see upcoming events with your CFO peers.
Based on 100+ CFO responses from Evanta’s proprietary Leadership Perspective Survey, June 2024.
by CFOs, for CFOs
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