CFO Insights on Maximizing Finance Capabilities

In 2024, top finance leaders are revisiting established strategies to better align with the rapidly evolving future of finance. According to Gartner research, CFOs consider successful transformation the most critical factor for success this year; however, most transformation efforts are going slower than expected and not providing expected value. Effectively implementing new technology, like Generative AI, stands as a crucial element in the majority of transformation initiatives for CFOs this year.

Finance leaders are also working to identify and dismantle outdated functions while elevating new tech-forward sub-functions. The involvement of key decision-makers and the definition of their roles are critical considerations, shaping the overall efficiency of financial strategies in a rapidly evolving business landscape. Navigating through an uncertain growth outlook in 2024, CFOs must position their organization to make room for strategic investments, streamlining obsolete systems and enhancing efficiency.

At a recent Inner Circle gathering for the Evanta New York CFO Community, Chief Financial Officers representing broad industries convened over dinner to explore the intricacies of navigating finance transformation amidst a rapidly evolving business landscape.

Through shared experiences and challenges, three key insights from the facilitated dinner discussion emerged. These conversations illuminate the pivotal role of modern technology, the importance of aligning business goals, and the obstacles and opportunities in driving change.

1. Embrace Technology as the Driver of Transformation

During discussions on limiting overtime costs and streamlining processes, it became evident that technology and finance are drivers of transformation across industries. Finance leaders in attendance emphasized the need to leverage technology to optimize operational efficiency and encourage innovation; however, simply integrating already flawed processes into new or evolving systems won’t suffice. While not always immediately economical, secure and stable systems lay the foundation for future savings and sustainable growth.

1. Prioritize Fundamentals and Cultivating an Automation Mindset

Another recurring theme throughout the evening: the importance of focusing on fundamentals and maintaining a proactive stance towards automation. CFOs emphasized the need to constantly question the underlying rationale behind existing business processes and initiatives, while urging a shift towards simplification and efficiency. Addressing concerns around automation, executives stressed that while new technology may reshape roles, it will ultimately enhance rather than replace capabilities within the finance team.

1. Foster Collaboration and Adaptability

Reflecting on their roles as CFOs, executives highlighted the importance of being connectors beyond the realms of finance. As strategic pillars for their respective organizations, finance leaders can probe into avenues for leveraging AI and technology within the broader enterprise. Despite broad industry representation and experience levels, the consensus was on the necessity of breaking down siloed systems and fostering cross-functional collaboration.

In conclusion, the Inner Circle gathering served as a forum for meaningful exchanges and shared learnings, highlighting the pivotal role of finance in driving organizational transformation.

To join a future gathering with CFO peers, we invite you to join an Evanta CFO community near you. If you are already an Evanta community member, check out MyEvanta to view upcoming opportunities to collaborate with your peers virtually and in person.