Leathwaite Report Reveals Future Challenges and Opportunities for CFOs
TL;DR
CFOs prepare to navigate economic challenges, offering prime opportunity for finance leaders to deliver substantial value.
CFOs are prioritizing digital proficiency and adaptability to harness the potential of new technologies for finance functions.
CFOs play a critical role in navigating economic uncertainty and technological disruption to drive organizational growth and success.
Only a small fraction of CFOs believe their organisations are well-prepared for market volatility, highlighting a critical opportunity for finance leaders.
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A new report by Leathwaite, titled 'CFO Perspectives: 2024 and Beyond,' delves into the future of finance as seen through the eyes of Chief Financial Officers (CFOs) around the world. The report sheds light on the challenges CFOs are facing, including economic uncertainties, technological advancements, and shifts in leadership dynamics within finance functions.
One of the key concerns highlighted in the report is the rising costs due to inflation, supply chain disruptions, global instability, and increasing debt repayments from higher interest rates. CFOs view economic challenges as the most significant threat to their organizations, emphasizing the need for strategic planning and resilience.
Despite the challenges, the report also points out opportunities for finance leaders to deliver substantial value by focusing on cost and cash flow management. The push towards enhancing efficiency with current assets becomes crucial as many CFOs expect budgets to remain flat or decrease in the coming years.
The report emphasizes the importance of embracing technological advancements such as data analytics and digitization to maximize output with limited resources. However, many finance leaders are still in the early stages of adopting data-driven decision-making, highlighting the need for quick adaptation to stay competitive in the evolving business landscape.
Furthermore, the report highlights the evolving role of CFOs from functional experts to strategic business leaders. With an increasing focus on future business strategies, CFOs are expected to showcase adaptability, accountability, and strategic vision in senior finance leadership roles.
The report also underscores the ambition among CFOs to ascend to CEO roles, signaling the strategic importance of the finance function in driving organizational change. However, challenges such as inadequate coaching and mentoring and ineffective succession planning pose obstacles to this transition.
In conclusion, Leathwaite's comprehensive report provides valuable insights into the challenges and opportunities facing CFOs in the coming years. By prioritizing strategic leadership, adaptability, and digital proficiency, CFOs can position their organizations for growth and success in a complex corporate landscape.
Curated from 24-7 Press Release
