4. Job 1: Get the Finance Function Right so the Growth Mission Succeeds
While convincingly bullish on growth prospects despite prevailing economic uncertainties, they are not only investing heavily in growth enablers they are also investing in ways to optimize the finance function so they can shift their focus more to developing the strategies and process improvements necessary to assure a more robust and predictable growth trajectory longer term. More than half of today’s finance leaders are taking necessary steps to rebalance their priorities, move away from the tactical, and press for investments in necessary technology and talent capabilities so that they can remove themselves from technical work to be more of a strategic contributor. They are actively redesigning their roles and the finance function so that finance can operate as a dynamic capability that enables the entire enterprise to do more with less. That involves upskilling the level of finance talent they have. We asked:
So, for 2023, more CFOs from emerging and mid-market enterprises are taking steps to:
- Quickly redesign the work they and their finance teams do by applying technology to drive better outcomes and value.
- Better match critical skills to the work that needs to be done by them and their finance teams
- Rigorously upskill the finance workforce and engage them in new ways of working.
- Proactively strengthen culture by meeting their finance team’s needs for collaboration, adapting physical and remote preferences, and contributing to a more consistent work environment
- Dramatically transform their finance function into a more resilient and integrated function that better navigates the ongoing volatile and uncertain environment
Find out more about what finance executives are actively doing by downloading the study report here. And be sure to join the CFO Alliance for a stream of actionable insights and meaningful peer collaboration year-round. Access member benefits and join here.