CFO Insights Report: Repositioning for Growth
Amid tentative signs that economic conditions in most developed markets are normalizing, CFOs are focusing on expansion strategies, with 57% saying they are investing heavily for growth this year.
Why are finance heads so optimistic? Falling inflation in the US and Europe helps. Financial markets are already predicting interest rate cuts; CFOs must be ready to seize any opportunity. Another reason is the CFO’s confidence in new tools that enable them to control costs better and plot a surer source through volatility. Sixty-three percent say they are investing in cutting-edge technologies in 2024, compared with 33% in our 2023 survey results.
In this report, we explore strategies deployed by CFOs to realign both their organizations and themselves for sustainable growth. It also discusses the utilization of AI, as well as other technologies and tools, to enhance confidence in growth initiatives and drive success. Key findings include:
- CFOs are pushing ahead with deploying AI but admit their knowledge is highly limited; 58% of finance leaders say they understand very little about AI in finance.
- Smaller companies use AI more heavily in areas such as bookkeeping. However, larger companies have likely automated these areas with previous generations of technology, so they are exploring newer frontiers, such as fraud monitoring and creating new pricing models.
- Despite their shift towards growth strategies, cost control is still a headache for CFOs. The top four problems with cost control are inaccurate forecasting, predicting price rises, software ease of use, and software capabilities.
- Cross-functional relationships are key to business growth. CFOs prioritize 5 areas that will enhance collaboration in this report.
Download the full report to learn how CFOs reposition the organizations and themselves for growth.
