In today’s rapidly changing business environment, CFOs are facing unprecedented challenges and opportunities. Our latest CFO Pulse Survey, which surveyed 500 finance leaders, provides valuable insights into the strategies and priorities of financial leaders across various industries.

Key Findings:

• Expanding CFO Role: The role of the CFO has become more complex and diverse, covering areas previously outside the remit of finance, such as HR and digital roadmaps. CFOs are also increasingly involved in risk management, dealing with threats from cybersecurity attacks to regulatory compliance.
• Digital Transformation: Most CFOs are planning digital transformation programs for their finance functions. However, financial constraints are the top challenge they face in leveraging digital initiatives. Successful digital transformation requires careful planning, clear definitions of success, and alignment of stakeholders.
• AI Risk: Understanding the opportunities of artificial intelligence is a top strategic priority for CFOs over the next 12 months, but it also represents the top risk they expect to face. CFOs need a robust risk management framework to prepare for current and future threats.
• Talent Management: CFOs are struggling to attract and retain the skills demanded by their business strategies, especially with the shift towards flexible working. Budget constraints around hiring and upskilling make it difficult to fill skills gaps.
• Finance Business Partnering: There is increasing demand for finance functions to extend their focus from operational delivery to value creation across the business. Effective finance business partnering requires a separate set of skills from most finance professionals’ day-to-day roles.
• Inorganic Growth Plans: Access to funding is a near-term priority, with lenders returning with more competitive terms despite high base rates. However, CFOs continue to face challenges such as limited credit options and stringent lending criteria.
• Strategic Tax Planning: The tax agenda is a growing priority for CFOs, who are spending more time on effective and value-preserving tax risk and governance. This shift is driven by factors such as compliance with The Criminal Finances Act of 2017 and the Senior Accounting Officer (SAO) Regime.
• Mergers and Acquisitions: There was a 15% reduction in M&A activity globally in 2023 due to rising interest rates and macroeconomic factors. However, the tide is shifting as businesses return to the table with a more stable economic environment.

For a more detailed analysis and to explore the full insights, please see the article here: Finance leaders’ tech, talent and growth plans | Grant Thornton