CFO Insights Survey 2021
With new technology coming on board, it is shaking up the finance function and turning the accounting processes into more value generators. As business leaders manage these changes they will be faced with a series of decisions that will have a wide reaching impact on their own financial future; on the well-being of their employees, customers and other stakeholders and on society at large.
As the pandemic hit the world, CFOs had to suddenly deal with not only topics related to finance but also with some brand new challenges regarding the future of work.
Key highlights
COVID-19
stressed the importance of the Finance transformation
revealed the weak spots where companies and their back offices are vulnerable
showed that companies that were well advanced in the transformation journey adapted more quickly and had supported C-office with more relevant forward looking information during the crisis management situation
Biggest CFO challenges
Question: What were the three biggest challenges in past and upcoming year?
Past year
Future
Possible risks
Question: How concerned are you that the following risks and
challenges will prevent you from achieving your goals?
Three trends in the finance transformation agenda
Change in required competencies of employees in the finance field
It's important to acknowledge the skills of finance business partners as these are different from other roles. Investing in data skills, appraisal and support will allow creative thinking and improvements.Task automation and digitisation of routine processes
Optimizing business processes to exploit collection of data, exploit investment in technology and data in order to maximize their potential, as well as identifying technology suite that enables a company to be able to interrogate data and develop a scenario model are among the ways in which CFOs can embrace this trend.Relevant data and strategic forward looking focus
CFOs need to identify technology and data weaknesses in the organization by focusing on the data necessary to create customer value and yielding useful insights.
Although cloud solutions are already in place, automation and advanced data analytics are rarely in use
Question: To what extent have the following solutions been implemented in Finance? Selected choice: Fully implemented.
*Results for Poland come from the PwC's CFO Compass Survey 2021 and were incorporated into CEE data on these charts.
74% of companies still use Excel spreadsheets for Budgeting and Forecasting
Question: Which of the following best describes your technology infrastructure for budgeting and forecasting?
*Results for Poland come from the PwC's CFO Compass Survey 2021 and were incorporated into CEE data on these charts.
In December 2021 we held a live webcast to discuss the results of the CFO Insights Survey.
Watch the recording of the event or download the slides.
To get more insights see territory surveys - 3 items
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