Eight out of 10 CFOs are implementing AI and automated processes to free up time to focus on more valuable tasks, according to new research.
Sage, which provides accounting, finance, human resources and payroll technology for small and medium-sized businesses, says they can use this additional time to develop the skills they need to succeed in more senior executive leadership roles. Become.
However, only 49% take advantage of these features. Skill opportunities as a result of incorporating technology and automation include problem solving (79%), leadership (78%), understanding technology and systems (78%), effective communication (77%), and self-confidence. (77%). %).
“At Sage, we have always seen that the combination of finance and technology offers CFOs the opportunity to move beyond their traditional roles and lead the business with both flexibility and deep insight,” said Sage CEO Steve Hare said.
“It's about leveraging technology to not only strengthen their strategic role, but also expand their influence within the business and set the stage for a future where CFOs play a broader role in shaping the future of their companies. ”
Sage’s Annual CFO Research Report; Secrets of a successful CFOreveals how technology is helping top-performing CFOs navigate the changing finance role and provide better business leadership.
CFO influenceIntroducing AI into business strategy
The report highlights that the role of finance is changing as a result of recent technological advancements and increased global complexity, with 89% of CFOs saying their role was the same as it was just a year ago. states that it is different.
Additionally, the CFO role continues to intersect with other functions such as IT (60%), ESG/Sustainability (58%), Sales (53%), Operations (54%), and Marketing (52%). Stakeholders such as CEO (59%), CTO (55%), CIO (57%), and CMO (51%).
This cross-functional exposure provides CFOs with valuable insight into growth strategies across the organization, further increasing business impact and value while enabling a seamless transition into the CEO role.
Despite the challenges of increased responsibilities and shifting financial priorities, finance professionals remain highly ambitious, with one in two finance leaders (47%) aiming for top leadership roles.
Confidence in new technology is fueling this ambition and optimism.
- 96% of CFOs believe the role of finance within their organization will change over the next three years
- 86% of CFOs believe technology will have a significant impact on their role in the future, with AI, machine learning and automation cited as the biggest opportunities.
- 79% of CFOs say AI will drive revenue growth for their organizations.
The most successful finance leaders focus on developing a deeper understanding of technology, resulting in higher rates of technology adoption within their finance teams. His 74% of respondents say more than half of the financial processes within their organization are automated.
This finance-driven technology push has the potential to extend to enterprise-wide initiatives. Over the next three years, 59% of CFOs expect to implement new technologies and systems, highlighting their growing influence over digital strategy.
“My role as CFO continues to evolve over the years, and now more than ever investing in technology is critical to helping me save time while expanding the breadth of my role.” Stark says Rob Beckman, CFO.
Other findings include:
- 78% of CFOs say the adoption of AI in finance is not optional, but necessary to keep their organizations competitive.
- 77% of CFOs say investing in AI finance will help improve job satisfaction
- 79% of CFOs say AI has the ability to revolutionize the way their organization works
- 64% of finance leaders spend time managing talent and employees
- 78% say business process automation has had a positive impact on executive and board relationships
- 81% say automated financial processes allow them to focus their time on more valuable tasks
Was this article helpful?
yesno
