CFO Role - Infographics

SEIZE THE ADVANTAGE POINT CFOs have stepped out from the confines of their role. Exploiting data and creating value, they can now serve as innovator and disruptor in their business. #CFOReimagined The latest CFO research “The globalization effect, the from Accenture dives into digital effect, and the overall the transforming—and change of pace have meant transformational—role that the CFO has to be much of the CFO. closer to the CEO, the board, Once, CFOs were number crunchers. and the business strategy.” Then they became business partners. Steve Culp, Senior Managing Director, Today, they are strategic enablers and Accenture CFO & Enterprise Value, Finance & Risk. the CEO’s most trusted advisor. Three priorities stand CFOs are focused on out for today’s CFO: driving profitable growth: Digitizing finance and Top-line growth. harnessing the power of data. Leading digitalization. Bottom-line growth. Developing future Growth in shareholder value. finance talent. Digitizing finance and harnessing the power of data CFOs are automating finance tasks so their people can: Focus Unleash Help on providing insight their critical thinking the enterprise realize and guidance to the and creativity. the full power of data. rest of the business. 81% 76% 84% are focused on identifying say automation will allow expect to be providing and targeting areas of new their teams to provide more real-time or near-real-time value across the enterprise. and better insight to the insight within three years. rest of the business. 3 in 4 say they are already exceeding expectations when finding and targeting new value. Finance is the natural choice to apply advanced analytics to multidimensional data. Their function should be the ultimate authority of the organization’s data. Finance teams are reporting an increase in the demand for insights into a multitude of data sources: 63% Market data 62% Social media data 62% Financial data 60% Marketing and CRM data 59% Risk and compliance data 57% Operational data 53% Macroeconomic data Accenture estimates that an even higher proportion (60-80%) of backward-looking finance tasks could be automated with little or no human intervention: Proportion of tasks automated today 34% Proportion of tasks automated in three years 45% Leading digitalization CFOs are ushering in the digitalization of the enterprise, leading efforts to: 77% say they are focused on 80% driving enterprise-wide say finance is key to transformation. the business achieving its digital ambitions. 77% are exploring how disruptive new technologies could benefit the enterprise. 3 in 4 CFOs Set the agenda for the roll-out of enterprise technologies. Help the business understand the economic model underpinning investments. Be involved at the start of any investment decision about new enterprise technologies. Yet many CFOs believe they are moving too fast for the rest of the business: 64% 62% 59% use technology to explore how disruptive drive enterprise-wide improve efficiency. new technologies could transformation. benefit the enterprise. Developing future finance talent As finance’s responsibilities stretch, so must the skills and knowledge of CFOs and their teams. Finance needs the right skillset to communicate “ with the rest of the enterprise, working with other functions to drive the right conclusions and actions out of these new insights.” Dr. Christian Campagna, Senior Managing Director, Accenture Strategy, CFO & Enterprise Value. Top five skills for CFOs in the New: Long-term Identifying, anticipating Insight into, and strategic thinking. and managing risk. understanding of, new technologies. Ability to identify, Agile and responsive hire, develop and place ways of working. the best talent. In the future we can expect young innovators to be drawn to finance 78% over IT and R&D units. agree that the future finance The talent of the future see finance as the function will champion a new way most dynamic function in the enterprise of operating across the business. and are looking to continue the revolution: 92% say, if they were CFO, they would spend a significant amount of time on value creation across the business. 66% are convinced that finance should empower other functions to take on all finance activities. Conclusion: next steps for the CFO The CFO of today is: Finance must build on its strengths by: Focused on securing critical Building and clearly communicating business outcomes. the economic case for change. Partnering with the CEO, Leading by example, proving helping lead the way for functions the case for investment. throughout the enterprise. Building a broader range Embracing new technologies of skills within finance. and evaluating enterprise- wide investment. Acting in concert with other functions, rather than as Owning the data agenda and a gatekeeper or approver. wielding the power of data. Creating new structures Building new talent with the and processes for better agility, skills and experience cross-functional working. needed to deliver in the New. Articulating the vision to a broad range of stakeholders, including investors and analysts. About the research Global Quantitative surveys of 700+ finance leaders; almost 50 in-depth discussions with CFOs, senior finance executives, CEOs and chief data officers, as well as Accenture’s own thought leaders. The talent of the future 200 up-and-coming finance professionals. www.accenture.com/CFOReimagined Copyright © 2018 Accenture. All rights reserved.