CFOs embrace AI to influence the C-suite agenda and drive business growth
May 21 2024 - 9:00AM
Sage, the global leader in accounting, financial, HR, and payroll
technology for small and mid-sized businesses, today announces the
release of its annual CFO research report,
The Secrets of
Successful CFOs, which reveals how technology is enabling
the top-performing CFOs to navigate the changing role of finance
and take on greater business leadership.
The report shows that 8 in 10 CFOs are embracing AI and
automated processes to gain time to focus on more valuable tasks.
This additional time enables them to develop the critical skills
necessary for success in more senior executive leadership, such as
being appointed CEO, however only 49% are utilizing these
capabilities. The opportunity for leveraging skills as a result of
incorporating tech and automation, include problem-solving (79%),
leadership (78%), understanding technology and systems (78%),
effective communication (77%), and confidence (77%).
“At Sage, we constantly see how combining finance with
technology gives CFOs the chance to step beyond their traditional
roles, offering them a chance to guide their businesses with both
flexibility and deeper insight,” says Steve Hare, CEO at
Sage. “As we move forward, the success of CFOs and the
businesses they look after will increasingly depend on their
ability to adapt, work together, and lead with clear purpose. It’s
about leveraging technology to not only enhance their strategic
role but also broaden their influence within the business, setting
the stage for a future where CFOs play a broader role in shaping
their companies’ futures.”
CFOs are establishing meaningful, cross-functional
relationships
The report highlights that the role of finance has changed
because of recent technological advances and increased global
complexities, with 89% of CFOs stating their role is different to
just a year ago. Furthermore, the CFO role continues to intersect
with other departments such as IT (60%), ESG/ sustainability (58%),
sales (53%), operations (54%), and marketing (52%), as well as
senior stakeholders such as CEO (59%), CTO (55%), CIO (57%) and CMO
(51%). This cross-functional exposure is enabling CFOs to gain
valuable insights into an organization’s overall growth strategy,
adding further business impact and value, while positioning them
for a seamless transition into the CEO role.
Despite the challenges of expanding responsibilities and
shifting economic priorities, senior finance professionals remain
highly ambitious, with 1 in 2 finance leaders aiming for top
leadership positions (47%).
Faith in new technologies is fuelling this ambition and
optimism:
- 96% of CFOs believe finance roles
will change in their organization over the next three years.
- 86% of CFOs think tech will have a
major impact on their role in the future, with AI, machine learning
and automation cited as the biggest opportunities.
- 78% of finance leaders identified keeping up with new tech
knowledge as crucial to their success over the next 3 years.
- 79% of CFOs say AI will bolster revenue growth in their
organizations.
The most successful finance leaders are focused on developing
their understanding of technology, which has resulted in high
adoption rates of technology within finance teams – 74% of
respondents state over half of the finance processes in their
organization are automated. This finance-led drive for technology
has the potential to extend to company-wide initiatives. Over the
next three years, 59% of CFOs expect to be implementing new
technology and systems, highlighting the growing influence of the
CFO over digital strategy.
“My role as CFO continues to evolve year on year; now more than
ever, investing in technology has been crucial in saving me time
whilst expanding the breadth of my role,” says
Rob Beckman, CFO at Stark. “Sage Intacct has
helped me significantly streamline manual processes and as a
result, at Stark, we have been able to bring 20 acquisition
companies and 17 different legacy systems together into a single
source of truth for financials, operations, and customer data. Not
only have we made huge efficiency gains, but we now have real-time
visibility into projects to manage costs and drive decision-making.
It has positioned me and my team to drive impact and growth for the
company.”
Methodology
Sage conducted a survey of over 1,200 finance leaders from
target markets in the UK, Canada, U.S., France, Australia, Germany,
South Africa and Spain to learn about their roles and the future of
finance. The survey polled finance leaders across a broad range of
industries including financial services, tech and SaaS,
construction and real estate, professional services, hospitality,
healthcare, retail, manufacturing, distribution, general business,
and non-profit.
Media contact
Jordan Kerchevaljordan.kercheval@sage.com
About Sage
Sage exists to knock down barriers so everyone can thrive,
starting with the millions of small and mid-sized businesses served
by us, our partners and accountants. Customers trust our finance,
HR and payroll software to make work and money flow. By digitizing
business processes and relationships with customers, suppliers,
employees, banks and governments, our digital network connects
SMBs, removing friction and delivering insights. Knocking down
barriers also means we use our time, technology and experience to
tackle digital inequality, economic inequality and the climate
crisis. Learn more at www.sage.com/en-us/.
Notes to Editors
Other survey findings include:
- 78% of CFOs say implementing AI in finance is not optional, but
necessary to maintain a competitive edge for their
organizations.
- 77% of CFOs say investment in AI finance will help improve job
satisfaction.
- 79% of CFOs say AI has the ability to revolutionize ways of
working in their organizations.
- 64% of finance leaders spend time on talent and employee
management.
- 78% say automation of business processes has positively
impacted their C-suite/board relationships.
- 81% say automated finance processes allow them to focus time on
more valuable tasks.
Sage (LSE:SGE)
Historical Stock Chart
From May 2024 to Jun 2024
Sage (LSE:SGE)
Historical Stock Chart
From Jun 2023 to Jun 2024