Office of the CFO 2024: Expectations vs Reality
Headline findings for 2023
89% of finance leaders are making monthly decisions based on inaccurate or incomplete data.
AI looms large
92% of finance leaders are already seeing value from AI within their business, and 68% would consider its input when making a business decision.
60% of finance leaders feel confident making decisions for the next quarter - but only 1 in 4 are confident making plans a year or more in advance.
AI: Cutting through the hype
One of the big stories this year is how finance is responding to the proliferation of AI solutions.
Although it has myriad potential use cases, our respondents seem to see AI predominantly as a pathway to democratize access to data and bring more people into the planning process.
We also explore the differences between how younger and more senior finance professionals view the technology.
68% of finance leaders would already consider input from AI in making a business decision or recommendation.
Where is your business gaining the most value from AI?
44% claim it allows leaders from non-finance departments to easily use tools without any specialist training
36% say it can bring more people from outside of finance into the planning process
31% state it is the ease and convenience of using plain language searches
29% believe it is the time savings it generates
Shifting sands for finance professionals
Finance roles are expected to evolve naturally as the competitive environment changes, fresh technologies are introduced, and new regulations come into force. But disruptive factors at play over the past few years have pushed people to an inflection point.
Only 7% of finance leaders say they are completely confident in their ability to make strategic decisions, plan accurately, mitigate external risks, and steer their business through unpredictable events. This must change. In the report, we explore how it can.
The Office of the CFO is at the intersection of everything a business does today… and that’s evolved over the last decade.”
Kevin Rubin • CFO
Research for this report was conducted by Pigment using an online survey among adults in the United States who are employed as in-house finance professionals with a manager title or above.
All respondents were required to work at a firm with 500 employees or more with the data being collected between August 29 and September 11, 2023.