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Posted by Katie Slimov on March 22, 2022
Digital transformation, labor shortages, cybersecurity, and supply chain reported as top CFO concerns; rebounding finance budgets, FP&A investment to provide much-needed tailwind
MISSISSAUGA, ONTARIO, March 22, 2022 – Prophix Software, a global leader in mid-market Corporate Performance Management (CPM) software, today shared findings from its new “State of the Finance Function” survey completed in collaboration with CFO Dive. The survey revealed as much as 82% of finance executives are planning substantial upgrades to their automated financial planning and analysis (FP&A) processes in 2022, partly in response to challenges faced during the pandemic, but also to support organizational performance and better respond to rapidly shifting macroeconomic trends.
The data also showed, however, that CFOs have significant concerns about their ability to attract and retain the skilled talent needed to accurately interpret the financial data and analytics these technology tools uncover.
“The finance team, and CFOs in particular, have been under extreme pressure since the onset of the pandemic to lead their businesses through enormous uncertainty,” said Alok Ajmera, CEO of Prophix. “Our survey shows many finance executives were able to quickly migrate their automated FP&A technology to the cloud during COVID-19 to address remote work. This underscores the need for digital transformation to enable financial professionals to be better equipped for whatever comes their way. But just as organizations are moving in the right direction with these technology advancements, our findings highlighted there is a shortage of employees proficient in these new technologies, particularly regarding the ability to accurately interpret data and analytics, which is a major concern for CFOs.”
Prophix’s survey queried more than 200 North American financial executives across more than 20 different industries to assess the top challenges they faced over the past two years and gauge their priorities for the year ahead.
Key findings from the report:
Top observations and learnings for CFOs include:
Finance budget shifts:
COVID accelerated the move to cloud-based automated FP&A:
CFOs learned important lessons about agility in FP&A and the need for better and faster forecasting, modeling, and cash flow management:
The survey also showed some obvious shifts in the finance function’s focus because of the pandemic:
“Although finance leaders will continue to be challenged by market shifts, talent acquisition, and other economic factors in the coming 12 months, one of the most encouraging conclusions from our survey was the fact that finance leaders are finally in a position to commit to cloud-based CPM software for more accurate, real-time data insights and improved forecasting – all of which address their struggles over the past two years to more nimbly forecast, plan strategically, and manage risk,” Ajmera added. “Thoroughly embracing digital transformation will help prepare organizations for the new finance imperative – to move at the speed of change.”
For more information, download The Future is Agile Finance: 2022 CFO Benchmarks eBook.
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