COVID-19 has had a profound impact on the business landscape. Criticaleye Partner, Workday, surveyed 225 CFOs from global organisations of different sizes to understand how these unprecedented circumstances have affected their plans to use new technologies, build skills for the future and provide insight to guide the wider business.
The key findings are as follows:
• The two greatest challenges of finance digital transformation are technology skill gaps and internal resistance to change. Unlike budget or infrastructure deficiencies, it is within a CFO’s power to directly address these challenges.
• Nearly 50 percent of CFOs have not implemented any finance digital transformation initiatives. This presents a significant opportunity to advance key capabilities that CFOs value, such as predictive analysis and risk management.
• 88 percent of ‘digital accelerators’ are more than somewhat confident that the culture of their finance function supports digital transformation, compared to only 35 percent of ‘digital novices’.