CFOs have entered a new era of expectations—what we often refer to as the age of the “growth CFO.” If you’re a CFO, you’re no longer just a “numbers cruncher” focused on balance sheets and metrics. You’re a strategic decision-maker.
With that in mind, you may already know that your company’s journey to success depends upon your ability to identify new growth opportunities. A recent CFO sentiment study conducted by the CFO Alliance reveals three ways that modern finance organizations can drive growth. (Click the image below to see the full infographic).
Being a true growth CFO means understanding your customers and market opportunities. Today’s CFOs should have a firm grasp on customer buying trends and service demands. In fact, 89% of companies responding to a Gartner survey said they expect their ability to deliver on customer experience to be a primary competitive factor for their organization.
More than half of CFOs responding to the CFO Alliance survey cite organic growth through expanding customer engagement and tapping new markets as their highest priority this year.
Like many professions, the finance industry is experiencing a talent shortage. Finance departments need highly skilled professionals on staff to build a sound growth strategy and communicate that vision to other executives and shareholders.
The need for skilled talent is so critical that 30% of CFOs responding to the CFO Alliance survey said if they had an extra $1 million to spend they would heavily allocate funds to recruiting and retaining top talent.
Key recruitment and retention strategies include raising wages, investing in additional training and development for existing employees, and tapping into professional conferences or webinars to foster professional development and address talent gaps.
Unfortunately, many finance departments must click through unwieldy spreadsheets to find the data they need to make important business decisions. CFOs cannot afford to waste time digging through multiple documents if they’re going to respond quickly to market shifts.
Technology, such as cloud-based financial solutions, can help finance professionals become more agile. Nearly 40% of organizations agree, saying they plan to use cloud-based solutions by the end of 2017.
Fortunately, small and midsize businesses have many cloud-based technology solutions available to them. You can learn more at our online center for SMBs, or download the complete survey results from CFO Alliance.