CFOs embrace AI to influence the C-suite agenda and drive business growth

• 85% of CFOs are expecting to take on a more significant role in shaping business strategy
• Over half (56%) of CFOs are preparing for a heightened demand to offer broader business counsel, stepping outside of their traditional financial domain
• Nearly 9 in 10 (87%) CFOs who have incorporated AI into their roles report a significant impact on their businesses
  

TORONTO, May 21, 2024 (GLOBE NEWSWIRE) -- Sage, the global leader in accounting, financial, HR, and payroll technology for small and mid-sized businesses, today announced 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.