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KPMG released a report and associated survey, CFO Agenda for Elevating Finance, to describe how the CFO function is changing towards the future of finance.
As per this report, 68% of CFOs are investing in Digital Transformation in 2023. In addition, 60% of leading finance organizations are deploying advanced capabilities around predictive forecasting and analytics.
This report makes the argument that the integration of people, data, and technology is more important than ever before. The future finance team must figure out how to operate with connected data, systems, and people to have a shot at leading the pack in their respective industries.
Another trend is a movement towards more business partners. This is when finance is embedded within operational business units to directly engage with those decision-makers on critical decisions and strategy. Business partnering as a strategy is directly related to the company’s maturity in technology and its digital transformation. If the finance team is fully tied down to traditional functions of data processing and reporting, there would be a limited opportunity to advance with a business partnering strategy.
Respondents to a KPMG survey of CFOs shared the following key priorities:
These priorities must be in direct alignment with the following CFO agenda for 2023:
The report dives further into the 5 pillars that CFOs must execute to achieve their agenda:
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