The challenges facing a modern CFO are not limited to issues related to finance and accounting only. The responsibilities of the CFO have changed, as far more strategic tasks are now covered by the CFO.
CFO Insights has carried out a survey with more than 100 Danish CFOs powered by KPMG, and it investigates the priorities of CFOs in Danish companies. It intends to highlight which opportunities and challenges they face in times of accelerating change. These are the three most important insights from this survey:
1. Digitalisation is not a technological issue, but a people issue
The lack of skilled employees, including the skills at CXO level, stands as the biggest challenge in the transition to a digital finance function, according to the Danish CFOs in 2019.
2. Digital technologies present major potential but are not yet mature enough to implement
New digital technologies present unparalleled opportunities for the finance function to become better, faster and stronger. Despite this, Danish CFOs find only few of the new technologies mature enough to implement.
3. The Strategic CFO is concerned about reinventing the business model
Danish CFOs now spend more of their time on tasks related to strategy than anything else. When asked about strategy, the main challenge is reinventing the company’s business and staying relevant to its customers in the future.