As the CFO role continues to evolve, an increasing number of finance chiefs are taking on new responsibilities that focus on company-wide strategy.
According to an EY survey of more than 650 CFOs from around the world, 65% of CFOs said collaboration with their CEO has increased over the past three years.
The CFOs revealed that much of their collaboration has been focused on new growth opportunities (34%), changes to company strategy (33%), and new products and services (27%).
More than three-fourths (76%) of CFOs said they are now increasingly involved in corporate strategy.
Collaboration between the CFO and CEO is “one of the defining characteristics of a well-run, market-leading organisation,” according to the report.
The collaboration includes a strong focus on executive-led strategy.
Here’s what CFOs said are their most valuable contributions to strategic priorities:
|Managing costs and profitability||43%|
|Building the business case for new initiatives||23%|
|Resourcing and human capital||22%|
Determining the level of ambition and risk
appetite for new initiatives
|Setting the agenda for change||21%|
|Ensuring value realisation||20%|
CFOs serve their greatest purpose by contributing to growth-focused strategies, according to EY. That focus allows a company to disrupt its industry with technological, economic, and competitive forces.
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