CFOs share their 10 most valuable contributions to company strategy

Meetup employees collaborating on a projectDaniel Goodman/Business InsiderCFOs are becoming strategic partners for their companies.

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%
Setting budgets/costs 39%
Financing 33%
Measuring performance 27%
Building the business case for new initiatives 23%
Resourcing and human capital 22%
Determining the level of ambition and risk

appetite for new initiatives

21%
Setting the agenda for change 21%
Ensuring value realisation 20%
Change management 17%

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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