CFO Imperative: Financial controllers must embrace innovation and data-driven strategies to lead transformation

• 94% of financial leaders in Romania emphasize the importance of technology in enhancing the efficiency of financial controllers
• 73% of financial leaders in Romania are actively involved in data governance, compared to 69% globally
• 79% of financial leaders cite skill gaps as a major barrier, indicating a pressing need for organizations to prioritize training and development initiatives

The latest edition of the EY study "CFO Imperative: Enabling Financial Controllers to Shape the Future with Confidence" reveals that financial controllers in Romania are at a pivotal juncture, needing to embrace innovation, data-driven decision-making, and cross-departmental collaboration to effectively navigate the evolving business landscape. The study highlights the pressing need for financial leaders to adapt to the changing environment and redefine their roles within organizations.

Notably, 94% of financial leaders in Romania highlight the importance of technology in enhancing the efficiency of financial controllers, significantly higher than the global average of 65%. This finding underscores a robust commitment to leveraging digital tools for improved financial analysis and reporting. As organizations increasingly rely on technology, financial controllers must harness these advancements to streamline processes and provide deeper insights into financial performance.

Businesses actively prepare for a protracted period of global disorder, in which the growth in the global economy is softening, security prevails over economic considerations.  In this time of uncertainty, CFOs maintain flexibility to act on future opportunities or risks, by building strategic optionality in the business models. By balancing risk and opportunity, they help create the conditions for progress — even when direction is challenging to define.

Furthermore, the study indicates that, within the finance function, 73% of local financial controllers are actively involved in data governance, surpassing the global figure of 69%. This positions financial controllers in Romania as leaders in shaping data-driven strategies that enhance organizational performance. Their involvement in data governance not only strengthens compliance but also fosters a culture of accountability and transparency within the finance function. Despite these advancements, only 44% of local financial leaders’ express confidence in their financial controller’s ability to create value, compared to 78% globally. This gap underscores the need for further development and support for financial controllers to meet evolving expectations. As organizations face increasing pressure to demonstrate value creation, financial controllers must enhance their skills and capabilities to align with strategic business objectives.

The findings from the "CFO Imperative" study also highlight the critical role of financial controllers in shaping the future of finance. As they navigate the complexities of the modern business environment, financial controllers must embrace innovation, foster collaboration, and leverage data-driven insights to drive organizational success. The study emphasizes the necessity for financial controllers to adapt to the changing landscape by embracing new technologies and fostering a culture of continuous learning. As businesses face increasing regulatory complexity and digital transformation, financial controllers must balance traditional responsibilities with innovative strategies to drive long-term value creation.

As financial controllers transition from traditional roles focused on compliance and reporting, they are evolving into strategic partners within their organizations. This shift necessitates the development of a diverse skill set that encompasses not only technical financial expertise but also strong leadership, communication, and analytical skills. In Romania, the top three training needs and support areas for financial controllers to effectively meet the changing demands of their roles are: embracing emerging technologies (73%), managing automation (63%), and formulating digital strategies (64%).

Financial controllers are increasingly expected to provide insights that drive business strategy and performance. This involves collaborating with other departments, such as marketing, operations, and human resources, to align financial goals with overall business objectives. By fostering cross-departmental collaboration, financial controllers can ensure that financial considerations are integrated into decision-making processes across the organization.

While the study highlights the transformation process of the financial controller function in Romania, it also identifies several challenges that must be addressed. One of the key challenges is the need for ongoing professional development and training. Many financial leaders in Romania express a desire for additional training in areas such as data analytics, technology integration, and leadership skills. Organizations must invest in training programs that equip financial controllers with the skills needed to thrive in a rapidly changing business environment. Moreover, the study reveals that financial controllers in Romania face significant barriers to achieving "best in class" performance. A staggering 79% of financial leaders cite skill gaps as a major barrier, indicating a pressing need for organizations to prioritize training and development initiatives. By addressing these skill gaps, organizations can empower financial controllers to take on more strategic roles and drive value creation.

According to financial leaders, data analysis is an extremely important area for financial controllers in Romania in a significantly higher proportion (70%) than for their global counterparts (51%). As organizations increasingly rely on data to inform decision-making, the importance of fostering a data-driven culture cannot be overstated. Financial controllers play a crucial role in promoting this culture by advocating for the use of data analytics and encouraging collaboration between finance and other departments.

The findings from the "CFO Imperative" study highlight the critical role of financial controllers in shaping the future of finance. As they navigate the complexities of the modern business environment, financial controllers must embrace innovation, foster collaboration, focus on value-creation and leverage data-driven insights to drive organizational success. By investing in their development and adapting to the changing landscape, financial controllers can position themselves as key contributors to their organizations' growth and sustainability. 

About the data

The study "CFO Imperative Series: Enabling Controllers to shape the future with confidence" was conducted by EY Romania using the Qualtrics XM platform, between December 2024 and January 2025. The survey included 85 respondents, financial leaders from various industries and revenue levels. The locally collected data was compared with the results of the EY Global report. The final report was written between March and April 2025.

The distribution of respondents includes: 58% CFOs, 37% financial directors or managers, and 5% financial controllers or equivalents. This diversity in roles reflects a wide range of perspectives on the role of the financial controller in the Romanian business environment.