The four pain points common to CFOs in every industry

In brief:

• CFOs must address data, reporting, and technology challenges to drive transformation.
• Embracing AI and strategic insight is essential for future-ready finance teams. 

Successful finance transformation anchors on finance leaders strategising where to place their next investment for growth by putting money into the right places for sustainability and efficiency.  

1. The need for one truth

The pressure to provide a single, dependable source of truth is immense. In my conversations with CFOs one thing is clear: they are craving insight that doesn't just illuminate performance but actively drives it, enabling them to respond with precision to shifting business dynamics. This is not about the insight being auditable. The integrity of problem solving, or scenario planning demands: 

• Data that can be trusted. 
• Data that makes sense. 
• Data that empowers and stands up to the test when interrogated.  

Finance leaders need to allocate their focus where it matters most - on strategic decisions that balance immediate needs with long-term sustainability. Technology has to become not just a tool, but an essential partner. 

2. Finger on the business pulse

Companies grow and change and it’s the CFO that needs to keep pace, connect the dots, and bring it all together. The more diverse the business, the more complex it becomes to build a common understanding of the changing business picture.

Having a finger on the pulse requires data that is: 

• Linked
• Connected 
• Meaningful 

It’s the golden thread that enables finance professionals to clearly see how the data is coming together by, for example indicating why costs are shifting, or measures aren’t going according to plan. The ability to monitor strategic business performance, identify trends and course correct on time requires a finger on the pulse to turn insight into performance.  

3. Untangling complexity to improve financial reporting efficiency

The need to receive increasingly efficient, easier to work with reporting financials is still one of the biggest challenges for CFOs. It makes sense that this is a common pain point because of the demand for integrated systems and alignment across business segments.  Clear group-level reporting objectives and standardised data processes are essential for producing credible reports for multiple stakeholders including excos, auditors, the markets, and regulators. The complexity lies in careful coordination of the different parts of the ecosystem; it is not as simple as implementing it all into one new technology or platform. Every reason why it doesn’t come as a surprise that so many businesses are struggling to synchronise these elements effectively.  

4. Refocussing the CFO calendar to inject an element of superhuman into the role

Where are finance professionals focussing? It’s becoming an important question. With AI now automating much of the repetitive work in finance, professionals face a choice: view AI as a threat to their jobs or as a tool that frees them to focus on higher-value activities. Smart technology allows finance teams to dedicate more time to analyse insights and drive business improvements. By spending less time on spreadsheets, CFOs can focus on analysing the “so what” in the data. It’s a shift that significantly redefines the value of their role – the human element is still vital, but AI injects a little more superhuman into it by enhancing the impact of finance professionals.  Thinking about ways to do things differently is a gamechanger for finance professionals. 

In summary

Ultimately the CFO’s seat at the table has never been more central, nor the expectations greater. The time is now for finance leaders to embrace this expanded mandate—earning trust at speed, bringing strategy to life with data, and guiding their organisations with a steady, insightful hand. 

What’s important now is who to trust to  the navigate the journey with them and finding the help they require to get them there in the smartest possible way.