FINANCE and THE ORGANIZATION
Over the last few months the CFO Event has made contact with a large number of industry leading financial executives throughout EMEA and America. The purpose was to anonymously poll opinions in order to snapshot current and future issues.
The study provided the CFO event with a great platform to start dialogue on the major challenges financial executives think about.
STATE OF PLAY
It is well documented that the global economic downturn has been a fundamental event
for CFO’s, thrusting them into boardroom debate about forecasting, risk,
strategy, price and production.
It has become clear from our industry discussions during the research that if your finance
department does not gather accurate information to drive strategy, you must expect the
gap between you and your competitors to grow.
This research implies that CFO’s see flexible financial modeling as essential in order to
implement and standardize practice. The resulting formation should enable your
department to deliver more accurate metrics.
Figure 1 Survey of 200 CFOs biggest challenges over the next 12 months.
CFO KEY AREAS OF FOCUS FOR 2011
Figure 2. 150 Senior Financial Executives took part in the survey identifying their key areas of focus for 2011.
The results of the survey point to a current widening of the CFO responsibility to include
more company-wide decision making outside of the traditional financial and supervisory role.
The top priorities imply that greater insight and “added value” to the organization can be
delivered through an increased focus on IT and Strategy.
Finally, focusing on getting the basics right to maximize the efficiency of the internal financial
function and benchmarking is still a top priority.
Courtesy of CFO Event globalbusinessevents.co.uk