Over the past decade, CFOs have become increasingly involved in corporate strategy. With a broad view of the business, these strategic leaders should be in the ideal position to identify areas for growth, manage spend, and reveal threats that will impact the trajectory of the company.
But gaining a truly unobstructed view of the business requires them to precisely, accurately, and efficiently ascend to the top of a mountain of data—and they can’t scale that mountain alone.
CFOs must feel confident that they can rely on a strategic FP&A team, so that together, they can set a strategic course for their organization—even in turbulent times—and jointly discover the key data and insights that will enable long-term growth and sustainability.
Our Q2 2016 survey asked over 300 global CFOs about their expectations for FP&A team staffing, composition, and capabilities—looking to understand the state of the FP&A function today and into the future. The survey also queried CFOs on their confidence with global economies and their ability to accurately forecast sales amid today’s market uncertainty.
Our study revealed that 75% of CFOs want their teams to have a strategic and strong impact on their organizations, yet only 46% believe they will have that kind of impact by 2017. These CFOs also estimate that 11 to 25% of their teams’ time is spent on strategic tasks today, and they expect that number to grow to 25 to 50% by 2020.
The key question is: How will they get there? The majority do not intend to increase staffing. Rather, they plan to implement new technology and training programs to enable their teams to get to the next level of strategic finance.
Check out our infographic for more information on how modern CFOs are planning to build a strategic FP&A function.
Download the Adaptive Insights CFO Indicator Q2 2016 report, “Peak Ascent: How FP&A Can Guide CFOs to Great Heights,” for more insights, survey results, and charts based on input from the 307 global CFOs in our latest survey.