Finance has evolved slowly over the years, but technologies like cloud and AI give it the opportunity to develop significantly faster.
The function could learn from the rapid evolution of today’s autonomous, connected cars. CFOs stand to make their functions more powerful (using AI as a processing ‘engine’), help them run on new fuel (finding value in unstructured data) and allow the function to become ‘driverless’ (automating transactional tasks). The result is a reimagining of the function’s responsibilities, ways of working, and scale.
CFOs are reluctant to upset the status quo at a time of economic uncertainty, but taking action is essential if finance is to achieve its strategic potential as a driver of growth. In practice, this means:
1. Stepping up their responsibilities around sustainability
2. Clearing the decks to embed fiscal agility
3. Rethinking growth priorities in the wake of Covid-19
This, the first of three articles based on the 158 strong sample of senior finance leaders in Accenture’s CFO Research, looks at sustainability and answers the question: are UK CFOs falling behind?
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