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Finance leaders are increasingly focusing on improving their Financial Planning and Analysis (FP&A) skills and talent to drive business growth, according to the latest PwC Pulse Survey. The survey revealed that more than half of the CFOs surveyed have increased their FP&A focus since last year, highlighting the importance of this area in today’s business landscape.
In addition to FP&A, CFOs are also placing a strong emphasis on leveraging technology to enhance business performance and drive digital transformations. Nearly half of the CFOs surveyed expressed the importance of increasing the use of technology to reduce costs in the coming year. While there is a growing interest in leveraging AI for predictive forecasting and scenario planning, there are still uncertainties surrounding the specifics of AI implementation, cost-benefit analysis, and cybersecurity implications.
When it comes to allocating resources, CFOs are divided on their spending targets for the next 12 months. While a majority intend to focus on improving margins, other areas of focus include increasing the use of technology to reduce costs, optimizing the supply chain, enhancing C-suite collaboration, and making portfolio adjustments. The survey also highlighted the importance of collaboration between CFOs and other C-suite executives in driving technology improvements across the organization.
Talent prioritization remains a key focus for CFOs, with a majority prioritizing talent across the organization. Collaboration between finance chiefs and other executives is seen as crucial in addressing talent challenges and driving business growth. Additionally, expanding influence across the C-suite is a high priority for a third of CFOs, with the potential to bridge the gap between the CEO and tax leaders within the organization.
Overall, the PwC Pulse Survey underscores the evolving role of CFOs in today’s business environment, emphasizing the importance of FP&A skills, technology adoption, talent prioritization, and collaboration across the organization.