Security News > 2021 > February > CFOs are becoming catalysts of digital strategy

As the pandemic continues to challenge organizations worldwide, the role of chief financial officers has moved further beyond "Economic guardians" of the enterprise to "Architects of business value" and "Catalysts of digital strategies," with 72% of CFOs reporting that they have the final say on the appropriate technology direction of the enterprise, according to a research from Accenture.

"The role of the CFO has further evolved beyond serving as the finance lead to becoming a 'digital steward' of their organization. Increasingly, CFOs are focused on collecting and interpreting data for key business decisions and enabling strategy beyond the borders of the finance function," said Christian Campagna, Ph.D., senior managing director and global lead of the CFO & Enterprise Value practice at Accenture.

CFOs who fully exemplify their new roles and operate effectively at breakthrough speeds could almost double their EBITDA CAGR from 3.8% to 6.9% over the next three years and increase their revenue CAGR from 2.7% to 3.0%. CFOs are making a durable difference across three roles.

Economic guardians by collaborating across the C-suite to provide new depths of predictive insights and identify new sources of value across customers, channels and products, CFOs can unlock the full benefits of digital transformation.

Catalysts of digital strategy increasingly, companies are looking to CFOs to spearhead thinking around future operating models and drive the technology agenda forward with a focus on security and ESG. In fact, 68% of surveyed CFOs say that finance takes ultimate responsibility for ESG performance within their enterprise.

"Leading the enterprise in the face of disruption means that CFOs must expand their technology responsibilities and digital skills if they are to be truly responsive to the needs of their entire organization," said Aneel Delawalla, managing director and Enterprise Value Targeting lead in Accenture Strategy.

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