CFOs Set Reducing Costs as Top Priority to Ease Rising Pressure

CFOs Set Reducing Costs as Top Priority to Ease Rising Pressure
09.07.2019 01:12 pm

CFOs Set Reducing Costs as Top Priority to Ease Rising Pressure

Digital Identity , Audit and Reporting , Accounting

The Deloitte CFO report highlights the unprecedented pace of change within the finance function. With the ’risk appetite’ among Chief Finance Officers (CFOs) at the lowest since 2008, continued economic uncertainty, external compliance, regulatory change and internal cultural shifts; cost reduction is once again the CFO’s top priority.

The quarterly CFO report, a barometer of UK corporates’ sentiment and strategies, demonstrates how the role of the CFO has evolved over the past 20 years. Originally the finance leader’s remit was almost exclusively internal financial reporting, now most are considered strategic partners in leading business transformation. With these added pressures, many are looking to reduce costs and increase operational efficiency through strategic planning and process optimisation.

“Digital finance has precipitated the next wave of finance transformation. The changes in the finance function, highlighted in the report, will affect the way CFOs make decisions about resource planning, business, financial analysis and day-to-day operational finance. Process-led transformation enables those in finance to substantially increase operational efficiency and better engage with their customers. In this digital age, there has never been a more opportune time for the CFO to have an impact on their business,” according to Ian Pollard, Senior Vice President EMEA at Signavio.

As well as transforming processes in the finance function itself, the report shows that CFOs are now often expected to participate in business-wide innovation initiatives to aid in increasing profitability and growth. Driving this change is an increasingly competitive and rapidly changing business environment, where most industries are being disrupted by new technologies and business models that impact how business is done and customers are served.

“Along with reducing risk and costs, leveraging data to construct a real time picture will help CFOs to innovate more readily and drive business growth. The ever-changing finance function should definitely be viewed as an opportunity rather than a threat. By utilising available Business Process improvement technologies, CFOs can work with their wider team to transform operations, remain compliant and optimise productivity.” Pollard concludes.

Related News

Mobey Forum urges banks to seize digital identity opportunity

Banks must grasp the immediate opportunity to lead the development of a trusted approach to digital identity, according to a new report published today from the Digital ID... Read more »

Demand for AI-based identification grows in 2020

... Read more »

Bitdefender launches Digital Identity Protection to safeguard the most valuable asset you have, your online reputation

As the professional world moves increasingly online, Bitdefender, a leading global cybersecurity company protecting over 500 million systems worldwide, is... Read more »

deVere launches pioneering identity verification app amid soaring fintech demand

One of the world’s largest independent financial advisory and tech wealth organizations is to launch a first-of–its-kind onboarding verification app amid “soaring global demand... Read more »

IDnow launches free regulatory information service "KYC Insider”

... Read more »

Onfido, Deloitte and Evernym Prove that Re-usable Digital Identity is Market-Ready with the FCA Regulatory Sandbox

Onfido, Deloitte and Evernym today announced the positive results of their... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel