Skip to content

Workday Global Study: Finance Leaders Are Tech Leaders Now

Workday Global Study: Finance Leaders Are Tech Leaders Now

Technology Sector VIATEC Member News CEO Study/Report

Workday's survey reveals CFOs have struggled more than other executives to consistently meet business demands. At the same time, CFOs are increasingly aware they need more reliable, accessible data to be able to decisively lead their organizations forward.


Our survey reveals CFOs have struggled more than other executives to consistently meet business demands. At the same time, CFOs are increasingly aware they need more reliable, accessible data to be able to decisively lead their organizations forward.

CFOs have faced unprecedented challenges over the past two years. They have had to keep their companies steady throughout extreme economic disruption, while balancing myriad stakeholder demands and safeguarding against new risks. As if that wasn’t enough, there has also been a slew of regulatory changes and new environmental, social, and governance (ESG) requirements. 

"Closing the Acceleration Gap: Toward Sustainable Digital Transformation," our global survey of 1,150 senior business executives—295 of whom were finance leaders—reveals that CFOs have struggled the most to consistently meet business demands. The research shows finance transformation lagging that of other functional areas of the business. However, in a world where such transformation is continuous and business-critical, CFOs are increasingly aware that they need new skills within their function and the ability to lead their organizations forward decisively. 


Why is finance facing that transformation gap? And what technologies and investments are CFOs prioritizing to close it?


The Added Value of Today’s CFO

CFOs play an increasingly critical role in organizational transformation. More than ever, CEOs want to partner with their finance leaders to drive value creation within the business, and finance leaders are aware that they need to expand their remits. For Ally Financial CFO Jennifer LaClair, digital transformation has been all about modernizing the company’s financial tools. 

About one-third of finance leaders (34%) have little or no confidence in their teams’ ability to meet the demands of the business.

“We’re going back to the building blocks of accounting and finance, cleaning them up, modernizing them, putting them in what we call the ‘finance data hub,’ and then building consumption on top of that,” she explains. “It’s extremely agile, easier for our employees to use, and significantly reduces manual processes.”

LaClair noted that there is also a wider rationale. “I can see my workforce changing dramatically over the next 24-plus months,” she says. “As we’re introducing new tools, it’s going to allow our employees to be much more analytical, quicker, and thoughtful about business implications and, ultimately, to drive greater strategic value for the company.”

Our research shows CFOs—compared to their C-suite peers—are most concerned that they don’t currently have the skills they need on their teams. When asked about the skills their teams require to continually meet the needs of the business, 71% of finance leaders said their teams currently lack all or some of the skills they identified. This was higher than CIOs (46%) and CHROs (59%).

Click here to continue reading


Additional Info

Media Contact : Workday

Source : https://www.publicsectorexecutive.com/articles/workday-global-study-finance-leaders-are-tech-leaders-now

Powered By GrowthZone
Scroll To Top