Chief Financial Officers have a lot on their plates in the eating-contest known as business. Primary focuses are centered towards customer service, security, and analytics. Are you ready to gain some insight into what these financial leaders prioritize?
We’ll be covering all the bases today. Not only are we going to explain the top 10 priorities for CFOs. But we’ll also be going over the top 5 priorities when it comes to budget increases.
How These Percentages Work
Before we get into the top priorities for CFOs, we’d like to explain how this article works. We’ll be giving you a list of the top focus points, but we’ll also be giving you some percentages to go along with each one. Out of 40 different areas of finance, CFOs were asked to rank each one on a scale of 1-10 (in terms of importance). These percentages will reflect how many CFOs rated a topic with a score of at least 8.
For example, let’s say that “eating pizza” had a 90% rating. This would mean that 9/10 CFOs ranked “eating pizza” as “extremely important” with a rating of at least an 8. Does this make sense? Or does it just make you hungry?
Top 10 CFO Priorities
Let’s skip the fluff and jump right into the list and percentages.
- Security and privacy of data (84%)
- Enhanced data analytics (79%)
- Process improvement: process and data analytics (75%)
- Changing demands and expectations of internal customers (73%)
- Embracing new technologies (73%)
- Internal controls (73%)
- Accounting and finance implications of IT (72%)
- Financial planning and analysis (71%)
- Strategic planning (71%)
- Profitability reporting and analysis (70%)
There are 2 big takeaways from this list. First, CFOs place extreme importance on security and privacy. This goes hand-in-hand with the 2nd takeaway, which is that CFOs do a lot of work with the implementation of technology when dealing with data.
Top 5 Priorities For Budget Increases
How do these financial leaders increase their budgets? More specifically, what do they prioritize in order to make their best attempts at increasing budgets? Let’s find out.
- Changing demands and expectations of internal customers (64%)
- Security and privacy of data (62%)
- Data visualization (58%)
- Cloud-based applications that support finance (58%)
- Enhanced data analytics (56%)
The big one here seems to be that CFOs are trying to influence the consumers. Aside from this, security and privacy of data still rank high on this list as well. With the growth of technology, it’s probably safe to assume that CFOs will always place security and privacy at the top of their priority lists.
Chief Financial Officers really have a lot to think about. They spend a lot of their time dealing with customer service, big data, and privacy/security. On both lists, privacy and security of data is ranked up top. We all know just how important our finances are, so it’s good to know that privacy and security is always at the top of the list when it comes to big decisions made from financial leaders in the industries.