The document discusses the changing role of the CFO from a back office role focused on compliance and cost efficiency to a more strategic front-facing role. It is based on a survey of over 500 finance decision makers across Europe and Southeast Asia. Key findings include that CFOs are now expected to partner with the CEO and provide real-time insights for decision making. Finance functions are focusing on improving data integration, reporting speed and accuracy to better support strategic decision making. While finance organizations still have room for improvement in capabilities like detecting new opportunities, their roles are transforming to be more advisory and focused on business priorities like innovation, customers and strategy.

1. The Strategist
CFO

2. ”
Influencer, listener, visionary – the CFO must be a business manager with a vision,
and be able to translate it into technical steps in the business.
CFO, Food and Beverage
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ONLINE survey
The report is based on the responses of 548 finance
decision makers of the largest organizations in Europe
and Southeast Asia who were surveyed as a part of
Management Events’ Executive Trend Survey®. Our latest
survey is the 10th in the ongoing series of studies covering
strategic development initiatives and investment actions of
these organizations.
FACE-TO-FACE interviews
To deepen our insights, we interviewed the highest decision
makers face-to-face to discuss further the trends and issues
in finance.
TOTAL DECISION MAKERS researched
44%
17%
14%
8%
6%
5%
6%
CHIEF FINANCIAL OFFICER
HEAD OF FINANCE
DIRECTOR OF CONTROLLING
GROUP/BUSINESS CONTROLLER
DIRECTOR OF RISK MANAGEMENT
DIRECTOR OF TREASURY
OTHER

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KEY REPORT TAKEAWAYS
The role of the CFO has changed from being a silent enabler in the
back office to a visible frontline strategist of the company. With
new technologies, CFO is now expected be the co-pilot of the CEO
by offering real-time insights on both internal and external
situations for fast, fact-based decision making.
From the internal processes, CFOs are now turning their focus out
to the market, to business model and product innovations, and to
the customers of the business.
To react rapidly to the changing market environment, process
automation is a priority in most finance organizations.
The technology agenda of finance strives to increase the
organization’s efficiency both in daily processes and fact-based
decision making. Currently finance organizations are focusing
heavily on data-related projects, especially on data integration
across organization and increasing speed and accuracy of
financial reporting.
Due to the change of CFO role, the whole finance function is
following the lead to new purposes. New capabilities are required
to fulfill the expectations of business.
Finance organizations evaluate their capabilities sufficient in the
traditional finance processes, but still haven’t fully embraced their
role in steering the corporate strategy direction and detecting new
business opportunities. Moreover, the real time delivery of
information is still on an inadequate level in many organizations.
In their new role CFOs need to be able to grasp what new
technologies can do for the business. Instead of just leveraging
the technologies, CFOs are also responsible for finding the right
technologies to capitalize on them.
In the future, CFOs see increasing potential for organizational
value creation especially in 3D printing, automation of knowledge
work, and service robotics.
1 3
2 4

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”
You’re a coach, a negotiator, and a true partner for business in all business
decisions.
CFO, Industrial Services
CFO
a wingman with a vision

6. Finance executives across industries agree that the role of the
CFO has tremendously changed. It was just a few years ago when
finance was only responsible for finance – keeping its distance and
not to disturb the business.
Today, a finance leader can no longer be that silent enabler hiding
at the back of the office. He must be visible and seen as taking
ownership of the new strategist role. Most of all, the CFO needs
to be a business person who understands what is going on in the
market. The CFO is the one who needs to be able to assess the
financial viability of new business models and deploy them quickly
into the markets. All in all, the CFO must be true business partner
in the strategic agenda and become the wingman for the CEO.
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AS A STRATEGIST
STEPPING OUT
”
Now, the focus is on things with actual business value.
CFO, Retail and Consumer

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THREE COMPETENCIES OF
THE MODERN CFO
By Toljan Mirela, CFO, Coca-Cola
INSIGHT
SALESMANSHIP
ADVANCED LISTENING SKILLS
A deep understanding and contextualization of the
overall strategic priorities the company is trying to achieve.
The ability to sell the vision to different parties and counterparts.
Extra-ordinary attentiveness as a tool to get up-close to
every part of the business.

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”
In many areas, industries are turning into consumer markets, which is
really calling for speed, good decision-making processes, and focus on
revenue and new business models.
CFO, Transportation and Logistics

9. ORGANIZATIONAL PRIORITIES
SHARING THE STRATEGIC VIEW
CFOs’ developing role can be seen clearly in their strategic
focus. Innovating both business models and company
products and services are the number one organizational
priority from CFO point of view. Developing customer
experience is also ranked in the top3 priorities. It is
now clear that CFOs are extending their view to better
understand the business, its products, and its customers.
CEOs and CFOs are sharing similar preferences in terms
of organizational development, although CEOs are clearly
prioritizing product and service innovation.
In finance a lot of emphasis is given to process development
projects. When looking at the finance decision makers, other
than CFOs, business process automation rises to the top
priority. While CFOs are taking a more strategic role in the
company, others in the finance organization are focusing
more on the operational efficiency.
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CFO perspective CEO perspective Other finance decision
makers
BUSINESS MODEL INNOVATION
PRODUCT AND SERVICE INNOVATION
CUSTOMER EXPERIENCE DEVELOPMENT
BUSINESS PROCESS AUTOMATION
ORGANIZATIONAL RESTRUCTURING
42%
41%
39%
36%
35%
PRODUCT AND SERVICE INNOVATION
BUSINESS MODEL INNOVATION
CUSTOMER EXPERIENCE DEVELOPMENT
BUSINESS PROCESS AUTOMATION
ORGANIZATIONAL RESTRUCTURING
62%
44%
42%
29%
25%
BUSINESS PROCESS AUTOMATION
PRODUCT AND SERVICE INNOVATION
BUSINESS MODEL INNOVATION
ORGANIZATIONAL RESTRUCTURING
CUSTOMER EXPERIENCE DEVELOPMENT
51%
45%
41%
35%
32%
STRATEGIC ORGANIZATIONAL
PRIORITIES

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GROWTH
PROSPECTS BY CFOs
Growth plans for the
next 18 months
GROWTH IN CURRENT MARKET
AIM FOR AGGRESSIVE GROWTH AIM FOR MODERATE GROWTH FOCUS ON OPERATIONAL
EFFICIENCY AND REDUCING COSTS
NEW PRODUCTS AND SERVICES
GEOGRAPHIC EXPANSION
M&A, JOINT VENTURES,
STRATEGIC ALLIANCES
62% of CFOs are
expecting growth for their
organizations as 38% aims
to achieve profitability
through operational
efficiency and cost
reductions.
A clear majority is focusing
on organic growth in their
current market, although
a significant number is
planning on growing their
business through M&A,
joint ventures or strategic
alliances.
Product and business
model innovation is still
the main focus as it is
crucial for survival in a
constantly developing and
highly disruptive business
environment.
71%
24% 38% 38%
29%
45%55%

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4 WAYS TO SHINE
AS AN ACTIVE BUSINESS PARTNER
GET EXTROVERTED
Aside from efficiently running the organization's finance
department, today's CFOs are tasked to play a more active role in
business, providing financial insights, analysis, and more.
This requires a major mindset change, from introversion to
extroversion.
MASTER THE FUNDAMENTALS
In spite of changing demands, it's still a must for CFOs to master
finance fundamentals. It's a matter of authority, as staying on top
of the numbers gives them the license to contribute to the
business.
DEAL WITH DIGITIZATION
In multi-national companies, the CFO is already an important
stakeholder in the company, taking on the co-pilot to the CEO role.
But with digitalization, bigger data, growing metrics and vertical
functions, the role is expected to change and expand at an even
faster rate.
BE A CHANGE AGENT
It used to be that CFOs stay at the back-office and play the
supporting role. Today, they have to partner with other functions
and take a strong and visible leadership role paving the path
through change.
1 3
2 4

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”
The role of the finance function has been transformed from a nitpicker and
number cruncher to a challenger, consultant, and an aspiring partner for
the channel management and the CEO.
Head of Group Controlling, Energy and Resources
FINANCE ORGANIZATION
in the wake of the CFO

14. With the CFO role change, the role of the whole finance function has
transformed. Finance teams are stepping out to demonstrate their
ability to provide value adding insights for the business. Traditional
finance capabilities are the basis for a successful finance operations
- however, new capabilities are required.
New technologies, especially analytics capabilities and process
automation, are essential. To translate data into business insights
and delivering it in real-time for business decision making, finance
functions must take their information management strategy to the
next level. It requires switching to an agile method – such as the
efficient utilization of shared services to enable focus on value-add-
ing business advisory – and then showing the way for the whole
organization.
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THE FRONT RUNNER
THE BACK OFFICE AS
”
The quality of people is the most important thing in each
financial operation in corporate finance. That starts with
the recruitment of competent people
CFO, Transportation and Logistics
IMPROVING ENTERPRISE RISK MANAGEMENT CAPABILITIES
OPTIMIZATION OF SHARED SERVICE CENTERS
WORKING CAPITAL OPTIMIZATION
CAPITAL STRUCTURE OPTIMIZATION
MANAGING ACQUISITIONS AND DIVESTITURES
TAX PLANNING AND OPTIMIZATION
33%
36%
30%
27%
23%
11%
Development initiatives in
financial management

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”
One of the main issues to focus on is changing the culture of the finance
function. Developing people, turning them from a bookkeeping compliance
department to a real business partner, encourage them to challenge and
work together with operations and commercial departments to facilitate
growth and to steer and make innovation successful.
CFO, Public Transit

16. CURRENT STATE OF
FINANCE CAPABILITIES
Finance organizations evaluate their capabilities to be on a
good or excellent level on traditional finance responsibilities,
such as managing compliance and driving cost efficiencies.
Moreover, finance decision makers are already confident in
their ability to leverage data in business decision making.
Although successful in changing regulatory environments,
finance decision-makers haven’t fully embraced their role in
steering the corporate strategy direction and detecting new
business opportunities. Even though the capability to derive
value from data is perceived as sufficient by most, the real
time delivery of information is still on an inadequate level in
many organizations.
TOP 3 STRENGTHS IN THE FINANCE FUNCTIONS
(EXCELLENT OR GOOD CAPABILITIES)
TOP 3 DEVELOPMENT OBJECTIVES
IN THE FINANCE FUNCTIONS
(AVERAGE OR POOR CAPABILITIES)
CAPABILITIES TO RESPOND TO REGULATORY CHANGES
CAPABILITIES TO CONVERT DATA INTO BUSINESS INSIGHT
ABILITY TO DELIVER COST EFFICIENCIES ACROSS ORGANIZATION
75%
69%
65%
47%
45%
39%
REAL-TIME VISIBILITY TO ORGANIZATION'S PROFITABILITY
CAPABILITIES TO SUPPORT BUSINESS BY SEEKING NEW BUSINESS OPPORTUNITIES
ABILITY TO DEVELOP OVERALL CORPORATE STRATEGY
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17. Current state of real-time visibility
to organization's profitability by region.
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A significant number of
finance organizations struggle
in delivering real-time data
for their organization, but the
results show big differences
across Europe.
Finance decision makers in
Austria and Turkey are more
satisfied with their capabilities
to deliver timely
information, whereas
especially Sweden, Germany,
and the Netherlands express
substantial concerns.
REGIONAL PERSPECTIVES
ON REAL TIME VISIBILITY
EXCELLENT OR GOOD AVERAGE OR POOR
57%
43%
34%
66%
32%
68%
The Netherlands
Switzerland
73%
48%
52%
27%
43%
57%
47%
53%
62%
38%
63%
37%
Finland
Sweden
Norway
Denmark
Germany
Austria Turkey

18. PUBLIC SECTOR
SERVICES
TECHNOLOGY, MEDIA AND TELECOM
HEALTHCARE AND LIFE SCIENCES
FINANCIAL SERVICES
MANUFACTURING
ENERGY AND RESOURCES
RETAIL AND CONSUMER
Of the different industries,
the ones lacking the most
in organizational real-time
visibility are the public
and services sectors.
Retail industry emerged
as the most developed in
terms of delivering
decision-makers timely
information.
INDUSTRY PERSPECTIVES
ON REAL TIME VISIBILITY
EXCELLENT OR GOODAVERAGE OR POOR
62%
60%
55%
50%
47%
45%
42%
39%
38%
40%
45%
50%
53%
55%
58%
61%
Current state of real-time visibility to organization's profitability by industry.
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”
You have to train people how to let go and step back from what they
previously had.
CFO,Public Transit
KEEPING IN STEP
WITH TECH

20. CFO being the sparring
partner of the CEO is not
the only thing that has
changed in the CFO role.
A succesful CFO needs
more than that. After all,
the initial reason for the
new requirements of the
financial leader is the
transforming environment
which is strongly due to
the digital technologies
rumbling through the
markets.
Today, CFOs need to be
able to grasp what new
technologies can do for
the business and how to
capitalize on them.
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CFO CAPABILITIES
EXTENDING
Organizational technology priorities
currently and in three years according to CFOs
CURRENT PRIORITY
PRIORITY IN 3 YEARS
ANALYTICS AND
BIG DATA
50
40
30
20
10
0
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_
_
_
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_
_
_
_
_
_
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_
_
_
_
_
MOBILITY CYBER
SECURITY
SOCIAL MEDIA CLOUD SERVICES INTERNET OF
THINGS
ADVANCED
MANUFACTURING
AND SERVICE
ROBOTS
SOFTWARE
ROBOTICS AND
AUTOMATION
OF KNOWLEDGE
WORK
AUGMENTED
REALITY
3D PRINTING /
ADDITIVE
MANUFACTURING
16%
1%
6%
4%
16%
11%
16%
11%
26%
24%
21%
32%
26%
38%
26%
42%
24%
44%
42%
34%

21. WITH TECH
COMPETITIVITY CHECK
The technology agenda of CFOs strives to increase the
organization’s efficiency both in daily processes and fact-
based decision making.
Currently finance organizations are focusing heavily on
data-related projects. As showed earlier, making data flow
smoothly across the organization and delivering real-time
information for decision making was still a challenge for
most organizations. The ability to react fast to external
changes is critical in the turbulent, disruptive business
environment and finance organizations are now focusing
their development projects on ensuring their company’s
competitive power.
Digitalization and automation of processes are still high
on the priority list of finance. Different organizations
are in different phases in their digitalization journey
which, though, is inevitable when pursuing efficiency and
cost-savings in long term.
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INTEGRATING DATA ACROSS ORGANIZATION
IMPROVING SPEED AND ACCURACY OF FINANCIAL REPORTING
INCREASING FLEXIBILITY IN PLANNING AND FORECASTING
DIGITIZATION AND AUTOMATION OF FINANCE PROCESSES
IMPROVING PRODUCT AND CUSTOMER PROFITABILITY ANALYSIS
46%
42%
36%
28%
46%
Data as the strategic priority in
finance initiatives

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COLLECT DATA
EXTRACT KNOWLEDGE
EXECUTE STRATEGY

23. The development in the field of data and analytics are
escorting CFOs to the frontline strategists of the
organization. Data collection to produce business
insights is starting to be a rule rather than exception.
Still, running an analysis to turn data into usable,
valuable information is a challenge, not to mention
taking it into the level of strategic decision making.
The main goals for analytics investments in finance are
to improve visibility, increase the ability to response to
the external changes, and to better identify and manage
risk.
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56%
48%
40%
34%
33%
26%
Goals for analytics initiatives
IMPROVED VISIBILITY OF FINANCIAL AND OPERATIONAL PERFORMANCE
FASTER RESPONSE TO CHANGING MARKET ENVIRONMENT
BETTER RISK RECOGNITION AND MANAGEMENT
ABILITY TO PREDICT TRENDS AND NEW BUSINESS OPPORTUNITIES
INCREASED EMPLOYEE PRODUCTIVITY
IMPROVED VIEW OF CUSTOMER ACTIVITIES ACROSS CHANNELS
VALUE DRIVER
DATA AS A

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Technology will change everything. So far it’s eating our world so that
everything that can be digitalized will be digitalized. I believe in the future
technology will create a world that’s completely different from what we now
know. It’s going to move from a centralized towards a decentralized world
where everybody, anyone, or anything can become a company on its own.
Sander Duivenstein, Trendwatcher and Strategic Advisor on Disruptive Innovations
”

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Annually, our 160 invitation-only business events gather 20 000 leaders and 2 500 solution providers, generating more than 70 000 face-to-face meetings. To identify
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