Prophix-Sponsored FSN Survey Reveals the Challenges Facing Today’s CFOs

Prophix Software, a pioneer in global Corporate Performance Management (CPM) software, has co-sponsored a new global survey on the role of the CFO. Published by FSN, the survey highlights the common challenges faced by CFOs across the globe and took in the opinions of more than 760 senior finance professionals.

Titled ‘The Future of the Finance Function’ the findings indicate a significant gap between perception and what is happening on the ground for CFOs. It reveals that CFOs are struggling to balance their traditional role as financial steward and guardian of corporate assets, and the new demands of a business partner, strategic advisor, and technology influencer.

It also highlights that a third of CFOs rely on gut feel rather than data when decision-making, two-thirds have not yet mastered the quantity or variety of business data available, and a similar number do not invest sufficient time in innovation and process improvement or business partnering.

Daniel Mason, Prophix UK Managing Director, said: “As a business that is ensconced in the world of financial information it was a real privilege to co-sponsor this report and add our own analysis and interpretation to the challenges that our customers face.

“It’s clear that CFOs feel time poor and it is hampering their ability to innovate, standardise and automate, not to mention finding the best talent to support their vision. CFOs are facing an accelerated business world and a growing portfolio of responsibilities. Since time is finite, the only answer is to do more with less. That’s not just about technology. It’s about building better processes and acquiring the right skills within the function – skills that seem to be in short supply.

“The return on investment in upskilling and reskilling the finance function is dramatic. We’ve witnessed truly transformational programmes with our customers where our software has been part of the realisation of a much greater vision. A vision that recognised the importance of new technical, social and communication skills in the creation of a truly modern finance function.”

Gary Simon, CEO of FSN and leader of the Modern Finance Forum on Linkedin said: “As finance professionals we are facing some of the most demanding and challenging conditions for decades and the survey brings into sharp relief the progress we have made along the modern finance journey as well as the work that is still to be done. Over the next few months, we will be exploring and discussing the lessons we can draw from the survey and how we can each improve our contribution to our own organisations.

“We would like to extend our thanks to Prophix for their support of ‘The Future of The Finance Function.”
To download a copy of the full report click here.

About Prophix

Prophix develops innovative software that automates critical financial processes such as budgeting, planning, consolidation, and reporting—improving a company’s profitability and minimizing their risks. Thousands of forward-looking organizations in nearly one hundred countries use software from Prophix to gain increased visibility and insight into their business performance. For more information, visit www.prophix.com.