Insights from the 2023 CFO Survey
Understanding the current economic landscape through the eyes of top finance leaders.
Finance ties every area of business together. Spaulding Ridge’s 2023 CFO survey reveals what finance leaders are seeing in the market, how it’s affecting their businesses, and how they’re adapting to these challenges. From enhancing cash flows to adopting AI, read more to learn how finance leaders are preparing to take control in 2024.
Spaulding Ridge’s 2023 CFO Survey explores the thought-process of financial leaders and what specific tactics they believe will lead to success. Our survey pulled in leaders from diverse industries at commercial to enterprise scale, including:
- High Tech
- Healthcare
- Manufacturing
- Retail
- NGOs
The result: Actionable and detailed insights financial leaders can use to set their strategy for the year to come.
Key Takeaways from Survey: The Six Themes
CFOs are Focused on Cost Management
Effective cost management is top of mind in 2024, with tighter budgets expected.
Finance is Ripe for Automation
In a landscape full of new technology solutions, industry heads are shifting their focus to automation to minimize manual processes and reduce costs.
Employee Retention and System Modernization are Intertwined
Reducing frustrating manual efforts and maintaining your workforce go hand in hand. Enhanced business solutions can help you retain top talent.
Migrate to the Cloud or Get Left Behind
It’s time for businesses to streamline and consolidate their tech stacks. With this, moving to the cloud is on every CFO’s mind heading into 2024.
Data Capabilities are Critical
CFOs understand they aren’t fully utilizing their existing data. By building their data capabilities, they can unlock new value.
Artificial Intelligence and Machine Learning have Untapped Potential
AI and ML are emerging technologies, but they’ve already proven their value in several key areas of finance. Smart CFOs are exploring what benefits they can provide.
Brief Overview of CFO Survey Results & SR Insights
What is your level of confidence for hitting financial targets for this year?
CFOs are confident in their performance—but not overly confident. This moderate level of confidence reflects cautious optimism about their performance, their teams, and the economy.
Choose the top three most urgent financial challenges facing your organization.
72% of CFOs emphasize that the retention of talent/managing headcount is a major challenge entering 2024. It’s clear that financial leaders want to prioritize their workforce and the specific tools to help them succeed.
What are your biggest pricing pain–points?
Despite emphasis on cost-reductions, many CFOs are continuing to make investments where they matter. With more than 40% of respondents planning to invest in technology, it’s evident that leaders see tech as essential to hitting their goals.
Are you employing data scientists within your finance organization?
A whopping 68% of respondents told us they don’t employ data scientists within their finance department. If CFOs are going to benefit from their data, they’ll need the right professionals on their team to give them the capabilities they need.
How do you prioritize your investments in technology and innovation? Rank highest to lowest.
Business process improvements are a clear priority for finance teams, and given their emphasis on productivity, it’s no surprise. CFOs in this boat should invest in automation to make sure everyday tasks and common processes aren’t bogging them down.
On a scale of one to five, how would you rate the accuracy of your forecasts?
This average is respectable, but there’s room to improve. Finance leaders have several ways to increase forecast accuracy that they should consider. Speaking of which…
Are you using any kind of AI to inform your forecasts?
AI will shape 2024 in ways we can’t predict—but AI-powered forecasting models are clearly underutilized, and they’re poised to make a big impact for CFOs that adopt them.
How would you describe your financial reporting environment?
About 62% of finance leaders are currently utilizing multiple systems to track their financial performance. With many different data sources, leaders are facing challenges acquiring accurate and actionable data.
If you could improve one of these metrics, which one would be the most important?
Respondents were split on this question. It’s likely that cash flows are driving this, and that expensive debt is keeping companies focused on their bottom line.
Learn More
This is just a sample of the insights contained in our report. Download our insights at the link below! You can also check additional assets from our finance experts.
Ideas to Launch Your Transformation
Explore articles, resources, and guides designed to help business leaders make more informed decisions.
Marketing Intelligence with AI & Data Standardization – Healthcare Company
This innovative healthcare system transformed its marketing effectiveness by leveraging AI and data standardization to gain a complete view of performance across the patient journey. By implementing advanced attribution models and a centralized ROI dashboard, they connected marketing efforts directly to patient outcomes and revenue. As a result, achieving greater visibility, improved decision-making, and unlocked measurable ROI from their marketing investments.
.png)