Gartner: Transformation Is a Top Priority for CFOs in 2024

Published On: February 11, 2024Categories: Buzz

Leading digital transformation efforts in the finance function is the top area CFOs are focused on in 2024, according to a recent survey by Gartner.

The survey of 185 CFOs, conducted through September and October 2023, revealed that improving finance metrics, insights and storytelling, leading change management efforts, and optimizing costs were also priorities that over 70% of CFOs considered to be critical to their success.

“The focus on transformation efforts aligns with the increased interest in GenAI and other disruptive technologies,” said Marko Horvat, vice president of research in the Gartner Finance practice. “Transformation and functional improvement are the predominant themes through the top 10 priorities for 2024,” added Horvat. “Leading change, improving the strategy design and function of the finance team, and leading transformation are three of the top five critical priorities.”

At the same time, however, CFOs foresee considerable difficulties ahead when modernizing finance department structure because efficiently deploying and integrating new finance technology can be time-consuming and disruptive to day-to-day activities.

Gartner advises that successful transformation efforts in finance tend to require that the CFO actively leads technology delivery efforts, rather than simply engaging and collaborating with IT departments.

“What we hear broadly from CFOs is that digital initiatives aren’t meeting their expectations,” said Horvat. “Unless CFOs reassess how they and their teams lead digital initiatives, those initiatives will continue to disappoint.”

Gartner clients can learn more in: “CFO & Finance Executive Priorities for 2024.” Non clients can watch: “Top 5 Finance Trends and Priorities for CFOs in 2024.”

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