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Chief financial officer in 2021 From accenture

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Accenture released the “chief financial officer (CFO) report 2021”. As the pandemic continues to challenge global enterprises, the role of chief financial officer (CFO) has further shifted from “economic Guardian” of enterprises to “architect of business value” and “catalyst of digital strategy”. Nearly three quarters of global CFOs (72%) report that they have the final decision on the appropriate technology direction of enterprises.

The report identifies a group of elite CFOs (17%), who have effectively changed their roles, resulting in positive changes in the top line growth and bottom line profitability of their organizations. It fully embodies its new role and operates effectively at a breakthrough speed. They can almost double their compound annual growth rate of EBITDA from 3.8% to 6.9% in the next three years, and increase their compound annual growth rate of corporate income from 2.7% to 3.0%.

These excellent CFOs have broken through the scope of their responsibilities and produced lasting influence in the following three roles:

“Economic Guardian” – through collaboration across top management, CFO can give full play to all the advantages of digital transformation by providing new insight into forecasting.

Currently, more than half (60%) of traditional financial tasks are automated.

Despite the progress in digital transformation, in the past two years, less than half of CFOs (43%) used advanced financial models to identify future risks and opportunities; only 23% used the cloud to gain new insights; and only 16% used the cloud to identify new sources of value.

“Business value architect” – successful CFOs drive end-to-end insights through real-time data and models to leverage technology and data to synchronize information across C management.

Nine out of 10 CFOs (86%) use visibility, analytical capabilities, access to data, and insight into enterprise risk to improve the frequency and scope of collaboration with senior management partners.

88% of CFOs introduced new indicators to make better use of the collaboration between finance and enterprises.

“Catalyst for digital strategy” – more and more companies want CFOs to take the lead in thinking about the future business model, and focus on security to promote the technical agenda.

In fact, 68% of CFOs say that finance is ultimately responsible for ESG performance within the enterprise.

However, 34% of respondents specifically mentioned concerns about data and privacy disclosure, which is an obstacle to their full use as a driving force for strategic change.

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