In its latest report, Sage uncovers the three pivotal ways finance leaders can achieve business success.
In a world where change is the only constant, the CFOs who thrive are those who adapt, innovate and lead with empathy and insight. Here are the three ways they can achieve leadership success:
Redefine influence beyond budget management.
The pace of change in the business world has accelerated, compelling CFOs to adapt swiftly. An overwhelming majority (96%) of CFOs polled anticipate that the role of finance within their organisations will undergo dramatic changes in the next three years.
That’s why successful CFOs are expanding their roles beyond traditional budget oversight to include diverse responsibilities such as fostering cross-departmental collaboration. Such collaborations have increased by 30% over the last five years, making CFOs the central figures in enhancing teamwork and dismantling operational silos.
Balance the ledger of life.
The issue of stress and burnout among CFOs is strikingly prevalent, with 87% experiencing regular stress and 83% reporting burnout. Pursuing a work-life equilibrium also remains a formidable challenge, with only 27% achieving a satisfactory balance despite 95% feeling successful professionally. This highlights the ongoing struggle to find harmony between professional achievements and personal well-being, emphasising the need for financial leaders to manage success and sacrifice effectively.
Embrace the tech-finance fusion.
Embracing the integration of technology and finance is key to elevating decision-making and operational efficiency. Those who adeptly merge technology into their finance operations report a 20% higher satisfaction level in their roles.
When it comes to AI, 79% believe it has the potential to revolutionise their organisation’s workflows, whilst 78% acknowledge that implementing it in finance is necessary to maintain a competitive edge. Yet, despite AI’s recognised value, there’s a disparity in its adoption for finance-specific tasks—whilst 86% of organisations have embraced it, only 51% have used AI-powered finance tools.
Sage will be discussing how CFOs can become more tech-savvy to drive their organisations forward in a free webinar on 3 April, 11 am AEDT. Learn more about the webinar here.
Read also: Why supercharging your finance team with technology is a smart move
Geraldine is currently the Content Producer for Third Sector, an Akolade channel. Throughout her career, she has written for various industries and international audiences. Her love for writing extends beyond the corporate world, as she also works as a volunteer writer at her local church. Aside from writing, she is also fond of joining fun runs and watching musicals.
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