In today's rapidly changing business landscape, the role of Chief Financial Officers (CFOs) is expanding beyond traditional finance management. According to a recent survey by Gartner, modern CFOs are increasingly taking ownership or co-ownership of areas such as information technology, artificial intelligence, and digital transformation. This shift requires CFOs to rethink their responsibilities and ensure clear alignment within their teams to effectively manage these new challenges. The survey also highlights that 76% of CFOs are involved in enterprise data and analytics strategy, while 70% focus on risk management and 68% prioritize corporate strategy. As CFOs take on more strategic roles, they must carefully consider how to build teams that can support these evolving demands.
Expanding Horizons: CFOs Embrace Technology and Strategy Leadership
In an era of digital transformation, CFOs are no longer confined to just overseeing financial matters. In a world where emerging technologies like AI are reshaping industries, CFOs are now at the forefront of leading technology and data-related initiatives within their organizations. A comprehensive study involving 251 finance chiefs revealed that a significant majority—76%—are actively involved in shaping enterprise data and analytics strategies. Additionally, 70% of CFOs are focused on enterprise risk management, while 68% have made corporate strategy a top priority.
These expanded responsibilities mean that CFOs must now think critically about how their teams are structured and aligned. Mallory Bulman, a leader in Gartner’s Finance practice, emphasized the importance of ensuring that there is “good alignment and clarity around who’s doing what in teams.” Without this clarity, CFOs may find themselves pulled into operational firefighting rather than focusing on strategic initiatives. Moreover, as CFOs shift their focus to more strategic tasks, they are placing greater emphasis on hiring talent with specialized skills in areas like data analysis, digital transformation, and AI.
According to Bulman, CFOs should approach hiring by asking, “How can I build a team that complements my strengths and achieves the function’s goals?” This approach is particularly crucial given the ongoing shortage of skilled professionals in accounting and finance. Despite these challenges, CFOs are adapting by seeking candidates who possess both financial acumen and digital expertise, especially as AI continues to play a larger role in finance operations. In fact, 43% of CFOs cited AI as a key area where they have ownership or co-ownership, underscoring the growing importance of digital skills within finance teams.
Looking ahead, the composition of finance teams is expected to undergo significant changes. With the increasing adoption of AI and other digital tools, it’s possible that up to half of finance teams could consist of digital talent rather than traditional finance professionals, depending on the organization’s digital footprint. This shift will require CFOs to adopt new strategies for talent acquisition and development, ensuring that their teams are well-equipped to thrive in an increasingly digital future.
From a journalist's perspective, the evolving role of CFOs reflects a broader trend in the business world where leaders are being asked to embrace new technologies and lead transformative change. The challenge for CFOs will be to balance their traditional financial oversight with these emerging responsibilities, all while fostering a team environment that supports innovation and growth. As organizations continue to digitize, the CFO’s ability to adapt and lead in this new landscape will be critical to their success.