Digitalising their divisions is currently a high priority for many CFOs. This is according to 73 percent of the 522 CFOs surveyed worldwide in the current PwC study “The Digital CFO”.
Nevertheless, the digitalisation of the finance sector is often still in its infancy in many companies. Dashboarding tools for clear reporting are already widespread, but technologies such as artificial intelligence or process mining are rarely used. Large corporations with a turnover of more than 10 billion euros, on the other hand, find it easier to deal with the issue, as they often have both the budget and the right staff for the job.
Although CFOs are keen to advance the digitalisation of their divisions, digital finance projects often aren’t properly synchronised with the digitalisation strategy for the entire company. In addition, things can get stuck when it comes to incorporating existing digitalisation strategies into day-to-day work routines. One thing that is true is that CFOs should be even more confident when it comes to using new technologies. In addition, deeper digitalisation can offer strategic advantages for CFOs.
All these points and more are discussed in the latest study, which was created as a joint project between the auditing and consulting firm PwC and the WHU – Otto Beisheim School of Management.