CFO Insights: What Are Your Priorities for 2024? CFOs Share Their Top Priorities for the Coming Year

With global turbulence, inflation, higher borrowing costs, digital transformation, and more, CFOs have plenty of possible places to focus their energies in 2024. But what should be their top priorities?

Finance leaders across the globe share their thoughts on that big question in a new eBook, CFO Insights: Top Priorities for CFOs in 2024, and their input reflects the evolving, well-beyond-the-numbers expectations of their roles today.

“The CFO is no longer the gatekeeper sitting in the back room with a calculator. They are much more forward-thinking. They’re resilient, especially in turbulent times. They’re embedded in the business,” says Stanton Chase’s Cathy Logue, managing director, global functional leader CFO and financial executives. “CFOs are working as part of the business, not just supporting the business.”

 

Insights Into Your Priorities for the Year Ahead

The newest entry in the SAP Concur CFO Insights series examines top areas that CFOs should consider focusing on in 2024 so they’re ready for the times and the change ahead.

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Focus on the Fundamentals

Cutting waste, achieving the largest return on investment, and improving revenue growth are what’s expected from CFOs today. And it’s what makes them valued partners in their companies.

As Thomas Lavin, chief controlling officer, marketing and solutions, for SAP observes: “I’m focusing on the basics. For me, that includes embracing digital transformation and optimization of revenue growth with improved profitability in a sustainable way for long-term business health. You also need realistic planning and a good sense of the macroeconomic environment and the agility to course correct.”

Balance Stability and Growth

Growing your business is always important, but stability and the ability to withstand change and disruption are valued highly in today’s environment. More than two-thirds – 36% – of CFOs list stability as their primary business goal for 2024, outranking the organic growth mentioned by 25%.¹

“My top priority is bringing value to our customers by supporting our teams and investing in digitisation and people management,” says Tamara Dzule, VP finance/CFO Brazil for Mastercard. “People need to understand how technology will benefit everyone. It’s challenging to balance both short- and long-term priorities.”

Keep Up with the Speed of Change

CFOs recognise that insights and technology are critical to helping their businesses get ahead and not have to be disrupted by new tools and the new kids on the block. So they are investing in data analytics, automation of finance processes, AI and machine learning, travel and expense management, and other systems.

“Technology has accelerated dramatically. As a CFO I have to be much more agile and have a broad understanding of the business,” notes Benoit De Saeger, regional director, CFO, of Terumo.

Drive Digital Transformation

With their central role in strategic planning and finance, CFOs are in the perfect spot to increase the adoption of new technologies that deliver efficiency, flexibility, and resilience at their companies. They can, drawing on the great amounts of data they have at hand, help transform processes, technology, and their companies.

And that gives them valued and sought-after skills, observes Logue of Stanton Chase, the executive recruiting and consulting firm: “Every organisation I speak with is looking for a CFO with a track record of leading transformation in their organisation.”

Create Value for Customers and the Company

Where once a CFOs was detached and somewhat distant from their business’s actual customers, now they must understand how parts of their company interact with and serve those customers. Doing so allows them to better allocate the resources and money those outside the finance team require to help the business survive and thrive.

“The finance function overlaps every part of the business. CFOs need to understand what drives the business besides the numbers,” says Sinead Fitzmaurice, CEO of TransferMate Global Payments. “Develop those relationships with other departments. The CFO is an all-rounder generalist as well as a very solid financial controller.”

Learn More about CFO Priorities

Read the eBook to learn more about targeting priorities that can make your company more efficient and ready for change while allowing you to fulfill the broader, more strategic role CFOs have today.

¹. IDC, Worldwide Small & Medium Business Survey, 2023.