The Changing CFO Role Requires Greater Collaboration with HR and IT

Finance leaders are getting their hands into areas of the business where traditionally they may have had a lighter touch, according to SAP Concur research.  

The strategic nature of C-level roles—and their crossover—has increased in recent years. CFOs have a responsibility to ensure financial accountability and return on investment across the organisation, leading to collaboration across departments, including human resources and information technology, on initiatives and associated spending. 

Here’s a quick look at how CFOs say they are partnering with other members of the C-suite for better business outcomes. 

CFOs and CHROs 

CFOs play a valuable role in ensuring their organisation runs smoothly, which now includes partnering with their CHRO and other HR leaders to support initiatives in employee experience, sustainability, and more. In fact, 87% of finance leaders surveyed in our 2023 CFO Insights research said their crossover with HR is more significant than ever.  

Virtually every finance leader in our 2024 survey regarded their relationship with HR as important, and their highest-priority areas for collaboration included incentivising high performers, diversity, and addressing the gender pay gap. Additionally, amid talent shortages, collaboration between CFOs and CHROs is necessary to facilitate stronger employee experiences and better attract and retain employees. 

However, there are some hurdles to overcome as CFOs and CHROs work together. For instance, finance and HR departments often rely on different metrics to evaluate business value and results. Identifying ways to marry data derived from solutions like Concur Expense and Concur Travel—which turn tedious tasks into better experiences, have the added benefit of integration, and use artificial intelligence (AI) technology to support analytics—can offer learnings to facilitate collaborative decision-making across teams. 

CFOs and CIOs/CTOs 

New challenges are rising to the top of the CFO priority list, drawing stronger lines between them and the CIO or CTO. The U.S. Securities and Exchange Commission (SEC) began its enforcement of new cybersecurity rules at the end of 2023. Clean data is critical as organisations begin to adopt generative AI to streamline functions and address business needs. Increasing prevalence of technology complexities in the finance function is strengthening the connection between CFOs and technology leaders. 

Our survey revealed some noteworthy areas of partnership for CFOs and their C-level technology counterparts. Cost control (58%), AI (53%), and digital transformation strategy (49%) are among the most cited initiatives that CFOs feel that they must collaborate on with heads of IT. Cybersecurity was only selected by 24% of respondents, suggesting that more emphasis may be warranted to protect sensitive data and minimise company risk. 

Also, it is less surprising that AI ranks higher in the list, as 51% of CFOs say they are investing in AI to support bookkeeping, financial planning, risk scenario planning, monitoring for fraud, and more. But even as many CFOs embrace AI, 58% say they understand very little about the technology, and 46% say they urgently need training or in-depth education on it. A partnership between CFOs and technology leaders may be essential to ensure responsible AI use as knowledge catches up with innovation. 

For more information about how CFOs are collaborating with other members of the C-suite to hold a more strategic role in their organisation—and for additional survey findings—download “CFO Insights Report: Repositioning for Growth.”