PwC study: The Digital CFO

The digitalisation of finance functions has potential to grow

Most CFOs are quite satisfied with the digitalisation of their area. But there is still room for improvement: what is currently preying on the minds of global CFOs, why the digital transformation of finance functions has remained on the surface so far and how the role of the CFO will change in the future.

According to a PwC survey, the majority of CFOs are satisfied with the digitalisation of finance functions. However, the field of finance is far from exploiting the full potential of digital transformation: many opportunities remain untapped, for example because of a lack of expertise and human resources. The main potential lies in the use of modern technologies such as artificial intelligence or process automation. These technologies must be used in finance to change from a backward-looking sector to a forward-looking future for finance functions. And thus to strengthen the sector’s own strategic importance within the company. The financial means for this seem to be available: after all, almost half of CFOs expect their digitalisation budgets to grow in the future.
Our study “The Digital CFO” provides further insights into digitalisation initiatives and obstacles facing finance functions.

73%

of CFOs believe that the digitalisation of finance functions is important.

44%

of respondents expect their digitalisation budget to grow in the future.

56%

of companies largely avoid using process mining.

18,5%

of CFOs’ time is devoted to digitalisation.

Further insights around digitalisation initiatives and hurdles in the finance function are provided in our study "The Digital CFO".

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