# Recent survey of CFOs reveals what finance teams should be prioritising in 2021
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-02-22
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: The Future of Finance: CFOs Embrace Digital Transformation
Meta Description: Survey reveals CFOs prioritising tech solutions, automation, and tech-savvy recruits to modernise finance and drive efficiency for future growth.
URL: https://financedigest.com/recent-survey-of-cfos-reveals-what-finance-teams-should-be-prioritising-in-2021html

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_By **Andrew Foster,** VP Consulting EMEA, [AppZen](http://www.appzen.com/)_

Despite a tumultuous 2020, a recent survey of CFOs conducted by AppZen showed that the majority have strong feelings of optimism about the future. Business leaders are confident that growth is on the horizon, mainly driven by the adoption of new technologies in their organisations. The survey of over 200 CFOs, senior finance executives and CEOs revealed that automated solutions will be prioritised by finance leaders, to modernise procedures as they embrace accelerated digitalisation. Respondents are also valuing tech-savvy recruits over those with only traditional accounting and finance skills.

**Digitalisation and the** [modern CFO](https://www.financedigest.com/who-is-the-modern-day-cfo.html "WHO IS THE MODERN DAY CFO?")

The [global pandemic has undoubtedly amplified the need for digital transformation](https://www.financedigest.com/open-finance-the-next-step-for-global-digital-transformation.html "Open finance – the next step for global digital transformation"). Increasingly, for new technologies to be implemented, the modern CFO must be involved in decision-making from the start, especially when evaluating [digital solutions](https://www.financedigest.com/carta-teams-up-with-vauban-to-launch-the-first-digital-solution-aimed-at-venture-capital-investors-creating-luxembourg-based-funds.html "Carta teams up with Vauban to launch the first digital solution aimed at venture capital investors creating Luxembourg-based funds"). The changing role of the CFO was illustrated by the survey results, which showed that CFOs are now trailblazing ahead of CEOs and CIOs, championing [digital transformation projects not only in finance](https://www.financedigest.com/future-of-finance-2023-digital-transformation.html "Future of Finance 2023: Digital Transformation") departments but company-wide.

Technology adoption and [digital transformation will change the role](https://www.financedigest.com/whose-role-is-it-anyway-why-finance-underpins-data-led-digital-transformation.html "Whose role is it anyway? Why finance underpins data-led digital transformation") of the CFO for many companies. According to the executives surveyed, the main challenge for [digital transformation](https://www.financedigest.com/is-the-road-to-data-transformation-slowing-digital-transformation.html "Is the road to data transformation slowing digital transformation?") projects is support from C-suite executives, including CEOs and chief information officers. Also, 86% agree there is a heightened need for CFOs to provide real-time and accurate [insights to key](https://www.financedigest.com/automotive-chain-sprockets-market-key-insights-profiling-companies-and-growth-strategies-by-2027.html "Automotive Chain Sprockets Market Key Insights, Profiling Companies and Growth Strategies by 2027") stakeholders, another responsibility of the modern CFO that overlaps with traditional CIO responsibilities.

![Andrew Foster](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/andrew-foster-photo-higher-res-copy-450x359-1736838559307-compressed.jpg)

Andrew Foster

**Automation is king**

For business leaders, productivity and efficiency are always key objectives, but the economic impact of [Covid and remote working](https://www.financedigest.com/remote-working-during-covid-a-successful-social-experiment.html "Remote working during COVID: a successful social experiment") have only magnified the importance of these aims. A striking 90% of survey participants agreed that reducing manual, time-consuming procedures is a top priority for [finance leaders](https://www.financedigest.com/now-is-the-time-for-finance-leaders-to-take-on-a-more-strategic-and-valuable-role.html "Now is the time for finance leaders to take on a more strategic and valuable role"). Overwhelmingly, implementing [automation technologies](https://www.financedigest.com/being-nimble-and-responsive-in-banking-and-business-has-arrived-thanks-to-accounting-automation-technologies.html "Being Nimble and Responsive in Banking and Business Has Arrived, Thanks to Accounting Automation Technologies") and reducing manual work is seen as vital to improving the efficiency of finance teams.

Interestingly, the survey revealed that finance leaders regretted not [investing more in technology across the past five years](https://www.financedigest.com/halfway-through-2021-what-can-you-do-now-to-finish-the-2021-investment-year-strong.html "Halfway through 2021, what can you do now to finish the 2021 investment year strong?"). This includes buying into advanced analytics, AI, blockchain, [distributed ledger technology](https://www.financedigest.com/how-distributed-ledger-technologies-are-transforming-esg-reporting-for-financial-intermediaries.html "How Distributed Ledger Technologies are transforming ESG reporting for Financial Intermediaries"), machine learning and robotic process automation. Having recognised the error of their ways, most finance officials are implementing new tools into finance procedures, including expense audit automation.

**Out with the old skills and in with the new**

As the research has shown, CFOs are increasingly [adopting digital](https://www.financedigest.com/why-banks-cant-adopt-digital-identities-fast-enough.html "Why Banks Can’t Adopt Digital Identities Fast Enough") solutions. Therefore, it is unsurprising that CFOs are reprioritising the type of skill-set that they value. The rising use of technology in finance teams has led CFOs to [favour those with digital](https://www.financedigest.com/snap-happy-79-of-brits-ditch-digital-cameras-in-favour-of-phone-photos.html "Snap Happy: 79% of Brits ditch digital cameras in favour of phone photos") skills. Although finance and [accounting skills are still customary requirements](https://www.financedigest.com/whats-required-of-accounting-to-build-a-better-tomorrow.html "What’s required of Accounting to build a better tomorrow") for new recruits, CFOs recognise the need for tech-savvy employees who are able to operate and onboard new solutions. They are as much of an [investment as the technology](https://www.financedigest.com/adnami-to-receive-six-figure-sum-of-investment-from-danish-government-in-recognition-of-its-pioneering-technology-and-strategy.html "Adnami to receive six-figure sum of investment from Danish government in recognition of its pioneering technology and strategy") itself.

CFOs are placing a greater emphasis on recruiting new [finance talent with more technological/digital and data management/analytical skills](https://www.financedigest.com/utilising-digital-tools-to-close-the-finance-and-accounting-skills-gap.html "Utilising digital tools to close the finance and accounting skills gap"), rather than talent with traditional finance accounting skills. This preference is even more pronounced in certain industries, with statistics showing that in the Auto, Industrial, and [Manufacturing sector](https://www.financedigest.com/expansion-in-manufacturing-sector-has-increased-demand-for-industrial-cooling-system-market.html "Expansion In Manufacturing Sector Has Increased Demand For Industrial Cooling System Market"), the balance tips largely towards technology skills (38%) versus accounting skills (8%). This [trend comes as CFOs look to add digital and technology](https://www.financedigest.com/technology-trends-heat-up-for-financial-firms.html "Technology trends heat up for financial firms") capabilities to their teams directly – giving them even more control over their systems and reducing the need for IT involvement.

**Conclusion**

Having [overcome one of the most challenging](https://www.financedigest.com/overcoming-challenges-faced-in-business-from-one-woman-to-another.html "Overcoming challenges faced in business: from one woman to another") years to date, finance executives are looking ahead with hope and positivity. They have been forced to adjust to an entirely different way of working; managing [teams remotely](https://www.financedigest.com/build-a-strong-remote-team-with-these-5-steps.html "Build A Strong Remote Team With These 5 Steps") and formulating long-term business strategies whilst prospects for the upcoming year remain unclear.

A few certainties, however, have emerged. There is a consensus among [finance leaders that investment in new technologies is key to streamlining operations](https://www.financedigest.com/stellantis-reshuffles-european-financing-operations-through-new-jvs-with-banks.html "Stellantis reshuffles European financing operations through new JVs with banks") that have historically been stalled by manual procedures. [CFOs have recognised the benefit of leveraging automated solutions to strengthen business](https://www.financedigest.com/cfos-its-time-to-own-the-business-model.html "CFOs: It’s time to own the business model") resilience and efficiency and are prioritising digital skills amongst their employees as well. These are the types of [businesses that will thrive well into the future](https://www.financedigest.com/surgical-equipment-market-high-trend-opportunities-offers-future-business-growth-by-2030.html "Surgical Equipment Market High Trend Opportunities Offers Future Business Growth by 2030").

Anant Kale, CEO of AppZen confirms, “We share in the optimism for the year ahead and look forward to continuing to [innovate and advance technology to help finance](https://www.financedigest.com/innovations-in-finance.html "Innovations in finance") teams. [CFOs and finance](https://www.financedigest.com/gary-mcgaghey-explains-how-cfos-can-strengthen-decision-making-processes-and-reimagine-the-finance-model.html "Gary McGaghey Explains How CFOs Can Strengthen Decision-Making Processes and Reimagine the Finance Model") leaders will not only benefit from leveraging AI, it’s all about reimagining and being open to change across the entire enterprise so efficiency, financial decisions, compliance, and accountability are front and centre. This is [critical as organisations undergo digital](https://www.financedigest.com/critical-learnings-in-digital-transformation.html "Critical learnings in digital transformation ") transformation.”

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