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Amber Hickman |
Analyst firm Gartner has released its top five financial trends for 2024 and priorities for chief financial officers.
The company’s 2024 Finance Executive Priorities Survey asked 185 chief financial officers to rank their top priorities and related critical tasks. Leading change efforts was the most common response, followed by evaluating or improving finance strategy and design and enhancing financial metrics, insights, and storytelling.
The survey also revealed the biggest shift in chief financial officer priorities. The importance of board communication and engagement was his third highest priority in 2023, but in 2024 he dropped to 12th place.
Gartner also obtained input from 232 finance leaders, including managers, heads of financial planning and analysis, and finance transformation leaders. Discussions revealed that controllers are increasingly looking to use technology to automate processes as a strategy to improve speed, efficiency, and accuracy. Additionally, financial planning and analysis leaders are prioritizing improving personal effectiveness to increase its importance to success.
The study also identified some of the biggest barriers chief financial officers face in focusing on these priorities. The first is capacity. With fewer staff dedicated to technology work, burnout among finance employees is a concern.
Another barrier is change fatigue, with organizations finding that employees are 50% less able to absorb change before they become fatigued. This is a problem because the financial landscape is constantly evolving.
To help chief financial officers achieve their goals in 2024, Gartner is identifying use cases for artificial intelligence within their organizations, working with chief information officers to improve visibility into digital spend, and helping chief human resources We suggest working with leaders to reduce digital spend. Take proactive steps to prevent attrition and hire and retain top talent.
Read the full study on Gartner’s website.
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