CFOs and senior finance executives are dealing with a growing number of responsibilities and demands as a result of the novel coronavirus pandemic, according to a new report.
The report, from consulting firm Protiviti, found that the pandemic has been a wake-up call to finance departments that weren’t already investing, or weren’t investing enough, in cloud-based systems as they have struggled to shift to the remote work environment. Eighty percent of the 1,057 finance leaders surveyed ranked security and privacy of data as a top priority, while 78 percent cited enhanced data analytics, and 72 percent cited cloud-based applications.
Andy Hamilton is the Co-Founder and CEO of When, an AI-powered offboarding platform and severance solution. He has previously co-founded two technology startups, both of which were acquired by public companies. During the Covid pandemic, experiencing a layoff first-hand motivated Andy to create a better off-boarding and post-employment solution for employers. In his personal life, Andy enjoys playing tennis, riding his Peloton, and reading.
Eric Fairchild is a Managing Principal with Capco and leads the US Insurance Delivery Practice. The majority of his career has been spent as a management consultant for Retirement, Life and Annuities companies leading large and complex programs including policy administration systems implementations, book of business migration/conversion projects, large scale capability transformations, and agile transformations.
Kristine Miller is a principal consultant with Capco. She has over 20 years of experience in Financial Services designing and implementing innovative and results driven solutions that accelerate outcomes to complex challenges.
Of those respondents who are CFOs and vice presidents of finance, 72 percent ranked cloud-based applications as a top priority to address over the next 12 months. Seventeen percent ranked cloud-based applications as the most important finance priority for their organizations to address, signifying a big jump from the 8 percent of respondents who indicated so in a similar survey by Protiviti last year.
“Having the right technology infrastructure and cloud capabilities is now considered a baseline in order to operate effectively and efficiently and will continue to be as organizations move into a hybrid work environment,” said Chris Wright, managing director and global leader of Protiviti’s Business Performance Improvement practice, in a statement. “COVID-19 disruptions underscored the critical nature of a truly digital finance workforce and companies without advanced technologies and digital processes faced a difficult transition to remote work. We’re now seeing an increasing number of boards and CEOs tap their finance leaders for guidance about whether their organization is allocating enough resources to their technology infrastructure.”
Labor models are changing, in part as a result of the pandemic, with 18 percent of the finance leaders surveyed saying their organizations are relying on managed services providers, while 29 percent are augmenting their staff to handle financial planning and analysis with greater speed and agility.
