Evolution of the Finance Function Report

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This comprehensive research report, developed in collaboration with CrossCountry Consulting, reveals how Chief Financial Officers are expanding their strategic influence while navigating rapid technological change, talent development needs, and governance challenges. Based on survey responses from 197 executive-level finance leaders and in-depth interviews, the research documents a fundamental shift in the CFO role from financial steward to enterprise strategist—even as operational demands continue to consume the majority of the finance leaders' time.

KEY FINDINGS
The research uncovered several critical insights into the modern finance function:

• Strategic Influence Expanding: 77% of CFOs report being "very involved" in enterprise-wide strategic decision-making, yet 68% spend 40% or less of their time on strategic activities, highlighting persistent tension between ambition and operational realities.
• AI Adoption Accelerating, Governance Lagging: While 64% of organizations report active transformation initiatives driven by efficiency improvements (91%) and automation/AI (80%), nearly half (46%) lack formal AI governance structures. Only 7% of finance leaders report being "very confident" in interpreting AI outputs.
• Month-End Close Remains Pain Point: Manual processes (81%), system limitations (49%), and data quality issues (38%) continue to slow closes, with only 15% of organizations having implemented partial automation. However, 62% are in the planning phase for close automation.
• Talent Gaps Threaten Progress: 87% of finance teams report that 25% or fewer members have formal training in data analytics or AI. Over half (51%) report no formal preparation for AI and digital transformation, while 55% cite talent gaps as a barrier to transformation.
• AI Strategy Ownership Fragmented Despite Clear CFO Accountability: While 89% of respondents say the CFO should be accountable for AI outcomes in finance, actual ownership is fragmented—22% CFO-led, 22% CIO-led, 15% shared, and 42% distributed across broader leadership.