The new CFO Study from the IBM Institute for Business Value finds a high correlation between outstanding financial performance and an organization’s ability to reinvent itself. The Study divided CFOs into three distinct groups: Reinventors, Practitioners and Aspirationals. The Reinventors were the standouts, excelling in virtually all dimensions of the finance agenda.
For organizations seeking to emulate the Reinventors, the study offers several recommendations, including:
- Digitize finance processes with technologies such as robotic process automation and AI.
- Create a single version of the financial truth by establishing data standards and finance process commonality.
- Enable complex analysis to scan competitive threats, identify acquisition candidates and evaluate new business models.
- Implement strategy across the C-suite and collaborate extensively with C-suite peers
- Find the right partners and seek opportunities in new, platform-based businesses.
Read the CFO Study to learn what actions all CFOs can take to achieve the success of the Reinventors.