4 achievable resolutions for CFOs to stay ahead of the trends in 2024

As we step into the new year, it's clear that CFO trends will play a pivotal role in shaping the financial landscape and how CFOs are planning on approaching 2024. If the numbers are any indication, a solid 37 percent of people will make resolutions for the coming year. Most will try to improve physical or financial health, while others will pursue professional or personal goals—and CFOs are no exception. Alas, only 22 percent of us entirely stick to those resolutions by February, which is an indication that we’re perhaps setting some unrealistic individual expectations.

With that in mind, here are some truly achievable resolutions that CFOs can set for the year ahead that are designed to produce positive results for leaders of organizations of all types and sizes, and keeps in mind the CFO trends at the forefront of 2024. With the right technology and a forward-thinking, purpose-driven attitude, these goals are well within the CFO’s grasp.

Resolve to improve/prioritize data quality

Building trust in business data is more than just a necessity for CFOs to make informed decisions effectively and confidently; it’s also one of the emerging CFO trends shaping the future of finance. Once CFOs master their data, they’re able to drive innovation and grow the business, turning the finance department into a true profit center.

The challenge is that most company data tends to be siloed across multiple systems and finance teams rely on manual processes to collect that data.

Innovating processes and embracing fully automated FP&A software or a financial performance platform will enable finance teams to have accurate, real-time information at their fingertips to make better decisions. This technology also allows for easy data integration to simplify the connection and exchange of data across departments and business systems, eliminating silos and providing a single, unified view of the data, so CFOs can fully trust the insights they are gathering. 

Adam Mathis, controller at Benjamin Obdyke, Inc., noted his company’s experience with process automation using Prophix:

Looking at what’s on the horizon, business optimization initiatives and mergers & acquisitions are likely to pick up steam in the coming months. Leveraging data analytics is essential for CFOs to flex their M&A muscles. Having the ability to run predictive model combinations of the two companies to identify growth opportunities and/or cost synergies empowers finance leaders to build the strongest case for an M&A investment while also helping to avoid costly mistakes.

Keep the big picture in mind (while staying focused on strategic finance)

As we’ve previously noted as a top trend for CFOs in 2024, a strengthening the relationship between CFOs and their C-level peers has become more important than ever. C-suite is increasingly calling on the office of the CFO to steer organizations in times of economic turbulence. Success in this arena requires a modern mindset.

Taking a collaborative role with leaders of other business-critical areas gives the CFO greater insight into what’s driving overall operational performance and where there’s room for improvement. For example, by collaborating with the CMO, the CFO can better understand marketing spend, conversion rates and yield to determine where new measures can be implemented for increased efficiency.

Investing more in automation, levelled up forecasting, and collaboration will enable CFOs to identify significant insights and trends that inform decision-making. This digital transformation propels the CFO into a forward-thinking role, with the ability to see around corners and offer invaluable guidance to the leadership team to help the business prosper. 

Practice agility – automate, train, collaborate

Once again, CFOs are no longer expected to act as financial custodians. As just a snapshot: they oversee risk management, resource allocation and cost control, while also adhering to dynamic financial regulations and emerging ESG reporting mandates. A CFO trend that has come up time and time again over the last years is the need for increased agility in order to meet the rapidly shifting priorities of the finance function.

Achieving agility begins with process automation. Automating even a few functions, such as month-end reporting or forecasting, will provide the flexibility needed to become more agile. Finance teams should strive to automate as many repetitive, manual processes as possible.

Having the technology is one thing—it’s another to use it most effectively. Training that ensures your employees can take full advantage of your automation solutions is the key to freeing them from time-consuming tasks.

Once processes are automated, everyone on the finance team will have access to the same centralized data that is continually updated. When all employees can use the new technology to its fullest potential, teams can focus on more analytical, highly strategic tasks.

Embrace technology in 2024 and beyond

For many employers, attracting and retaining talent was a challenge in 2023. One of the ways CFOs can address this moving into the new year is by making investments in people and technology to boost productivity. This includes automation of routine functions that empower staff with strategic insights so they can play a more impactful role within their organizations.

CFOs and other finance leaders will find themselves at an inflection point during 2024. The latest CFO trends and the next-generation of finance will only be possible with technology, including Prophix’s Financial Performance Platform. Designed to offer finance departments hyper precision, ultra-adaptability, and dramatic performance, these powerful, advanced technologies have reached a tipping point where it is no longer if these technologies can have a positive impact, it is how much.

Conclusion: 2024 is the year for next-generation finance

Keeping up with CFO trends is essential to stay ahead in the dynamic financial realm, and helps determine the right approach for the year ahead. Then, by creating realistic and strategic resolutions, CFOs can ensure they are prepared for the challenges and opportunities that 2024 will present.

But if you want to focus on just one thing as a CFO in the new year it should be this – be in on the next-generation of finance with no reservations.