An industry as dynamic as finance requires adaptability and continuous learning, the type of mindset that seamlessly transitions to executive leadership roles with 72% of successful CFOs displaying high levels of ambition.

The adoption of advanced accounting and finance software will further develop finance skills as 78% of finance leaders identified keeping up with new tech knowledge as crucial to success over the next three years. 

The findings from Sage’s annual report, The Secrets of Successful CFOs, surveyed 1,200 global finance leaders.

Nearly nine in 10 (87%) CFOs who had incorporated artificial intelligence (AI) into their roles reported a significant impact on their businesses.

The report found that eight in 10 CFOs used AI and automated processes to gain time to focus on more valuable tasks, with over half of finance processes in their organisations automated.

From an individual perspective, automation has given them more time to develop the critical skills necessary for success in more senior executive leadership, such as being appointed CEO, however only 49% are utilising these capabilities.

The main benefits of technology and automation were problem solving, leadership, understanding of technology and systems, effective communication and overall confidence. 

Steve Hare, CEO at Sage said: ‘We constantly see how combining finance with technology gives CFOs the chance to step beyond their traditional roles, offering them a chance to guide their businesses with both flexibility and deeper insight.

As we move forward, the success of CFOs and the businesses they look after will increasingly depend on their ability to adapt, work together, and lead with clear purpose. It’s about leveraging technology to not only enhance their strategic role but also to broaden their influence within the business, setting the stage for a future where CFOs play a broader role in shaping their companies’ futures.’

What was clear from the report findings was that technology was having a major impact on the role of CFOs with 89% stating that their role was different to just a year ago and they were increasingly working more closely with other department including IT, sustainability and operations.

An overwhelming majority also expect that finance roles will change in their organisations over the next three years, driven by technology with AI, machine learning and automation cited as the biggest opportunities. They also stressed that AI was a catalyst to grow revenue in their companies.

Reflecting the constant shortage of experienced staff, 64% of CFOs said they spent time on talent and employee management, while 77% said investment in AI in finance will help improve job satisfaction.

Rob Beckman, CFO at Stark said: ‘My role as CFO continues to evolve year on year; now more than ever, investing in technology has been crucial in saving me time whilst expanding the breadth of my role.

‘Sage Intacct has helped me significantly streamline manual processes and as a result, we have been able to bring 20 acquisition companies and 17 different legacy systems together into a single source for financials, operations, and customer data.

‘Not only have we made huge efficiency gains, but we now have real-time visibility into projects to manage costs and drive decision-making. It has positioned me and my team to drive impact and growth for the company.’