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The role of chief financial officers (CFOs) has expanded beyond simply managing finances; instead, now more than ever, their role has shifted to managing a wide range of organisational aspects.
The fast-paced business environment in contemporary society has changed the role of CFOs across Australia from merely managing finances to including strategic decision making, leading digital transformation, and championing sustainability initiatives.
Rapid technological advancements changing the very landscape of business were a key driver for CFOs taking on more responsibilities.
According to SAP Concur’s recent CFO Insights report, 90 per cent of global senior finance leaders agree that their key task today is to prepare the company for the unexpected. Because of this, new digital tools such as robotics, artificial intelligence (AI), and analytics are revolutionising how business leaders make decisions and prepare for the unexpected.
Fabian Calle, managing director for small and medium business at SAP Concur Australia and New Zealand, said: “Switching to a digital-first financial approach can bring its own set of hurdles for CFOs, such as dealing with the costs involved, the perceived lack of necessary skills among their teams, and some pushback from within their own company.”
“The benefits of digital transformation lead to streamlined processes, better deployment of resources on strategic tasks, and clearer visibility for planning purposes. CFOs need to take the lead within the business in pushing for these digital changes, making sure their teams are up to speed with the required skills.”
The research highlighted how CFOs are actively combating these challenges. They’re keeping a close eye on market trends (57 per cent), pouring investments into new technologies like automation and AI (33 per cent), and channelling funds into innovative projects (40 per cent).
Diversity and inclusion was also pinpointed by CFOs as a strategy that can drive tangible impact on business performance and employee cohesion; this is pursued closely with HR. DEI has been growing across the Australian workplace, showing the importance of these initiatives for growth and better financial performance.
This trend towards DEI is also reflected in the actions of CFOs, such as addressing biases in hiring and development practices, setting DEI-related goals, and integrating DEI into corporate strategies. Organisations are now enhancing their overall business performance by attracting a diverse talent pool.
Another avenue that is a key focus for CFOs is leveraging T and E (travel and expenses) systems to assess the overall impact that travel has on an organisation.
“Finance leaders can introduce intelligent T and E tools that streamline processes through automation, reducing the time and effort employees need to manage their travels. These tools also offer crucial travel information, including medical assistance and safety tips for various destinations,” Calle said.
“This approach can alleviate travel-related frustrations and contribute to a work environment that values efficiency, safety, and inclusivity, making the business a more attractive place to work, both in and out of the office.”
CFOs have been implementing policies that promote sustainability and encourage greener travel choices. It’s well known that employees want to work for an organisation that is strong on sustainability and explores options for offsetting carbon emissions, creating a culture of sustainability.
Jonathan Beeby, managing director at SAP Concur Australia and New Zealand, said: “CFOs have evolved beyond traditional roles to become central figures in strategic planning, digital innovation, and sustainability leadership.”
“Armed with tools that let employees understand and offset their travel footprint, CFOs help make more sustainable choices. Their capability to navigate financial complexities and lead strategic initiatives emphasises their essential role in shaping the future direction of their company.”
Kace O'Neill
Kace O'Neill is a Graduate Journalist for HR Leader. Kace studied Media Communications and Maori studies at the University of Otago, he has a passion for sports and storytelling.
