The Evolving Role of the CFO in 2023

This InfoBrief, sponsored by Epicor, presents findings from a study conducted by IDC on the evolving role of Chief Financial Officers (CFOs) in the manufacturing and distribution sectors amidst ongoing disruptions and economic pressures. The document outlines how over 200 companies with revenues between $100 million and $1 billion are adapting their financial management strategies to support growth and navigate challenges. Key objectives identified include tightening financial management, improving data accessibility, and expanding into new markets. The report details the reactions of finance and accounting teams to economic conditions, highlighting the importance of modernizing financial tools and enhancing collaboration across departments. It also discusses barriers to digital transformation, such as limited data access and departmental silos, which hinder effective decision-making. The findings underscore the necessity for organizations to rethink their business strategies and invest in technology to improve operational efficiency and achieve long-term sustainability goals.