Survey: CFOs Are Ready for Digital Transformation in 2021

From redefining the CFO role to the use of cutting-edge AI and other technology, 2021 may be a year of change for corporate finance, according to a new survey of more than 200 CFOs, senior finance executives and CEOs from CFO Research and finance AI software provider AppZen.

The survey asked respondents about their technology adoption for finance, along with how they are using automation, the benefits they perceive and where they might find success in future adoptions. Among other things, the findings showed:

  • Nearly 61% of survey participants remain optimistic about the future, expecting growth in 2021
  • Reducing manual, time-consuming processes was a priority for 90% of these executives
  • The top challenge for digital transformation projects is support from C-suite executives, such as CEOs and chief information officers

“Last year, we saw a huge acceleration of digital transformation in finance, and our research confirms that we’ll see even deeper transformation in 2021, championed by the finance organization,” says AppZen CEO and co-founder Anant Kale. “With CFOs taking an increasingly strategic role, the need for agility and incorporating technologies that accelerate company-wide decision-making is imperative. Moving forward, we expect to see a rise in automation and AI among modern finance teams.”