PwC CFO Compass Survey: Only 9% of the organisations in SEE can describe their finance function as maturе

Only 9% of the organisations in SEE can describe their finance function as mature; the rest (91%) are in the process of transformation or identify this as their biggest challenge ahead. This is one of the key findings from the PwC’s CFO Compass Survey.

The report provides insights from CFOs of almost 130 organisations operating in over 10 industries in SEE. It focuses on the way digital revolution is changing the processes within the finance functions and on how CFOs and finance managers from the region respond to the increasingly demanding needs of the stakeholders.

According to the survey, speed, agility and real-time decision making are some of the most essential properties needed for the CFOs to deal with the modern business environment and its accompanying specifics.

Key findings:

• Only 9% of the surveyed organisations can describe their finance function as mature
• 91% of the organisations are in the process of transformation or identify this as their biggest challenge ahead
• Around 50% are yet to plan to replace the systems they work with because the existing ones don't meet their current needs
• Only 13% of the organisations have implemented process automation and RPA
• Only 15% of the CFOs use big data and predictive analytics
• 69% don't use artificial intelligence (AI) or machine learning
• 61% of the CFOs report that the budgeting and planning processes take more than 30 days
• Less than 50% rated the digital skills of their employees as satisfactory

The survey results also indicate a new trend where a significant number of CFOs are driving the transformation process by making specific decisions based on trends in particular domains.

You can learn more and download the full report here.