The past is a foreign country; they do things differently there.” – LP. Hartley
To improve what we do and modernise effectively within our organisations, we need to focus on the technology-driven possibilities of today and tomorrow.
Matt Boon, Senior Research Director at ADAPT shares the key priorities, challenges and focus areas for CFOs and business leaders over the next 12 months.
The top priorities include attracting and retaining talent, optimising costs and creating new revenue streams and business models.
There has been less clarity about how cloud migration can save money or drive efficiencies. There are challenges with recurring costs, lack of cost savings, higher than expected migration costs, and sunken on premise-legacy investment. The solution will be new finance models that provide visibility into expenditure across different parts of the organisation.
As we move forward into 2024, data will be crucial to helping guide these decisions. Within our organisations, it will provide the information needed to forecast and plan effectively.
- Three top Priorities for CFOs in the next 12 months:
- Attracting and retaining Talent
- Optimising costs
- Creating new revenue and business models
- Modernise and innovate: what is value? what does it mean and how do we actually demonstrate return on value? Only 20% of revenue within our organisations is generated from products and services introduced in the last three years.
- It’s all about data. Ensuring organisations have the right data and the right information to make the right decisions at the right time. Data inconsistencies, lack of visibility across our data will be driving some of the key investment priorities for the year ahead.