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      01 Apr 2025 TCS Positioned as a Leader in Worldwide Discrete Manufacturing Product Lifecycle Management Strategic Consulting Services and Systems Integration by IDC MarketScape
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    • Perspectives
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    TCS 2020 CFO STUDY

    The four pillars of the futurist CFO

    Share CFO Strategy and Role in Transforming Enterprises | TCS
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    Insights

    Highlights

    Forward-thinking CFOs must step up and play a critical strategic role in transforming enterprises away from traditional operating models to one that gives executives access to insights in real time.

    But many are unclear about the best way forward. They are asking questions like: “How can I turn the rising tide of enterprise data into real-time insights that drive growth across the business? How can I empower the workforce to transform my organization and support future-ready digital business models? And how can I capitalize on new technologies—like blockchain, analytics, machine learning, and artificial intelligence (AI)—to enable new forecasting models and a truly agile finance organization?”

    To help CFOs find the solutions to these questions and to reduce the risk for large organizations of being outpaced by technological change, market disruption and the evolving demands of their customers, the TCS Business 4.0 Institute has conducted a deep dive into these topics.

    About the research

    To understand how finance leaders are tackling the challenges and leading the transition to a real-time business, we sought the views of more than 500 CFOs and senior finance leaders in Europe (UK, Germany, The Netherlands) and North America. The CFOs in this research work across 11 sectors represent organizations generating at least $1 billion in annual revenue; 12% are from companies with annual revenue of >$10 billion.

    A series of in-depth interviews was conducted with finance leaders at global organizations to validate our findings.

    Our research shows that, to secure their companies’ future relevance, CFOs must build their role upon the following four pillars.

    In this article

    Leading on their own inpage
    A cultural shift inpage
    Remodel with agile inpage
    Tech data renovation inpage
    Leading on their own inpage
    A cultural shift inpage
    Remodel with agile inpage
    Tech data renovation inpage
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    In this articleinpage
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    Leading on their own A cultural shift Remodel with agile Tech data renovation

    Leading in their own way

    CFOs see themselves as enterprise growth catalysts and have a clear view of their “futurist” role. Nearly half (44%) expect to be taking the lead in driving technology-enabled business model transformation within the next five years.

    “Today’s best in class CFOs are strategic partners who provide business guidance as well as ensure financial stewardship. These roles will continue to be highly valued. However, the CFO of the future will have to be technologically adept to understand the value proposition of a digital transformation. A CFO can drive the agenda by leveraging technology to enhance analytics and thereby spearheading the transformation within the Finance function. They are best positioned to translate the benefits into an ROI for the CEO,” says Sujith Chandran, Senior Finance Director, The Hain Celestial Group.

    But the findings also reveal that there is no “one-size-fits-all” remit for the future-ready CFO—ambitions are clearly shaped by industry priorities and the competitive landscape in which their organization operates. To fulfil their career ambitions while meeting the needs of the enterprise means finance leaders must find the right path for them.

    "There was a phase when CFOs pushed more towards strategic partnerships. Those are still highly valued skillsets, but I think what will become more valued are technical skills. A CFO can drive the agenda through analytics and using technology, and they are best positioned to translate that into an ROI need to the CEO."
    — Sujith Chandran 
    Senior Finance Director at The Hain Celestial Group

    The five areas CFOs will be playing a critical role in over the next five years.

    An infographic that describes five areas where CFOs are expected to play a critical role in the next five years. In retail, 47% of CFOs will engage in enterprise-wide analytics governance. In financial services, 44% of them will allocate new products, services, and capital for transformation. In insurance, 47% of them will find new ways of working. In CPG and high-tech, 50% and 43% will follow a tech-enabled business model transformation, respectively.

    Front-to-back cultural transformation

    CFOs recognize the importance of bringing the entire enterprise along on the digital transformation journey and many are taking ownership of change-management initiatives to accelerate the transition to real time. But this is no easy feat, particularly for those that are still evolving away from their traditional back-office remit.

    Organizational change is a top concern for CFOs.

    An infographic showcasing how firms view the CFO’s role in organizational change. 58% of firms say the CFO is responsible for digital change, yet half admit that organizational change management execution is falling short. 90% of digitally-advanced finance organizations are taking steps to change behaviors.


    The agile leaders (see sidebar) in our research provide valuable learnings—this group is significantly more likely to belong to organizations that have implemented cultural transformation initiatives—and they monitor their success. For example:

    • 67% (two-thirds) agile leaders are empowering internal teams by giving them greater accountability for new projects compared to 34% (one-third) of their more traditional counterparts.
    • Seven in 10 agile leaders now have performance metrics in place to measure progress on change, compared with just 15% of traditionalists.

    Defining agile leaders versus traditionalists

    This research reveals big differences in the business attitudes and processes of the more digitally enabled businesses and those of their more traditional counterparts.

    In this analysis, we refer to these two groups as “agile leaders” and “traditionalists”:

    Agile leaders are those organizations able to access 90-100% of key operational and financial performance data, and act upon the insights with immediate effect.

    By contrast, traditionalists are able only to access, and act upon with immediate effect, 1-29% of key operational and financial performance data.

    Remodeling with agile finance

    Fast-moving disruptors to the business landscape, including technology development, industry convergence and business model evolution mean that business trajectories are becoming increasingly difficult to plot.

    The areas where CFOs struggle to foresee disruption and are too volatile to predict.

    An infographic showcasing the areas CFOs find it difficult to forecast disruption. 47% of CFOs think technology evolution is important but 28% find it unpredictable; 39% find it important to forecast financing and capital but 24% find it unpredictable; 29% find customer demand important and also unpredictable; 28% think the payments landscape is important but 27% think it’s unpredictable; 26% believe business partnerships are important but 27% think they’re unpredictable; 26% think talent and skill needs are important but 27% think unpredictable; 25% think product and service life cycles are important but 27% think it’s unpredictable; 24% think business model life cycles are important and also unpredictable; 24% think political stability is important but 31% think it’s unpredictable; 23% think the competitor landscape is important but 30% think it’s unpredictable; 16% of CFOs think that acquisition candidates are important versus 25% who think it’s difficult to forecast.


    CFOs understand the crucial need to supply their businesses with accurate forecasting to provide a solid basis for enterprise-wide decision making. Yet even the most agile finance functions face tough challenges in their business analysis and planning work—and they are acutely aware of these difficulties. The answer will be to create and develop more agile financial planning and analysis (FP&A) capabilities, with a mandate to improve forecasting accuracy throughout the business.

    New technologies are set to play a crucial role in helping finance to increase the agility of its FP&A. Again, agile leaders display higher levels of confidence in their options and this is translating into action. Almost half (45%) expect to have used blockchain to secure access to more reliable data by 2025, compared with only 27% of their traditionalist counterparts.

    The technologies that will help finance leaders increase the agility of their FP&A capabilities.

    An infographic differentiating between agile finance leaders and traditionalists in their adoption of new technologies for their FP&A capabilities. Between 20-100% of agile leaders are most likely to adopt the cloud, blockchain, IoT, AI and machine learning, automation, and advanced analytics, versus nil for traditionalists.

    Technology and data innovation

    Data is an under-leveraged asset for CFOs.

    An infographic depicting data at three different stages – universal, ecosystem, and enterprise. According to finance leaders, a large proportion of their decision is based on data at the enterprise level and from ecosystem partners. Fewer businesses use broader datasets as part of their decision-making. Over 90% of CFOs shared concerns around skill, data quality, and information security at all levels.


    Advanced data and analytics tools have the potential to enable businesses to make significant strides forward. Yet many CFOs in this research admit there is more work to be done.

    Right now, only 35% of finance leaders say that all decisions are made having reviewed all relevant data from within the enterprise; and only 43% are confident their decision-making always reflects a comprehensive range of ecosystem data sourced from partners and other collaborators. The proportion of businesses consistently bringing broader datasets into their decision-making processes is even smaller, at just 27%.

    Those businesses not yet confident that their decision making is consistently driven by data now need to close the gap. Not only will CFOs have to improve their understanding of technology and the application of technology to improve the credibility of their decision making, they must continue to cultivate a more balanced relationship with the CTO. Currently, six in 10 (61%) say that the CTO or CIO in their organizations takes the lead in identifying the technologies that the business will require in three years’ time.

    A blueprint for realizing CFOs’ agile ambitions

    Finance leaders are clearly embracing innovation, change and the digital agenda, but many are failing to move at the pace required to secure significant competitive advantage for their organizations.

    Authors

    Swipe Left
    Swipe Right

    Ashok Pai

    VP & Global Head - Cognitive Business Operations, TCS

    Ashok played pivotal role in helping enterprises transform the digital economy

    Read more   About Ashok Pai

    Dave Jordan

    Global Head and Managing Partner, Consulting & Services Integration TCS

    Dave partners with clients to bring enterprise-wide business transformation

    Read more   About Dave Jordan

    Dinanath Kholkar

    Vice President & Global Head, Analytics

    Dina has managed and amplified business services

    Read more   About Dinanath Kholkar

    Kumar Amitesh

    Global Head (Sales & Solution) – TCS Analytics & Insights

    With 21+ years in the industry, Amitesh has handled various leadership positions

    Know More   About Kumar Amitesh
    Kumar Amitesh

    Kumar Amitesh

    Global Head (Sales & Solution) – TCS Analytics & Insights

    With 21+ years in the industry, Amitesh has handled various leadership positions

    Lakshmi Srinivasan

    Formerly Global Head of TCS Interactive

    He was instrumental in formulating strategy and driving growth in multiple BU's

    Know More   About Lakshmi Srinivasan
    Lakshmi Srinivasan

    Lakshmi Srinivasan

    Formerly Global Head of TCS Interactive

    He was instrumental in formulating strategy and driving growth in multiple BU's

    Vikas Gopal

    Global Managing Partner, Finance & Shared Services Transformation, TCS

    He has led the strategy, design, and implementation of many transformative prog

    Read more   About Vikas Gopal

    Vikas Srivastava

    Global Head, TCS Enterprise BPS Solutions and Offerings

    He has nearly 25 years of experience in core controllership and shared services

    Know More   About Vikas Srivastava
    Vikas Srivastava

    Vikas Srivastava

    Global Head, TCS Enterprise BPS Solutions and Offerings

    He has nearly 25 years of experience in core controllership and shared services

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