Announcing the TCS 2020 Chief Financial Officer Study
Forward-thinking CFOs are considering how they can play a strategic role in helping transform the business from a traditional model to one that enables executive access to insights in real time. They are asking questions like: “How can I turn the rising tide of enterprise data into real-time insights that drive growth across the entire business? How can I better manage control, responsibility and accountability to transform my organization to support future-ready digital business models? And how can I best leverage new technologies—like blockchain, analytics, machine learning and AI—to enable real-time forecasting models and a truly agile finance organization?”
Forward-thinking CFOs are asking how they can play a strategic role in helping transform the business from a traditional model to a real-time enterprise.
Because finance leaders in every industry are asking these questions, the TCS Business 4.0 Institute is talking to more than 500 enterprise CFOs in North America and Europe in the upcoming 2020 TCS Chief Financial Officer Study to do a deep-dive on these topics.
Digital Reinvention of Finance Leaders
Whether they want to or not, CFOs everywhere have become stewards of digital data. From now through at least the year 2025, companies will place enormous responsibility on their CFOs to help create new business models as they transition to a real-time “digital first” culture. That’s the key focus of the latest TCS Business 4.0 Institute study—How Future-Ready CFOs Are Driving Real-Time Business Performance—will explore.
Using the recent survey responses from more than 500 enterprise CFOs and other finance leaders, we will begin sharing our findings in several reports during the remainder of 2019 and into 2020.
The 2020 TCS CFO Study
The study is based on input from more than 500 senior finance leaders in North America and Europe working in 11 key industries.
SURVEY PREVIEW: 5 HOT TOPICS FOR THE CFO IN 2020
The 2020 TCS CFO Study Research and Methodology
To understand what leading CFOs are doing to transform their business performance, we designed the research questionnaire to explore five key topics:
1. The Future-Ready CFO: We’ll be looking at those CFOs who have taken on a futurist role in the organization, those who have a growth catalyst mindset and can build an economic case for new business models and new technologies, as well as smart investments in new digital products, services and efficient business processes.
2. The Impact of Real-Time Performance Data: Now that companies are able to capture, process and analyze data on every customer at every stage of the value chain, they can gain real-time access into the state of operations. But that doesn’t translate automatically into a company that acts in real time. The ability to instantly access and share performance information also has the potential to make today’s cyclical forecasting methods obsolete. Another challenge for CFOs is how to create a culture of “performance partnerships” to get functional managers to share information, control, responsibility and accountability—and enable the organization to act quickly on such real-time data. What relevant skills will be essential for CFOs and their finance professionals to play an elevated role in business strategy, culture-building, and operational excellence?
3. The Agile Finance Department: How are CFOs shaking up the status quo? Are they prepared to adopt new business models that will create a more agile organization? Are they truly embracing blockchain, analytics, AI, automation technologies that will help them stay ahead of the competition? What are their biggest challenges? And as industries converge into cross-industry digital ecosystems, how are CFOs enabling CEOs, heads of business units, and strategic planners able to prepare for the digital competition?
4. Collecting the Right Data at the Right Time: The ability to collect data inside and outside a company is limitless. How does a company decide which enterprise, ecosystem and universe data to collect? How do you integrate it? How much of today’s is “clean” and reliable enough to improve decisions? And to what degree are today’s financial planning and analysis solutions (FP&A) helping them leverage that data?
5. Determining the Trajectory of Digital Technology (and where to invest): Finance departments must be prepared to be competitive and make smart investments amid a tsunami of digital technologies: artificial intelligence, machine learning, blockchain, the cloud, and the Internet of Things (IoT). How confident are CFOs in their ability to forecast their company’s need for such technologies?
About the Study
The 2020 TCS CFO Study is surveying more than 500 chief financial officers and other senior finance leaders in North America and Europe working in 11 industries key to the global economy to reach quantitative answers to these questions. We will also conduct in-depth interviews with established companies that are making significant digital business model changes, and as a result are driving better results for their companies. These best-practice case studies use real-world business scenarios that showcase success as well as lessons learned in the finance function around the CFO Study topics.
Next Steps: Get the Latest TCS CFO Study Reports
We will begin releasing the findings in September—across and within the industries we are surveying, and across and within North America and Europe. This study is designed to offer a golden opportunity for CFOs to become a strategic player in helping drive new, innovative, real-time, data-driven models across the entire business.
Stay updated on the latest CFO Study reports as they are released.