IT Brief New Zealand logo
Technology news for New Zealand's largest enterprises
Story image

Global CFO Survey shows technology and skills are key in future proofing finance teams

By Contributor
Fri 28 Jan 2022

CFOs will invest in technologies to help retain and attract talent, and they are seeking different skills in finance workers as they future proof their teams, according to Workday's latest CFO Indicator Survey. 

Launched in 2015, the CFO Indicator Survey provides insights into the challenges, opportunities and priorities for CFOs worldwide. CFOs, like every other member of senior management, were plunged into crisis management mode when the pandemic hit; they had to forecast revenues, cut costs, and bolster liquidity rapidly—all while continuing essential tasks remotely, such as financial closes.

Workday surveyed CFOs worldwide to understand better how these unprecedented circumstances had affected their plans to use new technologies, build up the skills needed for the future, and provide insights to guide the wider business. 

More than 260 CFOs from Australia, New Zealand, Singapore, the US, France, Germany, and the UK participated. The survey found that, while talent scarcity and budget constraints remain top challenges, CFOs plan to invest in consumer-like technologies that will help improve the finance employee experience as they seek to mitigate the tight labour market.

It also found that finance leaders prioritise new hires with artificial intelligence (AI) and machine learning (ML) experience and those with analytics and data storytelling skills – traits CFOs were not searching for five years ago.

Workday chief accounting officer Philippa Lawrence says, "In this fast-changing world of work – with fierce external competition, labour shortages, and regulatory demands – the remit of the finance team is expanding rapidly. And, as this research shows, CFOs are ready and willing to invest in the technology and skills required to plug those gaps and future-proof their teams." 

Key survey findings show:

•    CFOs Plan to Prioritise Technology to Help Attract New Hires. 

Amid the Great Resignation, CFOs are turning to technology to help improve the employee experience and attract finance talent. The Workday study found that nearly half of CFOs (48%) plan to invest in consumer-like interfaces for finance tasks to attract future finance talent within the next five years.

This technology, which automates accounting, reporting, and financial planning and analysis (FP&A) processes; streamlines workflow, gives employees the ability to focus on strategic tasks and helps boost productivity. Of the CFOs prioritising this, a striking 99% agree that technology updates will become even more important for both attracting and retaining employees.

•    A new generation of finance professionals with deeper technology, data storytelling skills

The survey found that becoming a technology-rich employer that continuously refreshes its AI and ML capabilities is a significant priority for CFOs. When asked about skills they were prioritising today that they weren't five years ago, 57% of CFOs report they are now searching for AI and ML skills in new hires.

CFOs also hope to enrich finance's ability to act as a strategic business partner through the use of real-time reporting and analysis, as reflected in the 40% of CFOs now prioritising analytics and data storytelling skills in new hires versus five years ago.

•    Data-confident CFOs are embracing technology

The survey identified that more than half (58%) of CFOs already rate their ability to turn data into insights as excellent. With a committed interest in maintaining this edge, 100% of this data-confident group of CFOs described technology as being very or extremely important to their future success in this fast-changing market. In addition, 71% of this group plans to close the gap on any new functions or capabilities they need to add through upskilling as they look to future-proof their teams.

•    CFOs are focused on D&I and ESG

Top priorities are attracting, upskilling, and retaining talent, yet CFOs are not losing focus on diversity and inclusion (D&I) or environmental, social, and corporate governance (ESG). While CFOs at medium enterprises feel less confident in these areas than their large enterprise counterparts, with twice as many citing they struggle with gaps in ESG, the study found more than half (57%) of all CFOs surveyed are prioritising these investments.

In addition, unprecedented stress on supply chains and the environment has spurred CFOs to secure the future of their enterprises and do right by their shareholders and customers.

Related stories
Top stories
Story image
Cybersecurity
Cybersecurity prompts upgrade for 1.3 billion electricity meters
ABI Research finds Advanced Metering Infrastructure (AMI) and cybersecurity concerns are prompting the upgrade of 1.3 billion electricity meters by 2027.
Story image
Women in Technology
Huawei webinar emphasises the importance of women in tech
Industry findings by Coursera discussed as part of a webinar jointly organised by Huawei and Reuters Events found 6% more women enrolled in tech courses this year than in 2021.
Story image
CrescoData
SPS network now available to CrescoData eCommerce customers
CrescoData, a Pitney Bowes Company and PaaS business in the commerce space, says its customers can now connect to the SPS Commerce Retail Network.
Story image
Digital Marketing
Similarweb acquires SEO and rank tracking company Rank Ranger
Digital intelligence company Similarweb, which specialises in analysing web traffic, has acquired Rank Ranger, a market leader in SEO and rank tracking.
Story image
Artificial Intelligence
SAS announces new products amid cloud portfolio success
Analytics and AI company SAS is deepening its broad industry portfolio with offerings that support life sciences, energy, and martech.
Story image
Digital Transformation
The impact of COVID-19 on healthcare environments and care delivery
The COVID-19 pandemic has revolutionised the healthcare industry while overcoming staff shortages, social distancing requirements, and lockdowns.
Story image
Migration
Let’s clear the cloud visibility haze with app awareness
Increasingly, organisations are heading for the cloud, initiating new born-in-the-cloud architectures and migrating existing applications via ‘lift and shift’ or refactoring.
Story image
Customer experience
Gartner recognises Okta for abilities in Access Management
Okta has announced it has been recognised as a Customers' Choice for the fourth time in a row in the Gartner Peer Insights "Voice of the Customer" report.
Story image
Cybersecurity
A10 Networks finds over 15 million DDoS weapons in 2021
A10 Networks notes that in the 2H 2021 reporting period, its security research team tracked more than 15.4 million Distributed Denial-of-Service (DDoS) weapons.
Story image
SaaS
Rubrik Security Cloud marks 'next frontier' in cybersecurity
"The next frontier in cybersecurity pairs the investments in infrastructure security with data security giving companies security from the point of data."
Darktrace
Threat actors are exploiting weaknesses in interconnected IT/OT ecosystems. Darktrace illuminates your entire business and takes targeted action to stop emerging attacks.
Link image
Story image
Sustainability
Legrand unveils Nexpand, a data center cabinet platform
Legrand has unveiled a new data center cabinet platform, Nexpand, to offer the necessary scalability and future-proof architecture for digital transformation.
Story image
Qualys
Qualys updates Cloud Platform solution with rapid remediation
The new update is designed to enable organisations to fix asset misconfigurations, patch OS and third-party applications, and deploy custom software.
Story image
Cybersecurity
Comcast to use ThreatQuotient for cybersecurity operations
Comcast, the parent company of NBC Universal and SKY Group, has chosen ThreatQ Platform and ThreatQ Investigations to meet their cybersecurity needs.
Story image
Sisense
Data and analytics could be key to higher selling prices in APAC
Sisense's latest report has found that almost half of data professionals in APAC think customised data and analytics can create better selling prices for their products.
Story image
Vectra AI
Understanding the weight on security leader’s shoulders, and how to shift it
Millions of dollars of government funding and internal budgets are being funnelled into cybersecurity to build resilience against sophisticated threats, indicating how serious this issue has become.
Booster
Booster Innovation Fund. A fund of Kiwi ingenuity – for Kiwi investors.
Link image
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Exabeam
Find out how a behavioural analytics-driven approach can transform security operations with the new Exabeam commissioned Forrester study.
Link image
Story image
Artificial Intelligence
How to ensure ethical deployment of AI implementations
The increase in automation and machine technology such as AI and machine learning has unlocked a whole new level of scale and service to organisations. 
Story image
Excel
Could your Excel practices be harming your business?
While Excel has been the de-facto standard for budgeting, planning, and forecasting, is it alone, enough to support organisations in the global marketplace that’s facing rapid changes due to digital transformation?
Story image
Supply chain
Jetstack promotes better security with supply chain toolkit
The web-based resource is designed to help organisations evaluate and plan the crucial steps they need to establish effective software supply chain security.
Story image
Apricorn
Data backup plans inadequate, data still at risk - study
The Apricorn 2022 Global IT Security Survey revealed that while the majority organisations have data backup plans in place, data for many are at risk.
Story image
Digital Transformation
Trading up: It's time to swap core systems for flexible digital applications
This year will see more oranisations planning and commencing high tech renovations that will shake up the way they operate.
Story image
Cloud Security
Aqua Security createa unified scanner for cloud native security
“By integrating more cloud native scanning targets into Trivy, such as Kubernetes, we are simplifying cloud native security."
Story image
Ransomware
Cybersecurity starts with education
In 2021, 80% of Australian organisations responding to the Sophos State of Ransomware study reported being hit by ransomware. 
Story image
Training
Trojan cyber attacks hitting SMBs harder than ever - Kaspersky
In 2022 the number of Trojan-PSW detections increased by almost a quarter compared to the same period in 2021 to reach 4,003,323.
Story image
New Relic
New Relic launches vulnerability management platform
New Relic has introduced New Relic Vulnerability Management to help organisations find and address security risks faster and with greater precision.
Story image
Cybersecurity
NCSC advisory highlights poor security configurations
The GCSB's National Cyber Security Centre (NCSC) has released a cyber security advisory identifying commonly exploited controls and practices.
Story image
Application Security
What are the DDoS attack trend predictions for 2022?
Mitigation and recovery are vital to ensuring brand reputation remains solid in the face of a Distributed Denial of Service (DDoS) attack and that business growth and innovation can continue.
Softiron
For every 10PB of storage run on HyperDrive vs. comparable alternatives, an estimated 6,656 tonnes of CO₂ are saved by reduced energy consumption alone over its lifespan. That’s the equivalent of taking nearly 1,500 cars off the road for a year.
Link image
Story image
Customer experience
Research unveils precarious customer loyalty for retailers
New research has found customers are reassessing established brand loyalties as their priorities and behaviours shift.
Story image
Amazon Web Services / AWS
RedShield leverages AWS to scale cybersecurity services
"Working with AWS gives RedShield the ability to mitigate significant application layer DDoS attacks, helping leaders adopt best practices and security architectures."
Story image
Silver Peak
The path to an adaptive, modern network
Managing and securing the network looks different than it did just two years ago—especially given that most of these networks are made up of multi-generations of infrastructure stitched together over time.
Story image
Wireless Nation
Wireless Nation, N4L provide 4G network to remote NZ schools
Wireless Nation and Network for Learning (N4L) have rolled out the Rural Connectivity Group’s (RCG) new 4G network to better connect three Chatham Islands schools.
Story image
Microsoft
New Relic enters multi-year partnership with Microsoft Azure
New Relic has announced a strategic partnership with Microsoft to help enterprises accelerate cloud migration and multi-cloud initiatives. 
Story image
Cybersecurity
More than 40% of banks worried about cloud security - report
Publicis Sapient's new report finds security and the lack of cloud skills and internal understanding of business benefits are big obstacles for banks moving to the cloud.
Story image
Infrastructure
Nutanix study reveals financial services sector lagging with multicloud adoption
Nutanix has released new research that reveals the financial services sector is lagging behind when it comes to multicloud adoption.
Story image
Digital Transformation
Pluralsight and Ingram Micro Cloud team up on cloud initiative
Pluralsight has teamed with Ingram Micro Cloud to build upon cloud competence and maturity internally, and externally support partners’ capabilities.
Story image
Data Center
Preventing downtime costs and damage with Distributed Infrastructure Management
Distributed Infrastructure Management (DIM) can often be a lifeline for many enterprises that work with highly critical ICT infrastructure and power sources.
Story image
Lightspeed
Lightspeed launches all-in-one marketing platform in A/NZ
ECommerce provider, Lightspeed has launched a new all-in-one marketing solution, Lightspeed Marketing & Loyalty in Australia and New Zealand.
Story image
Remote Working
Successful digital transformation in the hybrid work era is about embracing shifting goalposts
As organisations embraced remote working, many discovered they lacked the infrastructure needed to support history’s first global load test of remote work capabilities.
Story image
Vodafone
Vodafone NZ buys remaining stake in retail joint venture
Vodafone New Zealand has purchased the remaining 50% stake in the specialist joint venture (JV) with private equity company Millennium Corp.
Story image
SaaS
Maintaining secure systems with expectations of flexible work
Most office workers feel they've proved they can work successfully from home, and as much as employers try, things aren't going back to the way they were anytime soon.