BearingPoint’s CFO 4.0 Study Finds CFO Functions in European Companies Need to Accelerate Digital Transformation to Adapt to Sudden Business and Market Changes
Management and technology consultancy BearingPoint’s new CFO 4.0 study reveals that although the digital maturity of European companies’ CFO functions is still halfway from the ideal, CFO functions are keen to invest more in digital development in the upcoming years. Digital readiness helps companies ensure business continuity in challenging business and market situations.
The ideal digital maturity level of the CFO function is characterized by digital technologies and capabilities and skills that improve processes and performance and drive new value-generating business models. BearingPoint’s latest study reveals that only 9% of European companies reach this level – the third and highest wave of digitalization – in their CFO function. According to the research, the average digital maturity level in Europe was 4.9 out of 10.
Digitally mature companies recognize the value of digital innovations and have included those in their strategies. They also aim to utilize data more efficiently in decision-making processes and to have a technology-driven culture.
Lack of a clear strategy and vision are the biggest challenges to successful digitalization
According to the research, 41% of companies are currently focusing on operational efficiency improvements, where digital solutions improve day-to-day work through process streamlining and automation. On the other hand, 50% of the responding companies have already employed digital solutions to improve day-to-day work and are now serving other business functions and supporting the business with financial analytics and closer cooperation, accelerating the transformation of the whole company.
“Unsuitable organizational structures or inefficiency in technologies force CFOs to spend an extraordinary amount of time on running core activities of the CFO function instead of providing value-added services,” says Damien Palacci, Global Leader Consulting Portfolio at BearingPoint. “The focus should be on the operating model, the development of employee capabilities, and increasing the linkage between strategy and digital technology solutions.”
The research findings indicate that the biggest threats to successful digitalization are linked to culture, strategy, and people. Too many priorities and the lack of a clear strategy and vision are the two most significant challenges preventing successful digital transformation within the CFO function. The majority of the study respondents believed that the performance of the CFO function could be improved if employees were willing to experiment, take risks, and work in distributed teams.
“Technical skills alone are less likely to increase the performance of the CFO function if there is no ability to set the right finance strategy and to conceptualize innovations,” comments Johannes Vogel, Director responsible for the CFO 4.0 Finance Digitalization initiative at BearingPoint.
Digital readiness helps companies ensure business continuity in turbulent market situations
Due to the COVID-19 pandemic, the current focus of many CFOs is on critical business continuity, liquidity and performance. The current situation can either accelerate the digitalization within the CFO function or slow it down, depending on the capabilities of the organization. In this challenging context, it is essential for CFOs not to lose sight of the importance of short-, mid-, and long-term transformation goals of the CFO function. The study shows that only 12% of finance professionals use their time on value-adding services, making it more challenging to adapt to growing uncertainty and new business requests.
“Digitalization initiatives are even more important when business conditions change,” says Damien Palacci. “How companies stay connected, adapt to remote work, and are able to analyze scenarios will have a crucial impact on business continuity and recovery.”
A balanced portfolio of measures can help balance the needs of short-term continuity management with more long-term, strategic transformational visions. The ability to seize opportunities fast and simplify processes is crucial so that the CFO function can support the business and create new business models as efficiently as possible.
“Changes in the business market can always result in new opportunities if the CFO function seizes them. The digital readiness of companies should not be considered as fixed: it should evolve alongside changing requirements,” concludes Johannes Vogel.
The study is available for download on the BearingPoint website: www.bearingpoint.com/en/our-success/insights/cfo-40-digital-transformation-in-the-financial-function/
BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in three business units: The first unit covers the advisory business with a clear focus on five key areas to drive growth across all regions. The second unit provides IP-driven managed services beyond SaaS and offers business critical services to its clients supporting their business success. The third unit provides the software for successful digital transformation and regulatory requirements. It is also designed to explore innovative business models with clients and partners by driving the financing and development of start-ups and leveraging ecosystems.
BearingPoint’s clients include many of the world’s leading companies and organizations. The firm has a global consulting network with more than 10,000 people and supports clients in over 75 countries, engaging with them to achieve measurable and sustainable success.
For more information, please visit:
Global Manager Communications
Telephone: +49 89 540338029
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Idriverplus Joins the “Automate with Velodyne” Ecosystem29.5.2020 21:31:00 EEST | Press release
Velodyne Lidar, Inc. and Idriverplus today announced an expanded partnership and Idriverplus inclusion into the Automated with Velodyne integrator ecosystem, which helps companies grow their businesses while using Velodyne lidar technology. Through the program, Velodyne will further collaborate with Idriverplus to support its continued innovation and promote Idriverplus autonomous vehicles, including street cleaners, passenger cars and logistics vehicles. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200529005589/en/ Velodyne Lidar, Inc. and Idriverplus announced an expanded partnership and Idriverplus inclusion into the Automated with Velodyne integrator ecosystem, which helps companies grow their businesses while using Velodyne lidar technology. (Photo: Velodyne Lidar) Recently, Velodyne signed a multi-year sales agreement with Idriverplus to provide Puck™ sensors for the mass production of autonomous vehicles. Idriverplu
Takeda to Present Data from the ICLUSIG® (ponatinib) Clinical Trial Program that Could Prove Practice-Changing for the Treatment of Chronic-Phase CML29.5.2020 15:00:00 EEST | Press release
Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) today announced that interim analysis data from the Phase 2 OPTIC (Optimizing Ponatinib Treatment In CML) trial will be presented during an oral session at the virtual 56th American Society of Clinical Oncology (ASCO) Annual Meeting and the 25th European Hematology Association (EHA) Annual Meeting. The OPTIC trial is an ongoing, randomized, open-label study prospectively evaluating response-based dosing regimens of ICLUSIG® (ponatinib) over a range of three starting doses (45-, 30-, or 15-mg) with the aim of optimizing its efficacy and safety in patients with chronic-phase chronic myeloid leukemia (CP-CML) who are resistant or intolerant to prior tyrosine kinase inhibitor (TKI) therapy. With a median follow-up of approximately 21 months, data from the interim analysis of OPTIC show that the optimal benefit-risk profile for ICLUSIG in patients with CP-CML is achieved with a daily starting dose of 45-mg and, upon achieving ≤1% BCR
Interim Data from the Open Label Phase 2 OPTIC Study of Iclusig® (ponatinib) for Chronic Phase-CML Presented at the ASCO and EHA Virtual Meetings29.5.2020 15:00:00 EEST | Press release
Incyte (Nasdaq:INCY) today announced that data from the interim analysis of the Phase 2 OPTIC (Optimizing Ponatinib Treatment In CML) trial, which was sponsored by Takeda and co-funded by Incyte, will be presented during an oral session at the upcoming 2020 American Society of Clinical Oncology Virtual Meeting (ASCO20; May 29 – May 31) (Abstract #7502)1; and at the virtual 25th Congress of the European Hematology Association (EHA25; June 11 – 14) (Abstract #S172)2. The OPTIC trial is an ongoing randomized, open-label study prospectively evaluating response-based dosing regimens of Iclusig® (ponatinib) over a range of three starting doses (45 mg, 30 mg, 15 mg) with the aim of optimizing its efficacy and safety in patients with chronic-phase chronic myeloid leukemia (CP-CML), who are resistant or intolerant to prior tyrosine kinase inhibitor (TKI) therapy. With a median follow up of approximately 21 months, data from the interim analysis of the OPTIC trial show that the optimal benefit-r
Takeda Receives Positive CHMP Opinion for Pre-Filled Syringe Presentation of TAKHZYRO® (lanadelumab) for Use as a Preventive Treatment for Hereditary Angioedema Attacks29.5.2020 15:00:00 EEST | Press release
Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) (“Takeda”) today announced that the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion on a Type II Variation regulatory application and recommended the approval of a pre-filled syringe presentation of TAKHZYRO® (lanadelumab). TAKHZYRO is a subcutaneous injectable prescription medication approved in Europe for routine prevention of recurrent attacks of hereditary angioedema (HAE) in patients aged 12 years and older. HAE is a rare genetic disorder that results in recurrent attacks of oedema – swelling – in various parts of the body, including the abdomen, face, feet, genitals, hands and throat.1,2,3 “Our goal is to continuously innovate in all areas of HAE management,” said Isabel Kalofonos, Global Product Strategy Lead, HAE, Takeda. “This positive opinion marks another important step forward as we aim to enhance the experience of treatment administration for peo
Takeda Announces Compelling Data from the Phase 2 Trial of Pevonedistat Plus Azacitidine in Patients with Higher-Risk MDS29.5.2020 15:00:00 EEST | Press release
Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) today announced the results of the Phase 2 Pevonedistat-2001 trial will be presented during oral sessions at the virtual 56th American Society of Clinical Oncology (ASCO) Annual Meeting and the virtual 25th European Hematology Association (EHA) Annual Meeting. The study evaluated pevonedistat plus azacitidine versus azacitidine alone in patients with rare leukemias, including higher-risk myelodysplastic syndromes (HR-MDS). These results show that the combination of pevonedistat and azacitidine is a highly active, promising therapeutic approach and suggest benefit in the HR-MDS subgroup across multiple clinically meaningful endpoints, including overall survival (OS), event-free survival (EFS), complete remission (CR) and transfusion independence, with a safety profile similar to azacitidine alone. The Pevonedistat-2001 trial was designed as a proof-of-concept study in patients with HR-MDS, higher-risk chronic myelomonocytic leuke
LetsGetChecked Debuts FDA EUA-Authorized At-Home Coronavirus (COVID-19) Sure-track Test29.5.2020 14:57:00 EEST | Press release
LetsGetChecked, the leading direct-to-consumer at-home health testing and insights company, announces today the authorization of the new Coronavirus (COVID-19) Sure-track Test for at-home consumer use by the U.S. Food and Drug Administration under an EUA. The new test is authorized to serve at-risk individuals with a proprietary at-home PCR nasal swab test that delivers accurate and definitive results within 24 hours. Offering an end-to-end model, LetsGetChecked’s new Sure-track Test introduces the most complete FDA EUA-authorized Coronavirus at-home testing solution. The at-home Coronavirus (COVID-19) test incorporates a nasal swab and PCR lab analysis, offering convenient and secure results in 24 hours. Unlike serology tests that detect the presence of antibodies, the at-home COVID-19 test determines the presence or absence of SARS-CoV-2 viral RNA. LetsGetChecked’s Sure-track Test is the only FDA EUA-authorized at-home Coronavirus (COVID-19) test that owns all aspects of the testing
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom