Are Digital CFOs Urgently Required in the Public Sector?
Digital transformation has become the top priority for public sector Chief Financial Officers according to new research carried out by management consultancy EY and reported on the Kable web site. Almost 60% of the CFOs surveyed stated that improving performance through the use of digital technology was the most important strategic priority facing their organisation.
As a consequence, the traditional role of public sector CFOs is changing rapidly.
In a period of austerity, with business process and organisational transformation being required to achieve agreed cost savings, CFOs are now performing an increasingly important role in supporting chief executives in planning, testing and monitoring digital transformation programmes.
Sixty-eight per cent of the CFOs surveyed stated that they are spending more time providing analysis and insight to support senior leaders and decision makers compared to five years ago; 63% are spending more time supporting their organisation’s development and strategic goals; with 53% claiming to take the lead in developing and defining overall strategy.
According to the report, the expanded skill set required by the next generation of public sector CFOs is leading to a growing talent shortage as organisations look for finance leaders who can strive in an increasingly digital world.