CFOs expand roles to drive enterprise strategic priorities

Chief financial officers (CFOs) are increasingly stepping beyond their traditional finance roles to embrace a wider array of enterprise responsibilities, according to a recent survey by Gartner.

The survey, conducted in October 2024, involved 251 CFOs and highlights the expanding roles CFOs are playing in leading multiple enterprise priorities. It reveals that there is an increasing reliance on CFOs to drive enterprise priorities such as data and analytics (D&A) strategies to enhance profitability.

Mallory Bulman, CFO Advisory Leader in the Gartner Finance practice, commented, "For most CFOs, the responsibilities they carry beyond finance include a mix of enterprise data and analytics (D&A), enterprise risk, corporate strategy, M&A, and procurement. This expanded role will require CFOs to make decisive trade-offs in their own time and prioritisation decisions."

The survey also found that CFOs are being tasked with roles related to artificial intelligence, information technology, real estate, cybersecurity, and environmental social governance. This broader scope of responsibilities is expected to necessitate more efficient time management and greater reliance on their leadership teams.

To help manage these complex roles, CFOs are advised to focus on prioritising the most significant organisational issues and to avoid being overwhelmed by various demands. Enhancing the capabilities of their leadership teams and maintaining awareness of finance activities are also emphasised as crucial strategies.

In order to hypothesise, test, and confirm the relationship between operational and financial outcomes, CFOs are encouraged to establish metrics that align with both financial and operational performance indicators. Identifying one to three quantifiable targets is suggested to drive the organisational strategy and planning tactical elements such as pricing models and marketing outreach to support the strategy.

"Profitable growth will always be the number one priority for CFOs," Bulman stated. "However, owning and anchoring strategic D&A to the overall business system will underscore CFOs' ability to create a streamlined, measurable approach to tracking metrics and boosting overall enterprise performance."

Gartner has published more detailed guidance through reports such as "Leadership Vision for 2025: CFO", offering strategies to help CFOs prepare for the changes anticipated in the coming years. Alongside these resources, the CFO & Finance Executive Conference 2025 will further explore these evolving roles and provide insights into areas like AI in finance, CFO leadership effectiveness, and finance transformation leadership.