From digital dread to digital daring

In recent years, the role of the CFO has undergone a profound shift, driven largely by the rapid advancement of digital workflow automation. Despite its promise of efficiency and innovation, nearly 40% of CFOs surveyed remain hesitant about fully embracing digital transformation, particularly in areas like automation.

This reluctance, highlighted in the American Express CFO Survey 2024*, reveals a paradox: while 31% of CFOs are worried about geopolitical and economic risk planning, 39% view internal challenges like digital transformation as a greater concern, showing that the primary barrier lies within their own teams and systems, rather than external threats.

This begs the question: Why are so many CFOs still hesitant to embrace what could be their greatest asset?

Those who confront and reframe this uncertainty as an opportunity stand to lead their organisations confidently through today’s tech-driven business landscape.

The Fear of Digital Transformation

There’s no denying that CFOs face immense pressure to fast-track digital transformation efforts, but many view this as a double-edged sword.

According to the survey, 39% of CFOs harbour concerns about automation, and not without reason. This stems from a range of factors, from resistance within their own teams (27%) to gaps in critical digital skills (29%).

Yet, here’s the irony—CFOs know that automation can unlock tremendous potential, from operational efficiency to long-term growth. So, what’s really holding them back?

It’s the uncertainty over whether their teams and systems are ready to handle this transformation. The familiarity of manual processes is comforting, and change, particularly digital change, tends to feel like a gamble rather than a strategic move.

Here’s where leadership comes into play. CFOs who recognise that standing still is riskier than moving forward will likely realize that digital tools, when used strategically, can make the difference between thriving and merely surviving.

The Growth Mindset

Let’s be candid: if CFOs want to move past digital dread, they need to stop treating technology as a threat to be managed and start seeing it as a tool to be leveraged. The American Express CFO Survey makes it clear half of finance leaders anticipate taking on more responsibility for digital initiatives this year. But it’s not just about taking the helm; it’s about adopting a growth mindset.

Leaders who are willing to embrace change, invest in upskilling their teams, and foster an organizational culture of continuous learning will likely be the ones who succeed. Digital transformation isn’t just an operational shift but a mindset shift. CFOs need to take the reins, not just of their financial strategy, but of their teams’ approach to technology and innovation. A reluctance to learn new tools can leave organisations behind, but the willingness to grow and adapt can push them ahead.

By reframing automation as an enabler of innovation, rather than a disruptor, CFOs can transform their finance teams from cautious observers into proactive change-makers.

Turning Digital Fears into Strategic Wins

CFOs who successfully embrace automation don’t just survive—they thrive. Look at the data: 81% of CFOs report increased confidence in hitting cash flow goals, and 75% view digital transformation as a strategic priority that will enable them to pursue new growth opportunities.

Automation isn’t just about doing things faster but about doing things smarter. By offloading routine tasks, CFOs can redirect their teams’ efforts toward higher-value activities like financial forecasting and strategic planning.

Consider the broader potential: 37% of finance leaders surveyed are leveraging automation to improve working capital and almost 60% are adopting virtual payment systems that will streamline operations and enhance security.

This is about fundamentally transforming how finance teams operate. And here’s the kicker—CFOs who can integrate these technologies are positioning their organizations to outpace competitors.

The choice is simple: let fear hold you back, or let automation propel you forward. The CFOs who opt for the latter may quickly realize that the technology they’ve hesitated over is, in fact, their strongest ally in the pursuit of strategic wins. 

The Future-Ready CFO

So, where does this leave today’s finance leaders?

The American Express CFO Survey leaves no room for ambiguity: 75% of CFOs view digital transformation as a strategic imperative. The time to act isn’t tomorrow—it’s now. CFOs who wait risk falling behind, while those who start small and build momentum will likely see significant long-term gains.

Yes, the digital landscape is fraught with challenges—fraud risks, security concerns, skill shortages—but the opportunities far outweigh the risks. Automation, AI, and virtual payments offer not just efficiencies but insights that will help make CFOs more agile, more informed, and ultimately more successful in driving their organisations toward growth.

It starts with embracing a mindset that welcomes change, taking incremental steps toward digital adoption, and leading their teams through this transformation with confidence and a steady hand. After all, the future belongs to those who dare to innovate.

* Data based on a survey of 513 senior financial decision-makers from 11 countries. 60% were in C-suite roles, and industries represented included finance, construction, retail, manufacturing, and more.

Comments are closed.