Our survey shows that the majority of CFOs expect increased digital transformation in the next five years, recognising its necessity for business success. Most CFOs plan to adopt new technologies in the finance function to enhance processes and insights. Key challenges include selecting the right technologies, ensuring data quality and having skilled personnel. 
 

Expectations for digital transformation 

A significant majority of the CFOs (9 out of 10) expect their company to undergo more digital transformation in the next five years compared to the last five years. This expectation underlines the growing recognition of the importance of digital technologies in driving business success. CFOs are increasingly aware that embracing digital transformation is not just a trend but a necessity for future growth and sustainability. 

Figure 1. Expectations for digital transformation
_{Do you expect your company to undergo more or less digital transformation in the next five years compared to the last five years?} 

Expected actions to ensure management of digital transformation 

To manage digital transformation effectively, most CFOs (more than 8 out of 10) plan to support upgrade of core finance applications and increase use of new technologies over the next five years. This proactive approach highlights the commitment to integrating advanced tools and systems that can streamline processes, improve accuracy and provide deeper insights into financial data.

However, it is noteworthy that 16 per cent of CFOs do not plan to work with new technologies. This reluctance may stem from various factors, such as budget constraints, lack of expertise or resistance to change.   

Figure 2. Expected actions to ensure management of digital transformation 
_{Which of these three statements best describes how you as a CFO plan for the finance function to work with new technology over the next five years?} 

Challenges in implementing digital transformation 

The journey towards digital transformation is not without its hurdles. Choosing the right technologies, securing high data quality and availability of skills are highlighted as the three main challenges for Danish CFOs. Interestingly, 14 per cent of CFOs expect to encounter all six challenges, indicating a high level of complexity and potential obstacles in their digital transformation journey.   

Figure 3. Challenges in implementing digital transformation 
_{Which of the following challenges do you expect as a CFO in implementing digital transformation in your company over the next five years? (choose all that applies)} 

To manage digital transformation effectively, Danish CFOs are planning various initiatives. 77 per cent have increased their focus on adjusting business processes after implementation, 70 per cent are concentrating on improving decision-making processes and governance, and 69 per cent are focusing more on realising and maintaining business value post-implementation. On average, they plan to implement three out of five measures to manage digital transformation effectively. 

Figure 4. Expected actions to ensure management of digital transformation 
_{What measures do you expect to take as a CFO to ensure the management of digital transformation in your company in the next five years? (choose all that applies)}

_{Note: The base sizes for this graph are smaller than the other graphs due to a filter question. Base size is 128 respondents.}