Deloitte highlights finance leaders' expanding role in strategy and digital transformation

Finance leaders pivot to strategic drivers

The latest Deloitte survey indicates a profound transformation in the role of finance leaders. Over half (57%) of respondents now identify as top leaders influencing strategy development across their organizations, managing approximately 20% more responsibilities than their less influential peers. This expanded scope demands a proactive approach to business challenges, requiring agility and strategic foresight.

Financial chief officers are balancing the relentless demands of cost efficiency with the crucial need to invest in growth and innovation. Planning for external challenges and adopting new technological capabilities emerged as the highest priorities for respondents. Economic uncertainty, financial reporting, data privacy, and tax regulations were cited as top risks, highlighting a complex and multifaceted risk landscape.

To navigate this environment, finance leaders are bolstering advanced scenario-planning capabilities (30%) and building more agile governance models (28%) to support faster decision-making. These efforts are complemented by leveraging AI-driven insights (25%) to guide better strategic choices. For many, these practices are becoming daily operations rather than monthly reviews.

“The rapid expansion of the finance function’s strategic remit signals a pivotal shift: finance is becoming the enterprise’s central integrator, bridging operational realities with long-term value creation. Rather than merely adopting new technologies, leading finance organizations are redefining how decisions are made by embedding analytical rigor and digital intelligence into everyday workflows. This evolution positions finance not just as a responder to business needs but as an architect of organizational resilience and competitive advantage.” said Eszter Lukács, Finance Transformation Leader at Deloitte Hungary. 

Moreover, finance leaders taking primary responsibility for cost and expense management are proving more effective, with 47% consistently meeting or exceeding their cost-savings goals, compared to 39% of those in supporting roles. These leaders frequently deploy cloud-based solutions (51%) and AI (49%) to identify cost-reduction opportunities and improve efficiency.

Embracing technology and nurturing future-ready talent

The journey towards integrating advanced technologies, particularly artificial intelligence (AI), is a defining characteristic of the evolving finance function. While 63% of finance departments have deployed AI solutions, only 21% report clear, measurable value, and just 14% have fully integrated AI agents into their operations. This disparity points to challenges in moving from pilot projects to embedding AI into everyday finance. Legacy technology (41%) and justifying return on investment (30%) are significant hurdles for early-stage AI adopters.

Data privacy is also a paramount concern, especially for "AI leaders," with 57% citing it as a top challenge. As finance teams handle sensitive organizational data, ensuring secure and compliant AI tools is critical. Some organizations are establishing nuanced governance models, assigning data stewards for each facet of the financial process to protect and manage data usage properly.

Looking ahead, agentic AI systems are seen as a frontier for financial planning and analysis. Respondents foresee the greatest opportunities in sales and profitability management (48%), working capital optimization (46%), and expense management (44%). These autonomous systems can independently carry out tasks, making decisions and adapting over time, moving beyond recommendations to active execution.

To support this technological shift, 64% of finance leaders plan to infuse more technical skills into their functions over fiscal years 2025 and 2026. AI and automation, data analysis, and technology integration are the most prioritized skills. Given a declining pool of traditional accounting talent, many are leveraging AI and automation to address productivity gaps (40%), providing specialized training (39%), and sourcing talent from non-traditional backgrounds (35%) or other departments (28%).

“We run a senior leadership program where we bring between 50 and 60 of the most senior finance leaders to ensure our professionals are developing skills in step with the current talent market,” added Timo Ihamuotila, Global CFO, ABB Group. “These leaders then act as trainers for their own teams, or on behalf of a specific subject matter, like new tools emerging in the finance transformation program.”

The future of finance hinges on creating connected data infrastructures, expanding leaders' value beyond traditional roles by blending finance acumen with technology, business, and human-centric skills like curiosity and critical thinking. Fostering agility through efficient governance and scenario planning will empower finance to drive enterprise-wide growth and value.

For deeper insights and key takeaways, explore the full article here.