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CFOs Target Future-Proofing Their Business

Friday, October 30, 2015
By A Business Reporter

Indian CFOs are championing innovation as the way forward to secure future business and growth with one in two confirming that improving efficiency and business performance and GST readiness will be the next big ticket items to address, reveals American Express survey

A whopping 81% of Indian CFOs, say they are focusing on making significant investments towards innovation in products and services followed by systems and processes (72%) and technology (70%).  They tick championing innovation as the key determinant to future-proofing their business. This was revealed in the recently released American Express 'CFO Future-proofing Survey 2015'.

81% also saw their businesses as having a more compelling and competitive edge than their peers, with 38% believing their advantage lies in their product and service offering to consumers.  Innovation was widely acknowledged as key to helping retain this edge.

“Lessons learned while confronting biggest business challenges are shaping today’s CFOs’ strategies for the better.  As per the survey, CFOs are now evolving as Chief Future Officers and focusing on investment in innovating products as services, to drive growth" said  Saru Kaushal, Country Business Head, Global Corporate Payments, American Express. Smart businesses know that constant innovation and evolution is a central strategy towards future-proofing.  CFOs today are maintaining focus and carefully weighing each investment and decision to ensure they remain competitive in an extremely dynamic business environment” she added.

Followed innovation, 56% of CFOs saw improving their efficiency and business performance and being GST ready (50%) as key to future-proofing their company. Strengthening their bottom–line also emerged as the top business priority on most CFOs’ agenda followed by growing revenue and market share.

Leading the future-proofing charge is the CFO, who as Chief Future Officer, is assuming greater decision making role and responsibility to ensure long-term growth.79% of CFOs feel future-proofing has been a major thrust area of their organization in recent few years and 68% agree they are now playing a major role in developing future-proofing strategies.

Most significantly, 95% of CFOs say their roles have changed in the last one or two years and 63% now have a bigger boardroom presence than before.

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