CFOs Prioritize Supply Chain Resilience in an Inflationary Environment, According to New Protiviti Finance Trends Survey

CFOs reimagine their roles to embrace duties tied to safety and privateness, cloud, provide chain, expertise administration and extra

MENLO PARK, Calif., Sept. 20, 2022 /PRNewswire/ — Among the outcomes of the 2022 Global Finance Trends Survey, performed by world consulting agency Protiviti, is the discovering that almost half (45%) of CFOs and finance leaders are transferring away from efficiency-based provide chain fashions (e.g., low-cost, just-in-time) to income assurance fashions that emphasize flexibility and resilience.

Four in 10 finance organizations are incorporating ESG into extra of their sourcing selections.

Further, the survey reveals that 72% of respondents’ finance operations skilled disruptions or delays due to provide chain challenges, pandemic-related impacts, and/or the results of inflation in the previous yr. The majority (51%) of people who skilled such delays say they engaged a managed companies supplier or enterprise course of outsourcing agency to tackle the ensuing challenges.

Top 10 Priorities

In the survey of 1,064 CFOs and vice presidents, administrators and managers of finance, which was performed globally in June and July 2022, members ranked their priorities for the approaching yr. Specifically, the highest 10 priorities for CFOs and VPs of finance are:

Notably, blockchain and good contracts moved up in the highest 10 record this yr. CFOs and finance leaders could also be using these applied sciences as a part of their method to provide chain resiliency and innovation.

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“This yr’s survey findings affirm that CFOs proceed to prolong the worth they ship to the group far past the boundaries of conventional finance and accounting actions, as they reimagine their roles and embrace duties tied to provide chain, automation, analytics, ESG, management expertise and extra,” stated Christopher Wright, world chief of Protiviti’s Business Performance Improvement follow. “Through latest tumultuous years, CFOs globally have been offered with alternatives to set up and stress-test their increasing strategic roles in real-time, which has helped them contribute to the dialog in the C-suite and boardroom.”

The Protiviti survey additionally discovered that ESG methods and reporting take heart stage – from elevated concentrate on and frequency of ESG reporting to formal and documented DEI applications, CFOs and finance leaders are devoting extra time, consideration and sources to enterprise ESG initiatives. Of observe, 4 in 10 finance organizations are incorporating ESG into extra of their sourcing selections, contemplating not simply sustainability but additionally social points.

CFOs are additionally addressing issues about inflationary traits: for instance, 35% of CFOs are assessing the necessity for brand new expertise and expertise each inside and out of doors of their organizations; 33% are balancing the chance of upper workers attrition in opposition to potential compensation will increase; and 32% are refining and/or rising state of affairs planning.

“More CFOs and finance leaders now notice that high-impact disruptions like rate of interest volatility, commerce wars, and Russia’s conflict on Ukraine have uncovered the fragility of the worldwide provide chain mannequin,” stated David Petrucci, a managing director and world chief of Protiviti’s Supply Chain and Operations follow. “CFOs are paying extra consideration to issues akin to how lengthy suppliers can function amid a catastrophic occasion and the way lengthy their very own organizations can function amid extended provide chain disruptions. It’s important for them to look past conventional price calculations by evaluating and monitoring provide chain reliability, responsiveness and resiliency.”

The survey outcomes replicate responses from finance professionals worldwide at each private and non-private corporations throughout a broad vary of industries. In addition to presenting findings from respondents total, the Protiviti survey report, titled “Reimagine,” compares outcomes from respondents on the CFO and VP of finance ranges with these at director and supervisor ranges. Comparisons of the sometimes-marked variations between their responses by degree present extra insights for senior management to tackle.

Survey Resources Available
Key findings of the Protiviti 2022 Finance Trends Survey can be found now for digital exploration on the agency’s web site – click on here to entry. Also obtainable on the location for complimentary obtain are a PDF of the complete survey report, together with advisable motion gadgets for CFOs, an infographic and audio commentaries from Protiviti’s finance consulting specialists. On September 22 at 1:00 p.m. EDT, Protiviti will host the primary of three complimentary 60-minute webinars to focus on the survey outcomes and their implications, that includes Wright and Protiviti Managing Directors Kerry Buchar, Andrea Spinelli and Fran Maxwell. To attend the webinars, please register here.

About Protiviti
Protiviti (www.protiviti.com) is a worldwide consulting agency that delivers deep experience, goal insights, a tailor-made method and unparalleled collaboration to assist leaders confidently face the longer term. Protiviti and its unbiased and regionally owned Member Firms present shoppers with consulting and managed options in finance, know-how, operations, information, digital, authorized, governance, danger and inner audit by its community of greater than 85 workplaces in over 25 nations.

Named to the 2022 Fortune 100 Best Companies to Work For^® record, Protiviti has served greater than 80 % of Fortune 100 and almost 80 % of Fortune 500 corporations. The agency additionally works with smaller, rising corporations, together with these wanting to go public, in addition to with authorities businesses. Protiviti is a completely owned subsidiary of Robert Half (NYSE: RHI). Founded in 1948, Robert Half is a member of the S&P 500 index.

Protiviti will not be licensed or registered as a public accounting agency and doesn’t difficulty opinions on monetary statements or provide attestation companies.

Editor’s observe: images and an infographic of survey highlights (in PDF or JPEG codecs) obtainable upon request.

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SOURCE Protiviti