Over the past decade, powerful waves of geopolitical factors and macro market volatility have rapidly changed the way businesses operate and create value. The role of the CFO is changing evident in that context – not just financial management, but also a strategic companion, promoting innovation and ensuring flexibility for the entire organization.
Business dynamics are changing at an unprecedented pace. Rising economic nationalism and trade protectionism, rapidly changing technology, shifting consumer and worker behavior, and environmental uncertainty are all reshaping the entire business landscape.
This is disrupting traditional operating models, forcing businesses to make more difficult capital allocation decisions, while also putting them under increasing pressure to meet a new set of performance metrics and stakeholder expectations.
The advent of GenAI and machine learning has made digital transformation a must-have skill – not just in finance but across many other operations. At the same time, sustainability requirements and climate disclosure regulations (as in Australia and elsewhere) require CFOs to master a whole new set of reporting systems.
The role of the CFO is changing rapidly.
In the past, CFOs were expected to be good at controlling costs, managing financial reporting, and ensuring regulatory compliance. They were seen as guardians of financial integrity, ensuring the books were balanced and risks were tightly controlled. Today, they need to understand technology, sustainability, data, and even customer strategy.
The clearest evidence is from Deloitte’s analysis of more than 30,000 CFO job postings from 2018 to 2023, which shows that the scope of the CFO role has increased by 19% without reducing the foundational requirements for financial management. In other words, the core competencies required of a CFO are growing exponentially.
This shows that the role of the CFO has changed, gradually shifting from “supervisor, inspector” to “orienter”.
PwC emphasizes that CFOs of the future will not only lead the finance function but also Drive strategy, apply technology and create impact across the enterprise.
This requires a broader view, expanding the CFO’s sphere of influence from traditional “back office” functions to “middle office” and “front office” activities due to increased globalization and policy uncertainty. McKinsey also confirms this development, showing that CFOs are increasingly focused on long-term planning and have high expectations for technology, including GenAI, to achieve strategic goals.
Key changes in the role of the CFO
So what do current and future CFOs need to do to adapt to these new expectations?
Deloitte addressed these questions in its latest publication: “The Exponential CFO” – focuses on how changes in how businesses create value, operate, manage talent, and culture will continue to shape the CFO’s agenda in the years ahead.
1. Create value
The way companies create shareholder value has changed dramatically in the post-pandemic era. Rising interest rates and shifting fiscal policy have ended the era of zero interest rates that lasted throughout the 2010s. At the same time, demographic shifts and technological advances have profoundly transformed market structures and customer access.
In this context, the CFO is no longer simply a cash flow protector but has become a strategic architect creating corporate value. CFOs need to be sensitive to changing consumer expectations. As Millennials and Gen Z customers – who account for more than 50% of the global consumer market (according to McKinsey) – become the majority of companies’ target customers, the demand for personalization, sustainability and social impact are increasingly becoming key drivers of product and pricing strategies.
This forces CFOs to move beyond the traditional “profit and loss statement” to incorporate environmental, social and governance (ESG) factors, operational efficiency and customer satisfaction into their financial performance assessments. A PwC (2024) report found that 75% CFOs at large corporations now incorporate ESG metrics into their financial planning processes – a clear demonstration that sustainable finance is becoming a top priority.
In fact, the importance of Millennials and Gen Z is also reflected in the strong shift in advertising budgets. The value of influencer marketing has increased more than 10 times since 2016, transforming from a niche channel to a mainstream form of advertising, showing the increasing importance of personalization and direct interaction with customers.
Specific numbers, from $1.7 billion to $24.0 billion by 2024. Although the growth rate has slowed down compared to previous years, nearly Three in five businesses (59.4%) plan to increase investment in influencer marketing in 2024
In addition, CFOs also need to be familiar with alternative sources of capital mobilization such as impact investing or self-funded projects – increasingly popular forms that require relationship and partnership management skills in a different way than traditional capital mobilization.
These changes promote closer collaboration within the C-suite, building a multi-dimensional view of corporate value – not only focusing on shareholder benefits but also considering employees, customers and the environment. From there, businesses can create a more comprehensive and modern value framework, in line with the trend of sustainable development in the future.
2. Operation
Macro events like global conflicts, political instability and disruptions to free trade are shaking up traditional businesses. In 2024 alone, countries accounting for nearly 50% Global GDP Elections, with many parties skeptical of free trade gaining ground or taking power.
In that context, CFOs can't see the current protectionist wave as temporary. This is a long-term trend that has been simmering for years and is being driven by unpredictable geopolitical factors. According to the International Monetary Fund (IMF), The number of new trade restrictions has nearly tripled.from 2019 to 2022 – making global supply chains more vulnerable than ever.
For example, 42% CFO sees changing tariff landscape as key threat, with 28% US CFO has or is planning to increase inventory levels to prepare.
At the same time, as supply chains become more fragile and geopolitical volatility becomes more unpredictable, CFOs play a central role in reimagining risk management systems. No longer just responsible for monitoring budgets or controlling costs, today’s CFOs must ensure they can respond quickly to crises – from logistics disruptions to currency fluctuations, policy changes or rising raw material prices.
This requires CFOs to develop a systematic approach to managing increasingly complex risks in a volatile global environment. Risk management frameworks, technology controls and analytical tools need to be constantly updated to properly assess the scale, impact and level of risks from political factors and regulatory changes.
To achieve this, CFOs need to leverage technologies like GenAI, machine learning, and predictive analytics to automate and drive efficiency – while improving decision-making through data and insight.
Tools needed The CFO's “new skill set” includes:
- Scenario analysis for crisis scenarios,
- AI and machine learning to predict trends and unusual behavior,
- Centralized data management system to link operational, financial and external data.
However, 44% CFO has difficulty with data visibility, and 80% Financial data is derived from different business segments, indicating the need for a single source of data and centralized data management. Data silos and legacy systems are significant barriers to digital transformation for nearly one in five CFOs.
According to Gartner report (2024), 60% CFO Invested in Integrated Predictive Risk Analytics Platform over the past year – a clear indication that risk management is no longer just a matter for operations but a core strategy from the leadership.
However, these are not “plug and play” technologies. To take advantage of them effectively, CFOs need to be involved in the process of upgrading their team’s technology skills – especially the ability to understand and use GenAI.
In addition, it will be imperative to standardize, clean, and tightly manage operational, financial, and external data. High-quality data is a prerequisite for AI to provide valuable analysis and accurate forecasts for different departments.
3. Talent and organizational culture
The spread of GenAI in the economy has marked a new era of human-technology collaboration, changing the nature of work and requiring new talent models and corporate cultures. No longer an option, digital transformation has now become a “passport” for financial performance and human development.
In most organizations, the CFO will play a central role in creating new key performance indicators (KPIs), skills development plans, and career paths for employees. But more importantly: data must be “clean,” consistent, and structured – a key factor for technologies like GenAI, RPA, and real-time data analytics to deliver real value.
GenAI literacy – understanding and applying AI to financial reporting, profit analysis, internal audit, etc. will be a required skill in the new finance team. At the same time, CFOs are now not only managing “financial assets”, but also creating “human assets” of the enterprise. In the era of flexible talent (gig economy), CFOs must evaluate performance based on execution and innovation capabilities – not just rigid financial indicators.
An essential requirement is the ability to measure the change readiness of the team – a key metric in any digital transformation program.
Profound changes in the workplace will require a serious assessment of the organizational culture’s readiness for change. “CFOs who can foster a culture of innovation and continuous learning will be critical to retaining and developing digital talent,” Bain & Company notes.
As macro factors and market trends continue to shape how businesses operate and create value, the role of the CFO and finance function is not only changing but becoming more important than ever. In response to this shift, we can expect the emergence of the “active CFO” role model – someone who leads organizations through large-scale, rapid change by driving value creation, optimizing operations, and shaping the talent experience and organizational culture.
The role of the CFO has undergone a profound and irreversible transformation, evolving from a traditional financial steward to an indispensable strategic leader. In an era defined by geopolitical shifts, macroeconomic volatility, rapid technological advancements, and growing sustainability demands, the CFO is now the “Multidimensional CFO” – a dynamic force driving value creation, sustainable operations, and cultural evolution.
To meet these new expectations, current and future CFOs need to master an expanded set of capabilities. They must become data storytellers, transforming complex financial information into actionable insights. Embracing digital capabilities and integrating GenAI into finance operations is not just about optimizing costs, but also about building a competitive advantage.
Integrating ESG into core strategy is not just about compliance, but also a lever for long-term value creation and reputational risk management. Ultimately, fostering deep cross-functional collaboration and fostering a culture of continuous learning will be critical to an organization’s resilience and growth.
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Source:
- Deloitte – “The Exponential CFO”
- PwC – What's important to the future CFO in 2025
- EY – CFO strategy: data – driven insights and fiscal responsibility
- Accountsiq – 5 economics challenges CFOs will face in 2025
