{"id":999965179,"date":"2023-12-14T18:03:45","date_gmt":"2023-12-14T11:03:45","guid":{"rendered":"https:\/\/bizzi.vn\/?p=999965179"},"modified":"2026-06-03T23:14:11","modified_gmt":"2026-06-03T16:14:11","slug":"2023-38-cfo-priority-control-financial-costs","status":"publish","type":"post","link":"https:\/\/bizzi.vn\/en\/2023-38-cfo-priority-control-financial-costs\/","title":{"rendered":"2023 review: 38% CFO prioritizes controlling financial costs"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In an increasingly volatile business world, CFOs are facing new challenges and need to adjust their strategies to ensure business sustainability. A notable shift appears on CFO priority lists for 2023, raising questions about the role of financial cost control in the current economic environment.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Let&#039;s look back at this transition process with Bizzi!\u00a0<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Index<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/bizzi.vn\/en\/2023-38-cfo-priority-control-financial-costs\/#Su_thay_doi_dang_chu_y_trong_danh_sach_uu_tien_cua_CFO\" >Notable change in CFO&#039;s priority list<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/bizzi.vn\/en\/2023-38-cfo-priority-control-financial-costs\/#Thach_thuc_can_bang_va_su_thieu_hut_doi_moi\" >The balancing challenge and the innovation deficit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/bizzi.vn\/en\/2023-38-cfo-priority-control-financial-costs\/#Chuan_bi_kich_ban_cho_thach_thuc_kiem_soat_chi_phi_tai_chinh_2024\" >Prepare scenarios for the challenge of controlling financial costs in 2024<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Su_thay_doi_dang_chu_y_trong_danh_sach_uu_tien_cua_CFO\"><\/span>Notable change in CFO&#039;s priority list<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">New research shows that corporate finance departments are returning to the basics in 2023, with a clear shift focused on controlling corporate finance costs. The focus on cost control has pushed revenue growth KPIs lower on CFO priority lists this year.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">According to a survey by US Bank with the participation of 1,420 senior finance experts, the top priority of CFOs today is cost control in the finance department. This is a priority ranked above controlling financial costs across the entire enterprise, the second concern.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">More than \u2153 (38%) of CFOs said they are prioritizing cost reductions in their departments. In addition, 33% CFO prioritizes cost reduction across the enterprise.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A similar 2021 banking survey put cost cutting at number 8 on the list of concerns for financial experts.\u00a0<\/span><\/p>\n<figure id=\"attachment_999965181\" aria-describedby=\"caption-attachment-999965181\" style=\"width: 924px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-999965181\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-13-172401-300x211.png\" alt=\"38% CFO prioritizes controlling financial costs\" width=\"924\" height=\"650\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-13-172401-300x211.png 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-13-172401-768x541.png 768w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-13-172401-18x12.png 18w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-13-172401.png 891w\" sizes=\"(max-width: 924px) 100vw, 924px\" \/><figcaption id=\"caption-attachment-999965181\" class=\"wp-caption-text\">38% CFO prioritizes controlling financial costs<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A focus on costs becomes mainstream, forcing many companies to succumb to prevailing economic conditions.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Why does the CFO rate financial cost control higher than organization-wide cost efficiency? Some notable reasons include the finance department&#039;s direct reporting to the CFO. CFOs understand that they cannot ask other departments to cut spending if they themselves cannot set an example. This poses a challenge for them as they need to balance focusing on efficiency and investing to drive business growth.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Thach_thuc_can_bang_va_su_thieu_hut_doi_moi\"><\/span>The balancing challenge and the innovation deficit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">More than half (56%) of CFOs participating in the survey expressed difficulty in achieving a balance between focusing on efficiency and investing for growth. Cost control efforts appear to be negatively impacting innovation and creativity activities.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Only 26% CFOs are evaluating new business models, down from 42% two years ago. Enterprise-wide insights generation activities decreased from 39% to 23%, and capital allocation process improvements were only 27%, down from 38% two years ago. And only 27% CFOs are involved in improving the capital allocation process, while two years ago, this proportion accounted for 38%.\u00a0<\/span><\/p>\n<figure id=\"attachment_999965180\" aria-describedby=\"caption-attachment-999965180\" style=\"width: 836px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-999965180\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-13-172740-300x187.png\" alt=\"How CFOs save business costs\" width=\"836\" height=\"521\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-13-172740-300x187.png 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-13-172740-18x12.png 18w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-13-172740.png 875w\" sizes=\"(max-width: 836px) 100vw, 836px\" \/><figcaption id=\"caption-attachment-999965180\" class=\"wp-caption-text\">How CFOs save business costs<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In particular, the leading factor in creating cost efficiency is the fact that finance departments are looking for technology platforms that apply to work processes. In fact, according to the survey report, 54% CFO said artificial intelligence could completely redefine the way the finance function team operates.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Different from the trend two years ago, only 19% CFOs are planning to reduce their workforce, a sharp decrease compared to 40%. It seems that reducing headcount is no longer the preferred strategy, and businesses are focusing on other measures such as process optimization and technology integration to achieve maximum efficiency.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In a difficult economic climate, the shift in CFO priorities provides a clear picture of the business&#039;s strategic adjustment. Controlling costs, especially in the finance department, becomes a top priority, while also posing the challenge of balancing efficiency and investment to drive growth. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The integration of technology, especially artificial intelligence, is emerging as a decisive factor in reshaping the way finance functions work. The next challenge for businesses is how they can maintain a balance between cost control and innovation to ensure sustainability and growth going forward.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Chuan_bi_kich_ban_cho_thach_thuc_kiem_soat_chi_phi_tai_chinh_2024\"><\/span>Prepare scenarios for the challenge of controlling financial costs in 2024<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Preparing a plan for cost control in 2024 becomes extremely important. Faced with a remarkable shift in CFO priorities, businesses need to look to technology to help them control costs effectively and sustainably. Cost management tools for businesses are becoming an integral part of business strategy, with AI playing a key role in the process.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Applications integrated with artificial intelligence are capable of analyzing financial data in detail and automatically, helping businesses better understand the origin and origin of costs. At the same time, intelligent data analysis helps CFOs make quick and accurate decisions, based on detailed and complex information from many different sources.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Besides, integrating financial cost control and innovation strategies will help businesses thrive in a challenging context and create strong steps in the uncertain future of business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Businesses can consider Bizzi Expense - a smart expense management application and artificial intelligence integration, helping businesses control budgets strictly and effectively.<\/span><\/p>\n<figure id=\"attachment_999965014\" aria-describedby=\"caption-attachment-999965014\" style=\"width: 791px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-999965014\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/10\/Content-1-300x165.jpg\" alt=\"Bizzi Expense - An Effective Tool For Business Expense Management\" width=\"791\" height=\"435\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/10\/Content-1-300x165.jpg 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/10\/Content-1-1024x564.jpg 1024w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/10\/Content-1-768x423.jpg 768w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/10\/Content-1-18x10.jpg 18w, https:\/\/bizzi.vn\/wp-content\/uploads\/2023\/10\/Content-1.jpg 1216w\" sizes=\"(max-width: 791px) 100vw, 791px\" \/><figcaption id=\"caption-attachment-999965014\" class=\"wp-caption-text\">Bizzi Expense \u2013 Effective Tool for Business Expense Management<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">With Bizzi Expense, businesses can:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Digitize and streamline the business expense management process: claim per diem, refunds, and advances\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Control costs with flexible policies and approval flows\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tight and detailed budget control down to each cost item, department, and project with many dimensions of analysis such as estimates and actual expenses.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Warning when spending exceeds budget<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Get an overview of business expenses quickly thanks to the expense reporting dashboard, actual and projected expenses updated in real-time\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Additionally, Bizzi Expense&#039;s user interface is designed to be simple and easy to use. This helps users quickly get acquainted and take advantage of all features effectively without having to dig deep into the training process.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/bizzi.vn\/quan-ly-chi-phi\">Bizzi Expense<\/a> Able to integrate with many different systems in the business, including accounting and ERP software. This helps ensure synchronization and alignment of financial information across the entire enterprise. More than that, <\/span><span style=\"font-weight: 400;\">Bizzi Expense focuses on security and compliance. Business financial data is strictly protected, while ensuring compliance with regulations and industry standards.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bizzi Expense is not only a cost management tool but also a reliable partner, helping businesses be more confident in controlling financial costs and creating transparency in financial management.<\/span><\/p>\n<p><strong>Monitor\u00a0<a href=\"https:\/\/bizzi.vn\/\">Bizzi<\/a>\u00a0To quickly receive the latest information:<\/strong><\/p>\n<ul>\n<li aria-level=\"1\">Facebook:\u00a0<a href=\"https:\/\/www.facebook.com\/bizzivietnam\" target=\"_blank\" rel=\"noopener nofollow\">https:\/\/www.facebook.com\/bizzivietnam<\/a><\/li>\n<li aria-level=\"1\">Linkedin:\u00a0<a href=\"https:\/\/www.linkedin.com\/company\/bizzi-vietnam\/\" target=\"_blank\" rel=\"noopener nofollow\">https:\/\/www.linkedin.com\/company\/bizzi-vietnam\/<\/a><\/li>\n<li aria-level=\"1\">Youtube:\u00a0<a href=\"https:\/\/www.youtube.com\/@bizzivietnam\" target=\"_blank\" rel=\"noopener nofollow\">https:\/\/www.youtube.com\/@bizzivietnam<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>In an increasingly volatile business world, CFOs are facing new challenges and need to adjust\u2026<\/p>","protected":false},"author":2,"featured_media":999965182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-999965179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tin-tuc"],"acf":[],"_links":{"self":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts\/999965179","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/comments?post=999965179"}],"version-history":[{"count":1,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts\/999965179\/revisions"}],"predecessor-version":[{"id":999980652,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts\/999965179\/revisions\/999980652"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/media\/999965182"}],"wp:attachment":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/media?parent=999965179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/categories?post=999965179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/tags?post=999965179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}