CFOs in Benelux are becoming more established partners to their CEOs, particularly in strategic decision-making. However, major challenges remain.
A new global High Performance Finance Study by Accenture includes 47 respondents from Benelux. In addition to the survey, interviews with CFOs and other senior finance professionals from Benelux organizations were conducted. The results have been compiled in a special Benelux report, which presents five key findings.
Finding 1: Permanent volatility is a key concern
Almost half of Benelux CFOs surveyed say that permanent volatility is having a high impact on the finance function, a greater proportion than for the global sample (38%). Compared to their global peers in the study, Benelux organizations report a larger gap between the importance of environmental developments to the finance function and their satisfaction with finance’s performance in dealing with them. These environmental developments apply to the European Union as a whole: for example, regulatory pressures, the Eurozone crisis, the impact of sanctions against Russia, etc. Next to permanent volatility, shifting legislative, regulatory and compliance regimes, as well as newer mobility, social and cloud-based technologies are having a significant impact.
Finding 2: Managing complexity is a major challenge
Complexity is the biggest challenge all finance organizations face today. Similarly, Benelux CFOs find complex legacy systems to be one of their biggest challenges, with 57% highlighting this as a leading issue. They also find it more difficult than their global peers to manage the complex needs of different stakeholders, with 57% identifying this as a major problem, compared with 48% of global respondents. Benelux organizations have, however, made relatively good progress in setting up systems to help manage complexity.
Finding 3: Benelux CFOs are increasing their influence over business transformation
Like CFOs elsewhere, Benelux CFOs have seen their influence increase across many key activities, particularly in strategic decision-making (85% of responding Benelux CFOs). Their organizations are much more likely to have embarked on supply chain optimization and sustainability initiatives than their global peers; responding CFOs are also more likely to have played a role in vision and implementation of these initiatives. But the satisfaction of the CFO in having the right degree of involvement in driving business outcomes is lower among Benelux respondents compared to the global sample.
Finding 4: Maturity of Benelux companies’ operating models lags behind global peers
Only 27% of surveyed Benelux organizations have a global business services operating model, compared with more than half of their global peers. Moreover, almost one-quarter of Benelux organizations have no shared services model at all. There are aspirations to change this, however, with half of the respondents expecting to have a global business services operating model within two years. Read the full report to find out what the dominant shared services models are, and what they imply.
Finding 5: Benelux organizations are less likely to invest in digital technologies
In general, surveyed Benelux organizations are less likely than their global peers to use digital technologies to achieve key business objectives. The pace of expected investment in digital is also slightly lower for Benelux CFO respondents. Where these investments are being made, however, CFOs are more likely to play a key role in influencing investment decisions.
For more insights quotes from respondents download the full Benelux report or the full Global report
