A new survey of 300 middle market CFOs by Citizens Commercial Banking finds that the search for continuous corporate growth now requires CFOs to not only manage corporate financials, but also shape organizational strategies, identify new business opportunities, and expand the use of technology – in effect to play a role more akin to Chief Growth Officer.
As we start 2018, CFOs have a positive outlook on the economy and their ability to achieve corporate growth targets. These beliefs have been further enhanced by recent changes to the U.S. tax code for businesses. What remains to be seen is if CFOs will continue to focus on taking cost out of the business, which was their primary strategy for driving growth prior to the passage of tax reform.
CFOs will also look to emerging technology trends to support their pursuit of growth, which is why CFOs report that greater technology awareness and adoption is viewed as the most important new skill they must acquire. With these new skills, CFOs expect to increase their use of electronic and real-time payments, as well as invest in the technologies and people that are needed to unlock value from all of their data.
The full Citizens Commercial Banking CFO Outlook 2018 study contains a wealth of actionable intelligence that senior finance executives of middle market firms can use to inform their firms’ growth strategies. Download the study.