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Press Release

Tuesday, October 17, 2017

Armanino Releases Annual CFO Evolution Survey Report


New Findings Result in a Path to the Transformational CFO

SAN RAMON, Calif. (October 17, 2017) Armanino LLP, one of the top 25 largest accounting and business consulting firms in the U.S., released the findings of its annual CFO Evolution Benchmark Survey, resulting in a rethinking of the CFO role in business organizations. The CFO Evolution has long seen the CFO’s role as being a leader, protector and accountant for their organization, but with a rapidly shifting landscape due in part to technology and new business models, the CFO must take on a transformative role as innovator and influencer.

CFOs agreed, as 81 percent of respondents said being an innovator was critical to their success, and 94 percent said being an influencer was critical to their success. “In simple terms, this means a CFO must be the in-house thought leader and the advocate for change,” said Matt Armanino, COO and partner at Armanino LLP. “But that doesn’t mean that CFOs can stop at simply championing blue-sky ideas. They must mobilize their teams to make the business case for change and then implement action. Real leaders initiate and guide change.”

Of CFOs surveyed, 79 percent believe the pace at which their company needs to change is accelerating, and 80 percent say that changes in customer expectations have had an impact on their industry. Customers have more options and see faster results than ever before, and finance leaders need to address the VUCA (volatility, uncertainty, complexity and ambiguity) of the modern marketplace.

Nearly three-quarters of respondents agreed that if their company fails to transform, it will not exist in the future. Organizations can prepare for the realities of VUCA by addressing the rapid change across the three key areas of people, processes and technology.  While only 32 percent of surveyed CFOs were concerned about the impact of artificial intelligence, robotics and blockchain technology, the reality is that such technology will change the way businesses operate and the skillsets needed by tomorrow’s workforce.  As such, 80 percent of respondents plan to invest in a technology roadmap, and 83 percent plan to invest in development and training of their people.

Continuous change is the new normal in all industries, and the transformative CFO adds a layer of new required skillsets to their arsenal: innovation and influence. CFOs who can innovate in response to or ahead of change and effectively influence their executive team’s direction will be prepared to succeed in tomorrow’s market. But CFOs can’t do it alone, advises Armanino. This new world creates a demand for strategic relationship networks of thought partners and subject matter experts to combat disruptive market changes, meet broad-reaching strategic challenges and seize opportunities. You can learn more about the transformative CFO in our upcoming webinar.

About ArmaninoLLP

Armanino LLP (www.armaninollp.com) is one of the top 25 largest independent accounting and business consulting firms in the United States. Armanino provides an integrated set of audit, tax, business management, consulting and technology solutions to companies in the U.S. and globally. The firm helps clients adapt and change in every stage of business, from startup through rapid growth to the sale of a company. Armanino emphasizes smart technology, leading a cloud revolution of financial, operational, sales and compliance tools that are transforming the way companies do business. The firm extends its global services to more than 100 countries through its membership in Moore Stephens International Limited―one of the world's major accounting and consulting membership organizations. In addition to its core consulting and accounting practices, Armanino operates a division, AMF Media Group (www.amfmediagroup.com), a media and communications services agency. The firm’s affiliate, Intersect Capital (www.intersectcapitalllc.com), is an independent financial planning, wealth and lifestyle management firm.