Survey reveals opportunities and challenges cited by CFOs
Those tasked with managing the financial performance of businesses in North America and beyond have expressed optimism in a Canadian-led survey.
It shows that 91% of participating CFOs across companies in Canada, the US, the UK, France, Germany, Brazil, and Benelux countries, are optimistic about the financial prospects for their business in 2025. This is a significant increase from a year ago and is driving greater risk appetite too, with 70% of respondents saying that their organization is more open to risk than in 2024.
The survey was conducted by Prophix, a Toronto-based provider of financial management solutions, and also highlights the evolving nature of the chief financial officer function as both stewards of stability and drivers of transformation.
"Our data affirms how this is indeed the reality for most finance leaders," said Alok Ajmera, president & CEO of Prophix. "CFOs continue to adapt to deliver results in an increasingly complex environment—from adopting leadership approaches that support organizational needs, to ensuring investments in new technologies will be capable of managing the complexity."
While CFOs see opportunity ahead, they also cited several ongoing challenges:
- Data reliability, timeliness, and accuracy (32%)
- Talent management (32%)
- Scaling processes to meet growth demands (30%)
- Navigating economic uncertainty with agility (29%)
Staffing shortages are a key concern with more than four in ten respondents saying that they need improvement to meet current demands. Leadership (26%), digital savviness (22%), and experience with new technologies (22%) are among the most sought-after skills.
Technology is playing a greater role in trying to plug the gaps in the workforce but CFOs are also interested in solutions that help them futureproof their business, provide flexible and agile reporting to respond to real-time market changes, and for advanced or complex planning.
Digital transformation is progressing well for almost three quarters of CFOs who took part in the poll, but 46% said identifying the right tools to empower their teams is a challenge.
