As CFOs navigate 2024, the focus is on driving productivity and accelerating transformation. According to Gartner, CFOs face numerous challenges, including geopolitical, environmental, and economic disruptions, alongside the integration of emerging technologies like AI and cloud computing.  

To stay ahead, CFOs must embrace automation and digitisation by adopting ERP systems such as MYOB Advanced, which is now MYOB Acumatica and offers a comprehensive solution for these evolving demands. 

Top 5 Strategic Priorities for CFOs in 2024 

1. Getting Finance Transformation Back on Track 
2. Rethinking Finance Strategy 
3. Step-Changing Finance Insights and Storytelling 
4. Driving Productivity and Unlocking Profitable Growth 
5. Putting Finance in “AI Mode” 

2024 Emerging Risk Universe Map 

CFOs must be aware of the top emerging risks that can impact their strategic decisions. The 2024 Emerging Risk Universe Map identifies significant risks, including climate activism, China trade tensions, market effects from higher borrowing costs, and the implications of generative AI. By understanding these risks, CFOs can better prepare and mitigate potential negative impacts on their organisations. 

What Boards Are Prioritising in 2024 

In 2024, boards are focusing on several strategic priorities to drive business success. These include digital tech initiatives, workforce retention and training, business expansion and diversification, risk management, and financial strategies beyond revenue and profit. CFOs must align their financial strategies with these priorities to ensure cohesive organisational growth. 

What Are CEOs Prioritising for 2024? 

CEOs are prioritising growth, technology, workforce, corporate actions, and financial strategies in 2024. This focus underscores the need for CFOs to support these areas through robust financial planning, technology adoption, and strategic investments to achieve organisational goals. 

AI Adoption in Finance vs. Other Functions

While AI adoption is progressing, finance functions lag behind other business areas in using and scaling AI. According to Gartner, 61% of finance organisations are not using AI, compared to higher adoption rates in other functions . This gap presents an opportunity for CFOs to lead AI initiatives and drive competitive advantage. 

AI Investments Are Accelerating in the Near Term 

CFOs are increasing their investments in AI and machine learning. Gartner’s survey indicates that 53% of senior finance leaders expect a more than 10% increase in resources allocated to AI/ML over the next two years . This investment is crucial for enhancing financial processes, improving decision-making, and driving innovation. 

5 Strategic Priorities for CFOs in 2024 

1. Getting Finance Transformation Back on Track 

CFOs must prioritise finance transformation to ensure their organisations remain competitive. Gartner highlights several key actions: 

• Set Clear Expectations: Develop digital delivery skills within teams and personal proficiency in leading technology initiatives. 
• Manage Change Fatigue: Incorporate change fatigue analysis into project plans and prioritise employee rest to reduce burnout. 
• Select the Optimal Transformation Team: Evaluate internal expertise, urgency for transformation, and the availability of full-time dedicated employees. 

MYOB Advanced Key Features: 

• Automated Workflows: Streamline workflows across inventory management, sales, and purchasing, reducing manual tasks and improving efficiency. 
• Integrated Platform: MYOB Advanced is a fully integrated business management platform, connecting and streamlining your workflows in one cloud platform. 

Data from Gartner shows that 90% of finance functions will deploy at least one AI-enabled technology solution by 2026, but fewer than 10% will see headcount reductions as a result . This underscores the importance of strategic planning and skill development in the transformation process. 

2. Rethinking Finance Strategy 

To align finance capabilities with business strategy, CFOs should: 

• Document Finance Capabilities: Align each capability as core, differentiated, or innovative. 
• Break Down Ineffective Functions: Elevate new subfunctions like finance IT to address strategic priorities. 
• Redefine Business Partnership Roles: Specialise roles to focus on specific operational decisions rather than broad generalist functions. 

MYOB Advanced Key Features: 

• Customisable SaaS System: Fully customisable to meet your business needs, MYOB Advanced offers a connected business environment with secure remote workforce capabilities. 
• Industry-Specific Solutions: Preconfigured to the needs of specific industries such as professional services, manufacturing, construction, and wholesale distribution. 

This approach ensures that finance strategy is closely linked with overall business objectives, facilitating smoother transitions and more effective operations. 

3. Step-Changing Finance Insights and Storytelling 

Enhancing finance insights and storytelling involves adopting advanced FP&A technologies. Gartner recommends: 

• Choose the Right FP&A Vendors: Select those that fit advanced analytic needs, data integration, and scenario modelling. 
• Develop Data-Driven Stories: Use descriptive, diagnostic, and prescriptive elements to explain department performance. 
• Invest in Digital Competencies: Focus on AI, machine learning, robotic process automation (RPA), and natural language processing (NLP) to unlock speed and quality of insights. 

MYOB Advanced Key Features: 

• Real-Time Reporting: Gain total visibility of critical information across your business, with reports customised to your needs. 
• Integrated CRM and Customer Service: Empower your sales, service, and marketing teams with real-time visibility and seamless processes. 

By leveraging these technologies, CFOs can provide clearer, more actionable insights that drive better business decisions. 

4. Driving Productivity and Unlocking Profitable Growth 

To drive productivity and unlock profitable growth, Gartner recommends: 

• Embrace Cost Differentiation and Digital Cohesion: Ensure these are prerequisites for all decision-making processes. 
• Design Effective Capital Allocation Processes: Remove “growth anchors” to unlock large profitable growth. 
• Apply Best Practices in Cost Management: Reallocate funding from low- to high-potential investments and use cost savings for growth support. 

MYOB Advanced Key Features: 

• Scalable and Flexible: MYOB Advanced is a scalable and flexible tool that supports your growing business without limitations. 
• Automated Key Processes: Free up your team to focus on what matters by automating key processes and removing manual tasks. 

These strategies help CFOs navigate economic headwinds and maximise enterprise value through strategic investments and cost management. 

5. Putting Finance in “AI Mode” 

Adopting AI in finance is crucial for future readiness. Gartner suggests: 

• Create a Comprehensive AI Strategy: Ensure hiring of AI-specific talent and the use of AI-embedded software. 
• Build Data Science Competency: Teach basic data science to existing staff and hire professional data scientists. 
• Explore AI Capabilities: Place AI at the forefront of vendor discussions for new technologies. 

MYOB Advanced Key Features: 

• AI-Enabled Capabilities: MYOB Advanced leverages AI to automate repetitive tasks and enhance decision-making processes. 
• Connected Ecosystem: An open platform with an ecosystem that allows you to connect your business-critical applications through API. 

Additional Key Features: 

Predictive Analytics for Financial Forecasting: 

• Description: AI and machine learning algorithms analyze historical data to predict future financial trends. 
• Benefit: Enables CFOs to make informed decisions based on accurate forecasts, improving budgeting and strategic planning. 

Automated Fraud Detection: 

• Description: AI-powered systems can monitor transactions in real-time to detect and flag unusual patterns that may indicate fraudulent activity. 
• Benefit: Enhances security and reduces the risk of financial losses due to fraud, ensuring the integrity of financial operations. 

Gartner’s data indicates that 50% of organisations will replace time-consuming forecasting approaches with AI by 2026. This shift will lead to autonomous operational, demand, and other types of planning, enhancing overall efficiency and effectiveness. 

Conclusion 

Embracing automation and digitisation through ERP systems like MYOB Advanced is not just an option; it’s a necessity. By focusing on finance transformation, rethinking strategy, leveraging advanced insights, driving productivity, and adopting AI, CFOs can navigate the complexities of 2024 and beyond. The journey towards an autonomous finance function promises enhanced productivity, real-time insights, and a robust foundation for future growth. 

Unlock the full potential of your finance operations by booking a demo with our expert MYOB Advanced consultants at AlphaBiz Solutions. Experience firsthand how MYOB Advanced ERP can streamline your processes, enhance productivity, and drive profitable growth.  

Our personalised demonstrations are tailored to your unique business needs, offering you strategic insights and practical solutions. Don’t wait—take the first step towards transforming your finance function today. Book Your Non-Obligatory Demo Now and see the difference MYOB Advanced can make for your business.