How CPG CFOs create new value: Digital and data
November 14, 2018
Moving operational performance to modern
Consumer packaged goods (CPG) businesses are being rocked by changing consumer expectations, preferences and behaviors. Digital technologies have upended what, where, how and from whom consumers buy.
80%
of CPG CFOs see themselves as the new value champions and transformation drivers.
81%
of CPG CFOs are targeting areas of new value across the enterprise.
84%
of CPG finance departments are responsible for data governance across their organization, more than any other industry surveyed.
44%
of CPG CFOs are looking for talent that can innovate, the top skill identified, when recruiting junior finance professionals.
Getting control of data
More than CFOs in any other industry, CPG CFOs are trying to take responsibility for data governance across their entire organization. CFOs understand the importance of data as a strategic asset. When asked the greatest challenges they expect to face in the next three years regarding enterprise-wide decisions and investments, their top response was “inconsistent, inaccurate or inaccessible data” (31 percent). Additionally, difficulty agreeing on a “single version of the truth” is their biggest barrier to embedding the automation and technologies needed to free their team for more value-additive tasks.
CFOs can bring essential insights to CEOs and the C-suite about how to improve operations to become modern enterprises. They can build business cases for new technologies that help create needed capabilities. CFOs can identify investments and ecosystem partners to enable increased differentiation and, ultimately, help drive profitable growth.
Five actions for CFOs:
Digitalize finance—Then digitalize the company
By using their own departments as pilots, CFOs can offer proof that digitalization works and is scalable.
Harness data for insights
CFOs need to champion technology and analytics that provide robust information in real-time… then bring the C-suite together to act on insights gleaned from data analysis.
Develop the future finance workforce
Planning holistically for their future workforce, CFOs need to evaluate:
- Automation and AI
- Reskilling programs for employees
- Borrowing external talent
Drive deep operational transformation
Zero-based budgeting approaches change mindsets and actual spend. Digital capabilities help free funds, and the CFO can guide reinvestment for the most impact.
Be the architect of value
CFOs need to ensure tangible ROI for all business decisions. They help ensure the company has needed capabilities to drive future growth.
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About the research
Accenture conducted a quantitative survey of more than 700 CFOs and senior finance executives, including 106 from consumer goods businesses, as well as a separate survey of 200 up-and-coming finance professionals in multiple industries. We also conducted almost 50 qualitative interviews with CFOs, CEOs and CDOs in consumer goods and other industries.
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