New Study Identifies Profile of Future CFOs

Rhea-AI Summary

Billtrust (NASDAQ: BTRS) commissioned Paradoxes, Inc. to conduct a research study on the evolving role of CFOs. The study indicates that traditional CFO roles are shifting towards leaders adept in data and technology, with 89% of current CFOs acknowledging the necessity of understanding data across the organization. Notably, only 33% of aspiring CFOs believe their company infrastructure is modernized, and 47% prioritize customer satisfaction initiatives. These insights are detailed in the white paper "The DNA of Future CFOs" and highlight the changing demands on future financial leaders.

Positive

• 89% of CFOs believe future leaders must understand data movement across the firm.
• 61% of future CFOs recognize digitizing invoices as progress towards modernization.
• 47% of aspiring CFOs plan to focus on customer satisfaction initiatives.

Negative

• Only 33% of aspiring CFOs view their organization's infrastructure as modern.
• 46% of current CFOs report a modernized infrastructure, indicating a gap.

Billtrust-Commissioned Research Also Examines Differences Between Current CFOs and Future Finance Leaders

LAWRENCEVILLE, N.J.--(BUSINESS WIRE)-- Billtrust (NASDAQ: BTRS), a B2B accounts receivable automation and integrated payments leader, has released new findings from a proprietary in-depth research study, commissioned by Billtrust and conducted by Paradoxes, Inc., defining the profile of CFO candidates who will ultimately step into leadership roles.

The research, which consists of interviews and sessions with over 500 current CFOs and those targeting CFO positions in their next roles, illustrates how the “traditional” CFO model is giving way to a new leader who is more comfortable with data, technology and cross-disciplinary collaboration in areas that have typically been considered out of the purview of finance, such as customer satisfaction.

“We find that the cohort of nearly 7.9 million CFO aspirants have a horizontal mindset and see data and technology as the key to innovation,” said Steve Reynolds, who led the research effort at Paradoxes, Inc. “Their instincts are to seek consensus and work in greater collaboration with other business units.”

The research is summarized in a new white paper, “The DNA of Future CFOs: Research Insights,” which includes the following key findings:

• Future CFOs will require a deeper understanding of data: To be successful, 89% of respondents agree that future finance leaders will need to understand how data moves and is used across the firm, and 82% expect that a background should include some knowledge of data science and technology.
• Rising CFOs are less confident that their organization’s infrastructure is modern: Only 33% of future CFOs, compared to 46% of current CFOs, report that their infrastructure is “very” modernized, meaning the majority of processes and systems are automated, integrated and digital.
• CFOs become increasingly important CX players: When asked to identify the initiatives and weaknesses in their current financial and operational systems they are planning to address, nearly half (47%) of future CFOs chose “customer satisfaction,” trailing only behind “financial reporting/forecasting.”
• Aspiring CFOs are more fluent and literate in technology: 61% of future CFOs cite “digitizing invoices” as an example of progress toward modernized digital infrastructure vs. just 38% of current CFOs. 70% of next generation CFOs believe that data and analytics are paramount to the future CFO role adding value to the enterprise and define “digital success” via technology projects that extend or integrate infrastructure with customers, vendors or partners.

“Clearly, a new generation of financial leaders are rethinking the roles that CFOs play in the enterprise,” said Steve Pinado, President, Billtrust. “As these digital-savvy professionals ascend into key leadership roles, they will be faced with challenges that look markedly different from the ones their predecessors faced. Fortunately, our research suggests that their understanding of data, teamwork and a commitment to the customer will position them to rise to the occasion and serve as a critical piece of their organizations’ overall success.”

About the Study
Billtrust commissioned research firm Paradoxes, Inc. to conduct an extensive qualitative and quantitative study between 2021 and 2022 to identify frequent financial challenges and essential characteristics of future CFOs. Interviews and sessions were conducted with over 500 current and aspiring CFOs or those in adjacent roles.

About Billtrust
Billtrust (NASDAQ: BTRS) is a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce. Accounts receivable is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based. Billtrust is at the forefront of the digital transformation of AR, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, invoicing, cash application and collections. For more information, visit Billtrust.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220623005276/en/

Investors

John T. Williams

IR@billtrust.com

Media

Paul Accardo

PR@billtrust.com

Source: Billtrust

FAQ

What does the Billtrust research study reveal about future CFOs?

The study reveals future CFOs will need a deep understanding of data and technology, with 89% of respondents emphasizing its importance.

What percentage of future CFOs believe their organization's infrastructure is modern?

Only 33% of future CFOs believe their organization has a very modernized infrastructure.

What are the key findings of the Billtrust commissioned study?

Key findings include the necessity for data understanding, the importance of customer satisfaction, and the need for technological fluency among CFOs.

How many CFOs participated in the Billtrust research study?

Over 500 current and aspiring CFOs participated in the research study.

Where can I find the white paper on the DNA of Future CFOs?

The white paper is available at Billtrust's website under the title "The DNA of Future CFOs".