CFOs Prioritize Supply Chain Resilience in an Inflationary Environment, According to New Protiviti Finance Trends Survey


CFOs are rethinking their roles Take on accountability across security and privacy, cloud, supply chain, talent management and more

MENLO PARK, California., September 20, 2022 /PRNewswire/ — Findings from the 2022 Global Finance Trends Survey, conducted by global consulting firm Protiviti, include the finding that nearly half (45%) of CFOs and finance leaders are moving away from efficiency-based supply chain models (eg, low-cost, just- in-time) to revenue assurance models that emphasize flexibility and resilience.

In addition, the survey shows that 72% of respondents’ financial transactions experienced disruptions or delays over the past year due to supply chain challenges, pandemic impacts and/or the impact of inflation. The majority (51%) of those who have experienced such delays say they have engaged a managed services provider or business process outsourcing company to address the resulting challenges.

The 10 most important priorities

In the survey of 1,064 CFOs and vice presidents, directors and finance managers conducted in June and worldwide July 2022, the participants arranged their priorities for the coming year. Specifically, the top 10 priorities for CFOs and VPs of Finance are:

1. Security and privacy of data

2. Profitability Reports and Analysis

3. Blockchain/smart contracts

4. Cloud-based Applications

5. Financial planning and analysis

6. Changed requirements and expectations of internal customers

7. Leadership (within your organization)

8th. process mining

9. automation

10 The changing roles of Human Resources, Leadership & Development and Recruiting

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Blockchain and smart contracts in particular have risen to the top 10 list this year. CFOs and finance leaders can leverage these technologies as part of their approach to supply chain resilience and innovation.

“This year’s survey results confirm that CFOs are driving the value they bring to the organization well beyond the confines of traditional finance and accounting activities by redefining their roles and assuming responsibilities associated with supply chain, automation, analytics, ESG and leadership skills connected and more,” said Christopher Wright, global leader of Protiviti’s business performance improvement practice. “During the last turbulent years, CFOs worldwide have been offered opportunities to establish and stress test their growing strategic roles in real time, which has helped them contribute to the dialogue in the C-suite and in the boardroom.”

The Protiviti survey also found that ESG strategies and reporting are taking center stage – from increased focus and frequency of ESG reporting to formal and documented DEI programs, CFOs and finance leaders are devoting more time, attention and resources to ESG Corporate initiatives. Notably, four out of ten finance organizations include ESG in more of their sourcing decisions, taking into account not only sustainability but also social aspects.

CFOs also address concerns about inflationary trends: For example, 35% of CFOs assess the need for new skills and talent both inside and outside their organizations; 33% weigh the risk of higher employee turnover against potential pay rises; and 32% are refining and/or strengthening scenario planning.

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“More CFOs and finance leaders are now realizing that high-impact disruptions like interest rate fluctuations, trade wars, etc of Russia war on Ukraine have exposed the fragility of the global supply chain model,” said David Petrucci, Managing Director and global head of Protiviti’s Supply Chain and Operations practice. “CFOs are paying more attention to considerations such as how long suppliers can operate in the midst of a disaster event and how long their own organizations can operate despite ongoing supply chain disruptions. It is important that they look beyond traditional cost calculations by assessing and monitoring supply chain reliability, responsiveness and resilience.”

The survey results reflect responses from finance professionals worldwide at both public and private companies across a variety of industries. In addition to overall respondent results, the Protiviti survey report, titled “Reimagine,” compares the results of respondents at the CFO and VP finance level to those at the director and manager levels. Comparisons of the sometimes stark differences between their responses by level provide additional insight for senior management.

Available Survey Resources
Key findings from the Protiviti 2022 Finance Trends Survey are now available for digital exploration on the company’s website – click here to access. Also available on the site for free download is a PDF of the full survey report, including recommended actions for CFOs, an infographic and audio commentary from Protivitis financial advisory experts. On September 22nd at 1:00 p.m. EDTProtiviti will host the first of three free 60-minute webinars to discuss the survey results and their implications, with Wright and Protiviti Managing Directors Kerry Buchar, Andrea Spinelli and Fran Maxwell. To participate in the webinars, please register here.

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About Protiviti
Protiviti (www.protiviti.com) is a global consulting firm providing deep expertise, objective insight, a tailored approach and unparalleled collaboration to help leaders face the future with confidence. Protiviti and its independent and locally owned member firms provide clients with advisory and managed solutions in finance, technology, operations, data, digital, legal, governance, risk and internal audit through its network of more than 85 offices in over 25 countries.

Named to the 2022 Fortune 100 Best Companies to Work For® list, Protiviti has served more than 80 percent of the Fortune 100 and nearly 80 percent of the Fortune 500 companies. The company also works with smaller, growing companies, including those seeking an IPO, and government agencies. Protiviti is a wholly owned subsidiary of Robert Half (NYSE: RHI). Founded in 1948, Robert Half is a member of the S&P 500 Index.

Protiviti is not chartered or registered as an accounting firm and does not provide opinions on financial statements or provide assurance services.

Editor’s Note: Photos and an infographic of the survey highlights (in PDF or JPEG format) are available upon request.

SOURCE Protiviti



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