Productivity and the CFO

C-suite exchange: Virtual transformation strategies

Finance leaders are under pressure to boost productivity and efficiency, but legacy systems, AI adoption challenges, and data silos stand in their way. In a recent C-Suite Exchange hosted by HotTopics and Soldo, senior CFOs shared insights on overcoming these barriers and transforming finance.

In an era where finance leaders are expected to be strategic partners in business growth, CFOs must go beyond traditional number-crunching and become architects of their own transformation. Yet the reality of inciting change meets both legacy challenges in organisational structure, and contemporary questions around technology investment and the future workforce.

A recent discussion among senior finance leaders shed light on key challenges and opportunities in driving productivity and efficiency. Hosted by HotTopics and in partnership with Soldo, a virtual C-Suite Exchange asked our CFO community on how they are approaching a more productive function—to support a more productive organisation. From automation and AI integration to balancing people, processes and technology, this article explores the five most pressing issues facing modern finance teams and offers strategic insights for the C-suite as shared by this community.

Virtual transformation strategies: Overview

• Moving from "craftwork" to scalability
• AI, automation and the CFO
• Rethinking finance's role
• Data ownership as a foundation for finance-led strategies
• Finance leadership and change management
• Closing thoughts

Moving from “craftwork” to scalability 

A recurring theme in the discussion was the inefficiency of manual finance processes. Many CFOs on the call admitted that finance teams still operate as “craftworkers,” manually inputting data and recording labour, using outdated tools like Excel in ways that are no longer fit for purpose. This heavy reliance on certain processes hinders scalability and creates bottlenecks, two key barriers to a productive workforce. Legacy tools, though familiar, often lack the collaboration and automation capabilities required in today’s fast-paced business environment. 

Within the debate, several solutions were put forward. 

Automating repetitive tasks (such as invoice processing) to free up teams for high-value activities was one; another involved investing in scalable tools that integrate seamlessly across departments, rather than forcing finance to adapt to rigid, pre-built software solutions. This required proactive measures to identify how teams could be properly integrated, but the results were positive, we heard. Culturally, a third anecdote was encouraging cross-functional collaboration with technology teams to ensure that finance-specific needs are embedded into automation projects from the start.

AI, automation and the CFO

AI and automation are now seen as the next frontier for business. Many leaders in finance, however, remain cautious. The fear? First, that large-scale AI adoption does not yet yield value for money—in part because of how difficult it is to record ROI of time saved or of any AI-augmentation trade-offs. The second is that AI may replace finance professionals rather than empower them. 

At least with the first fear, it is easy to see why CFOs remain skeptical. 

Despite the nascent technology dominating headlines, many companies struggle with unclear data ownership and opaque data collection techniques (with governance models yet to be updated inline with AI), all impacting the trust in AI-generated insights, legally speaking. 

That leaves anecdotal evidence from staff. Many are, it has to be said, reporting positive results. Quicker work on emails, support in report- and number-crunching, and even a democratisation of teamwork as generative AI supports members with dyslexia, for example, should be celebrated, and are. Recording these as ROI on a balance sheet, however, is near impossible. This leaves CFOs with a tricky question: how can you measure the value of AI intangibles?

Without a structured approach to measuring AI-driven productivity, finance teams risk underutilising its full potential, or, as the case may be, underestimating its true value.

The call shared a number of potential steps forward:

• AI should augment finance professionals, not replace them, helping streamline analysis and decision-making.
• Finance leaders must take an active role in shaping AI adoption strategies, ensuring that new technologies integrate with existing finance workflows. This requires time spent understanding AI.
• Building clear ROI models for AI investments by quantifying time savings, accuracy improvements and operational efficiency gains, to the best of their ability.

Rethinking finance’s role

Traditionally, finance has been seen as the guardian of cost control. This has been especially true of the last few reporting cycles. Today’s business landscape, however, demands more. CFOs need to lead investment strategies that drive growth alongside the quarterly cuts.

Where finance teams are often seen as spenders of last resort, delaying investment in tools and technologies that could drive long-term efficiency, a change in storytelling needs to be shared. Finance should be at the forefront of smart investment decisions, demonstrating the ROI of finance transformation projects to the whole organisation.

Elsewhere, business cases for new finance technology investments often focus solely on cost savings, neglecting broader strategic benefits. Developing business cases that highlight not just cost reductions but revenue growth, risk mitigation and enhanced decision-making, can link teams together under a common banner.

The key takeaway here was that CFOs must champion finance transformation strategies, ensuring that investment in technology is seen as a growth driver, not just a cost center.

Data ownership as a foundation for finance-led strategies

The most valuable business resource is data. Yet many businesses still struggle to define who owns what, how data is structured and how it should be used for decision-making. CFOs are no different.

Attendees still suffer from siloed data, where different teams have conflicting versions of financial metrics, and a lack of standardised reporting and poor integration between finance and business intelligence tools. Again, these can result in decision-making bottlenecks.

Finance teams must partner with their data and IT counterparts to ensure that finance insights are trusted and actionable. Culturally, CFOs also should do more to encourage finance literacy across the organisation so that teams outside finance understand how to interpret and leverage financial data effectively.

Finance leadership and change management

At the heart of any finance transformation is people—and resistance to change remains a significant barrier to productivity improvements.

Finance teams—like most—are often resistant to adopting new ways of working, preferring familiar manual processes and legacy systems. Some leaders on the call reported that a fear of automation can lead to pushback from employees who see new tools as a threat rather than an enabler.

Storytelling came up once more as a balm to fear. Finance leaders can set the vision for the future, clearly communicating why change is necessary, whilst fostering a culture where finance teams present themselves as strategic 

Closing thoughts

CFOs recognise that their responsibility is to lead through change, drive efficiency and positioning finance as a strategic growth enabler. All three require a focus on business value, short, medium, and long term.

Those timescales each mean a renewed focus on automation, AI and smart investment strategies. In this way, finance leaders can break free from outdated, manual processes and create a data-driven, forward-thinking finance function that empowers the entire business. Or, in other words, a productive organisation.

The future of finance leadership isn’t about controlling costs. It is about investing in the right technologies, fostering a culture of innovation and ensuring that finance is a driving force for business success.