2024 Finance Priorities: Insights from the Field
We asked finance leaders to share their 2024 strategic priorities and plans for operational success. With general global uncertainty, how will leaders of the finance function overcome the various challenges and obstacles they may face?
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The majority of respondents say improving cash flow is their number one strategic priority
Geopolitical uncertainty and budget restrictions could prevent financial goal attainment
Recruitment is the most common talent-related challenge they anticipate
Finance leaders plan to prioritize cash flow this year
The three most commonly selected strategic finance priorities for 2024 are to improve cash flow (74%), reduce expenses (48%) and grow revenue (42%).
Based on your personal knowledge of your finance department’s goals, what are most likely to be your department’s top three strategic priorities for 2024? Select three.
Achieve profitability 40%, Improve data management 26%, Secure a new round of funding 18%, Shorten financial close time 18%, Build environmental, social and governance (ESG) policies 16%, Increase employee productivity 14%, Enhance risk management 10%, Ensure legal and regulatory compliance 8%, Get acquired 8%, None of these 2%, Other* 2% *Other response: “Streamline processes & procedures. Implement RPA, automated workflows.”
n = 50
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Question: Do you have any final thoughts to share on your personal opinions about your finance department's priorities and planning for 2024?
Streamline, automate, eliminate wasted processes and reporting, invest in personnel training to keep workforce knowledge skills up with new technology.
Global uncertainty and tighter budgets threaten strategic priorities
66% of respondents think geopolitical uncertainty poses the biggest challenge to achieving their 2024 goals. 50% cite budget restrictions, and 48% say executive leadership alignment.
Which of the following do you think poses the biggest challenges to achieving those priorities in 2024? Select all that apply.
Interest rates 20%, Supply chain disruptions 14%, Economic recession 14%, Technical debt 8%, Inflation 8%, Talent issues 6%, Recent merger or acquisition 6%, Team morale 2%, None of these 0%, Other* 0%
*Other response: “Technical expertise”
n = 50
Question: How does your finance team plan to address these challenges in 2024?
Improve working capital management by reducing inventory levels.
We are planning to implement an ERP tool to have better visibility to our financial results and cash flow projections.
Despite talent issues, the state of the economy will have a positive impact
70% of finance leaders report that talent attraction and recruitment pose the most significant threat to achieving their 2024 goals. 64% believe skill gaps and training needs are an obstacle.
Which talent-related issues, if any, do you think could pose the most significant obstacles to achieving your finance department's top three strategic priorities in 2024? Select all that apply.
Employee engagement and motivation 16%, Adjustment to in-office working requirements 14%, Team diversity and inclusion 12%, None - I don’t foresee any talent-related obstacles 8%, Other 0% n = 50
Most respondents (74%) believe the state of the global economy in 2024 will impact their finance operations and strategy positively or very positively. 20% think they will be impacted negatively or very negatively.
How do you think the anticipated state of the global economy will impact your finance team’s operations and strategies in 2024, if at all?
In their own words...
Question: Do you have any final thoughts to share on your personal opinions about your finance department's priorities and planning for 2024?
Our Finance Department is working on multiple priorities to improve profitability by cost optimization, directing business to chase only profitable revenue. We are also making a lot of eorts to improve the business review process so that there is a continued focus on generating better profit margin and cash flow.
Organization is hyper-focused on expense management and is taking steps to contain expenses. It can dampen investment and interest to invest to innovate.
We uphold our strong internal control environment, follow practices suitable for achieving our strategic priorities, and believe our audit results will demonstrate our commitment to playing a pivotal role in our organization.
Respondent Breakdown
