According to the recent report from Payhawk and Raconteur, 61% of CFOs said they have considered compromising customer experience to remain viable. This consideration points to the delicate balance finance professionals must strike between cost efficiency, maintaining a competitive edge, and the pressure to implement cost-saving measures that don't negatively impact customer satisfaction or service quality.
So, how will finance professionals help their businesses tackle these complex demands? Over half of all business leaders identified accurate data for cash flow forecasting and cost streamlining as one of their top priorities for combatting economic pressures like inflation and rising interest rates – further underscoring finance professionals' critical role in optimising financial operations to support business stability.
Good finance technology will play a pivotal role here. From gathering accurate data and pinpointing savings opportunities to saving time and swerving errors, an overwhelming 98% of respondents affirmed fintech's importance for informed decision-making.
"We continually assess all the tools we use each quarter before renewing a software subscription. We carry out a very deep dive internally, and we're really obsessed with subscription spending because it's a very big expense for us," says Konstantin Dzhengozov, CFO at Payhawk. "Real-time data is critical, too – if you don't have visibility on why you're spending X amount of money on a particular expense, then it's difficult to manage costs effectively."
Download the full report to discover essential strategies and top CFO insights to enhance cost efficiency, drive sustainable growth, and unlock the full potential of your finance function (and wider business).