The Digital Transformation is right at the top of the agenda for Chief Financial Officers in Europe as survey data from the Horváth resources barometer found that for 77% of CFOs, the upheaval caused by the digital transition is the biggest issue within the company.

Horváth & Partners surveyed companies in Germany, Austria and Switzerland. A total of 200 CFOs and other finance executives provided insight into their agendas for the first quarter of 2018.

The study also found that 64% of CFOs said the realignment of finance departments with new, overwhelmingly digitally-driven business models was the second biggest issue after the Digital Transformation. This change is being prompted by new developments in fundamental technologies such as in-memory and advanced analytics, according to Horváth.

Meanwhile, more than half of finance directors now have to deal with incorrect or incomplete data (53%). This figure has risen by 19% compared to the previous year. The main cause of this is the use of different systems and the manual consolidation of different data sources.

Horváth’s resources barometer recorded an increase of 7% in roles advertised in the financial sector explicitly requiring IT skills between January and September 2018. According to Horváth, the number of finance directors who make decisions based on insufficient data is high. This finding leads to an increasing demand for finance professionals with in-depth data handling and systems skills, such as are also required for data security, cybersecurity, business intelligence and advanced analytics. This is the driving factor behind the increase in roles advertised in the finance sector explicitly requiring IT skills.

“CFOs should not lose sight of their traditional responsibilities in the midst of the digital transformation,” Mario Stephan, Head of Controlling & Finance Switzerland at Horváth & Partners, said. “It is becoming increasingly necessary to make the best possible use of the opportunities afforded by digitisation in order to achieve their actual efficiency goals. This is done by CFOs driving forward issues such as automation, standardisation and systems integration.”