Welcome to the CFO EXCHANGE

Things move fast in today’s technology industry landscape, including within your own business environment.


The finance function’s broad scope and increased responsibilities mean that others consistently seek your insights to understand the competitive marketplace and prepare the organization for growth.


We hope this community will be a go-to resource to meet with an exclusive group of peers within the software industry to discuss challenges, exchange learnings, and remain current on trends.


If interested in joining or learning more about the CFO Exchange community, submit your information here.


Play VideoWatch Video
Executive Summaries CFO EXCHANGE Highlights
Scroll Down

Industry Perspectives
2023 Technology Challenges

x
1
Succession challenges & ability to attract and retain top talent
Today, more than ever before, employees want to work for organizations that put the human experience at the center of all they do. Organizations that create a differentiated employee experience (EX) will attract, retain, and engage the best industry talent. In tandem, industry organizations are becoming more proactive in implementing alternative labor strategies. This not only includes outsourcing non-core processes and activities and contracting with managed solutions providers, but also the deployment of increased automation and machine technologies.
+
2
Data privacy and compliance
Organizations are experiencing unprecedented change in the data privacy landscape. Changing state, federal, and global regulations are forcing constant business, technical, and legal operational changes. These changes are not necessarily exclusive of one another and often overlap, resulting in highly complex legal and regulatory scenarios. Moreover, these regulations provide consumers with greater transparency and control around how their data is stored, reinforcing every business’s ethical obligation to deliver value and build trust with stakeholders to remain competitive.
+
3
Economic conditions impacting growth
Coming through several tumultuous years, finance leaders have spearheaded enterprise-wide responses to business challenges sparked by widespread labor shortages, outdated and inefficient supply chain models, Russia’s war on Ukraine, interest rate volatility, and rising inflation. Resilient organizations are focusing on finance and operations business performance processes that will result in improvements to cash flow, control and optimization of costs, and risk management.
+
4
Adoption of digital technologies
The adoption of digital technologies, such as those enabled by AI, robotics and natural language processing, may require new skills that either are in short supply or require significant efforts to upskill and reskill existing employees. As the future of work evolves, organizations need to optimize their mix of internal, contracted and interim human talent and electronic workers (machines and algorithms). Without access to the talent that understands the technologies and how they may be deployed, organizations may find themselves behind competitors who can react quickly to assimilate innovations into the business.
+
5
Resistance to change in culture
Companies with healthy, purpose-driven cultures outperform those who are lacking. They attract the best talent, have employees that are more engaged and tend to retain their top performers, compared to their peers. Organizations need to be equipped with the right tools to measure, manage and transform culture, all with the goal of helping the organization meet business objectives. Growth can be accelerated when company culture aligns with business strategy, and company mission and vision. This alignment also improves employee engagement, employee retention and reduces overall risk.
+
6
Ability to respond to & recover from setbacks
Advancements in technology create both opportunities and vulnerabilities. The sophistication of cyber threats will continue to increase. Systems will fail. Outsourcing to vendors and third-party contractors will provide efficiencies and reduce costs, but also create concentration and supply chain risks. In this challenging landscape, understanding how to minimize the impact of a disruption to external stakeholders and the broader economy, and knowing where vulnerabilities lie will quicken recovery and minimize customer harm.
+
7
Volatility in global financial markets
Global megatrends such as economic shifts, labor shortages, and digitalization driven by geopolitics, the environment and workforce dynamics continue to evolve. The ripple effect of these, coupled with record-high inflation and the likelihood of a recession, have required organizations to be strategic and agile. Expanding the focus of planning activities beyond the P&L to cash and capital planning can help organizations better understand cash flow drivers and ensure resiliency through uncertainty.
+
8
Rapid speed of disruption innovations & new technologies
The rapid speed of disruptive innovations enabled by new and emerging technologies may outpace an organization's ability to compete or manage the risk appropriately. Organizations that do not take advantage of new and emerging technologies will find they are outdated and in danger of extinction. Digital leaders will be those that embrace new technologies to support business strategies, optimize business processes, and mine data to bring new solutions to market and gain a competitive advantage.
+
9
Reliance on third-party partners
Increased third-party risks arising from reliance on outsourcing and strategic sourcing arrangements, IT vendor contracts, and other partnerships/joint ventures to achieve operational goals may prevent technology companies from meeting organizational targets or impact brand image. In today’s ever changing and complex business environment, third-party risk management plays an increasingly critical role in enabling operations, supporting growth and reducing costs.
+
10
Reliability of supply chain
As companies work to compete in today’s business environment, their supply chains have become increasingly global and complex. Technology organizations are facing continuous and evolving disruptions in their supply chains including the viability of key suppliers, scarcity of supplies, volatile shipping and delivery options, and stable prices in the supply chain ecosystem making it difficult to deliver products or services at acceptable margins.
+
Insights
Perspectives from Our Experts on Market Trends, Business
Developments and Risks
Business Planning & Analysis Is the Next Generation of Financial Planning

As finance leaders collaborate with their business partners to adjust plans in the face of economic headwinds, they should take a moment to reflect on the state of their financial planning capabilities: Are financial plans adequately linked to...

READ MORE
For TMT companies, accelerating innovation is a real and growing challenge

Protiviti’s inaugural Global Technology Survey shows TMT companies are streamlining operations to save costs while managing a wide range of technology-related risks that could impede their ability to innovate...

READ MORE
Regulations and Demand for Accountability Set the Tone for the Future of ESG Disclosures

In recent years, increasing pressures from a variety of stakeholders have combined to drive companies toward more sustainable practices in their business operations and greater transparency.The real game-changer, however, has been the proliferation of recent global environmental, social and governance (ESG) reporting regulations...

READ MORE
COSO Issues Supplemental Guidance on Internal Control Over Sustainability Reporting — With Examples

Last Thursday, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released interpretive guidance on how to effectively apply the 2013 Internal Control — Integrated Framework (ICIF) — which is currently applied to financial reporting — to sustainability reporting...

READ MORE
Using Pay Transparency to Impact Culture, Employee Trust and Manager Effectiveness

At the beginning of 2023, California and Colorado joined Washington and other U.S. states, as well as New York City, in enacting pay transparency laws. It’s likely more states will join them. While they differ in detail and complexity, pay transparency laws require employers to provide compensation information on job postings.They also make it easier for employees to find out about the compensation other employees in the...

READ MORE
Three Strategies TMT Companies Can Apply Now to Reduce People Problems and Other Top Risks

Technology, media and telecommunications (TMT) companies exist on the forefront of change, constantly pushing the envelope on digital innovation and transformation. But there are signs that leaders in this industry are growing increasingly concerned about their organizations’ ability to maintain that position and pace — not only this year, but over the next decade...

READ MORE
About Protiviti
Who we are
Protiviti helps emerging, high-growth and established software and SaaS companies drive innovation with responsibility and talent.

We are a global consulting firm that delivers deep expertise, objective insights, a tailored approach, and unparalleled collaboration to help leaders confidently face the future. Our consulting solutions span critical business problems in technology, business process, analytics, risk, compliance, transactions, and internal audit.

x