"CFOs: Driving to Finance Transformation for the 21st Century".

• Position: Financial Management - Abstract

CFO Research Services and Cap Gemini Ernst & Young

This report summarizes the findings of a recent survey of 277 senior finance executives. Conducted by CFO Research Services and sponsored by Cap Gemini Ernst & Young, the survey shows that rapid corporate growth in the 1990s forced companies to aggressively invest in new business models and technology. Despite the recent economic slowdown, companies continue to keep up with the frenetic pace of business progress. However, the corporate finance function has not experienced a comparable transformation. This study revealed that few CFOs are content with finance's role in the new business environment. According to the survey, increased scrutiny of accounting practices; greater stress on timely, valuable information; and a continued demand for immediate positive return on investment have prevented the transformation of the finance function. Several recent high-profile accounting scandals have forced CFOs to focus efforts on accurate and transparent accounting. Additional barriers to transformation...