The integration of generative artificial intelligence (AI) and advanced data analytics were the top priorities for finance leaders in the next three years, according to a live poll conducted by Yiong Yim Ming, Group Chief Financial Officer, City Developments Limited, who was moderating the session titled “The C-suite Agenda: Top Priorities For The CFO In 2024”.
Technology aside, CFOs are being challenged by a volatile and inflationary business environment and, as such, there is a pressing need for them to be able to balance short-term earnings targets with long-term investments, according to one of the two panellists, ISCA member Liew Nam Soon, ASEAN Regional Managing Partner and Singapore and Brunei Managing Partner, EY. In addition, they must be able to drive differential value backed by data, as CFOs are often regarded as the chief value officers, said Mr Liew.
Co-panellist ISCA Distinguished Lifetime Member Fang Ai Lian, FCA (Singapore), Chairperson and Independent Director, indicated that CFOs, who are in charge of resource allocation, are in an advantageous position to be change agents and enhance value creation. At a time when businesses need to enhance their resilience in the challenging business environment – which means having strong balance sheets in the midst of rising costs and a potential recession – the key areas of focus for CFOs will revolve around strategy and value creation.
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