Today’s CFO is expected to perform multiple jobs at once. They’re asked to run the close, own the controls, and keep the operational engine humming, while simultaneously being expected to architect enterprise strategy, champion AI adoption, and translate data into decisions that move the business. This is not new as most finance leaders have been feeling the pressure for a while. But the pace of change is accelerating. What they’re still working out is how to do both without one job quietly starving the other.
To understand where the finance function is headed, CrossCountry Consulting partnered with the Financial Education & Research Foundation (FERF) on Evolution of the Finance Function, a research initiative surveying and interviewing 197 finance executives across private, public, nonprofit, and government organizations. Through this work, we define how today’s CFO is emerging as a strategic architect, championing technology adoption, spearheading enterprise transformation, and delivering long-term business value well beyond traditional financial stewardship.
AI is a catalyst for that transformation, but the findings make one thing clear: the organizations pulling ahead are the ones treating AI, talent, governance, and process as a single agenda rather than four parallel initiatives.
Highlights from Evolution of the Finance Function
- Interpreter capacity is the differentiator. Talent is the defining variable for future-ready finance functions. Yet 87% of finance teams report that only 25% or fewer of their members have formal training in data analytics or AI. Only 7% of finance leaders express strong confidence in interpreting AI outputs, demonstrating a significant upskilling gap.
- Strategic bandwidth is constrained. 77% of CFOs are deeply involved in enterprise-wide strategic decision-making, but 68% spend 40% or less of their time on strategic work due to operational demands.
- Automation and AI are reshaping the operating model. More than 80% of organizations are investing in automation and AI, but the majority cite persistent obstacles, including manual processes (81%), legacy system limitations (49%), and data quality challenges (38%) in their financial close and core activities.
- Governance and accountability must mature. 46% of organizations report no formal AI governance in place, even while 89% agree CFOs are ultimately accountable for AI outcomes. Joint ownership between CFO, CIO, and additional executive stakeholders is essential for scalable, compliant transformation.
- Operational excellence is the new benchmark. The month-end close exemplifies the convergence of process discipline, automation, and insight-driven analysis. While 62% are planning automation investments, only 15% have successfully implemented partial automation to date.
The path forward: Transforming the finance function with confidence
The research underscores a new mandate for CFOs and finance leaders: lead with vision, invest in talent and technology, and embrace continuous transformation anchored in robust governance. Success now depends on equipping teams with the skills to interpret and act on AI-driven insights, establishing transparent decision rights, and coordinating across functional boundaries to accelerate measurable results.
Finance organizations that build interpreter capacity, prioritize responsible AI adoption, and standardize processes will set the standard for operational agility and strategic influence. The ones that treat these as separate workstreams may still be explaining why last year’s AI investment hasn’t moved the needle.
The evolution of the finance function is no longer a future aspiration. It is a current imperative for organizations determined to lead.See how leading finance teams are bridging these gaps and maximizing AI-driven value. Download the full FEI Research Report