Going Beyond the Book 2023

22 | Going Beyond the Book 2023 [ NAVIGATING THE EVOLVING BUSINESS ENVIRONMENT: THE CFO’s WAY ] In the last three years, CFOs of Indian companies have crucial ly driven the resiliency and growth of their organizations amid tough business conditions. With ongoing global disruptions, changing workforce and societal dynamics, and rapid technological advancements, there is an increasing need for CFOs to develop and execute strategies that make businesses future ready. Aga i ns t th i s backdrop, Dun & Bradstreet India analyzed the views of 74 senior finance leaders in the Indian market around the challenges they have faced, how they commit to ethical and sustainable practices, and how they have harnessed technology to drive their organization’s performance. WHAT ARE THE CHALLENGES THAT CFOs HAVE TACKLED? Having tackled high uncertainty and volatility during the global pandemic, CFOs must cont inue to enable their organizations navigate other challenges including evolvingbusiness models, fluctuating macroeconomic conditions, increased governance and compliance needs, as well as adapting to technological advancements. In our research, 78% senior finance leaders stated that they have faced the challenge of ‘Adapting to changing market,’ with an equal proportion (78%) stat ing they have tackled ‘Managing financial risk and uncertainties’. Furthermore, 77% said that they have made tough calls between ‘Balancing short-term financial goals with long-term strategic goals.’ In our research, we sought the views of finance leaders on how they can demonstrate commitment to ethical and responsible financial practices. HOW CAN CFOs DEMONSTRATE COMMITMENT TO ETHICAL AND RESPONSIBLE PRACTICES? Globally, tackling Environmental, Social and Governance (ESG) issues is becoming increasingly crucial to the long-termsustainability and reputation of businesses. As businesses build their ESG credentials, CFOs need to support key business strategies, investment decisions, as wel l as regulatory compliance. With customers, capital and talent shifting towards companies creating ESG-dr iven value, CFOs have a significant role to play in transforming the sustainability of businesses. Dun & Bradstreet