Finance chiefs are increasingly expected to shape corporate value but are struggling to translate that ambition into action, with leadership, skills and technology gaps holding back transformation, according to consulting and advisory firm EY.
The findings come from the EY Global DNA of the CFO Survey, which gathered responses from more than 1,600 chief financial officers and senior finance executives, supplemented by in-depth interviews.
The research found that the future of finance will depend not on talent or technology alone, but on how effectively CFOs combine the two to create value in an increasingly fast-changing and uncertain business environment.
While transformative technologies such as artificial intelligence can create significant opportunities, EY said their potential depends heavily on whether finance teams develop the right mindset, skill set and toolset to use them effectively.
The survey points to a persistent gap between how CFOs believe they should contribute to value creation and what they are actually doing, particularly when value is uncertain, long-term or linked to new technologies and working practices.
A majority of respondents, 60 per cent, said CFOs should define and shape value creation, yet fewer than 26 per cent said they lead discussions about key value drivers.
Only 25 per cent said they lead investment decisions when returns are uncertain, highlighting constraints around leadership confidence, ownership and practical decision-making.
EY said the resulting risk is that finance functions remain reactive instead of taking a leading role in determining enterprise value.
The ability of finance departments to measure changing forms of value is also falling short of expectations.
While 68 per cent of CFOs said they urgently need to reassess enterprise value metrics, half said they cannot effectively measure the value generated by new technologies, roles and ways of working.
EY said this reflects the difficulty of measuring outcomes that may be indirect, uncertain or only materialise over the longer term.
Technology readiness remains another weakness. Only 21 per cent of CFOs rated their organisation’s preparedness for artificial intelligence as leading or advanced, while most CFOs continue to focus primarily on defensive applications such as fraud detection and risk assessment.
Fewer than half are using the technology in growth-related areas such as forecasting or pricing, suggesting that a shift in mindset is needed to unlock its wider potential.
EY also found a disconnect between the skills businesses say they need and where they are directing development efforts.
More than two-thirds, or 68 per cent of CFOs, said new skills and leadership styles are required, yet people and culture leadership ranked only sixth among development priorities.
The research warns that underinvestment in these areas could weaken transformation by failing to build the capabilities needed to sustain it.
Finance teams themselves also appear insufficiently prepared for rapid change. Fewer than 15 per cent of CFOs said their teams are highly adaptable, proactive learners or confident with new technology.
EY said embedding continuous learning and adaptability into corporate culture will be important if businesses are to turn technological developments into tangible results.
Leadership pipelines are under additional pressure, with 38 per cent of CFOs saying their organisations are evolving faster than their leadership teams.
More than half of respondents called for leadership development to be accelerated, pointing to the need for structured career pathways, stretch roles and stronger succession planning to prevent future capability shortages.
The survey ultimately argues that CFOs have a growing responsibility to align vision, mindset, skills and technology as they seek to redefine the role of finance.
EY said successful transformation needs to be human-centric, with people and technology developing together to increase adoption, build confidence and accelerate value creation.