Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

New Report from Pigment Shows 89% of Finance Leaders Make Decisions Based on Inaccurate, Incomplete Data

This image opens in the lightbox

News provided by

Pigment

15 Nov, 2023, 13:00 GMT

Share this article

Share toX

Share this article

Share toX

Survey reveals what CFOs and finance leaders really think about AI, the painful trade-offs they're making today and the largest opportunities ahead

  • Over half (57%) of finance leaders are concerned that AI will eliminate their jobs, or could become more trusted than professionals
  • 68% of finance leaders would consider input from AI in making a business decision or recommendation
  • More than half (54%) say they spend most of their time doing work that doesn't add strategic value to the organization
  • Close to half (43%) of finance leaders say they are not able to invest in team culture and worker happiness due to preoccupation with low-value tasks

SAN FRANCISCO, Nov. 15, 2023 /PRNewswire/ -- Pigment, the business planning platform, today released "Office of the CFO: Expectations vs. Reality for the Modern Finance Professional," new research that reveals insights and challenges from finance leaders. Most concerning, while finance leaders operate in an environment where access to accurate information can make or break a company, the vast majority (89%) say they are making monthly decisions that they know are based on inaccurate or incomplete data. In fact, one in four say they are being forced to rely on gut instinct alone.

"CFOs and finance leaders serve as the strategic backbone of organizations, orchestrating lasting business success while making reliable predictions in a world where the only certainty is flux," said Eléonore Crespo, co-CEO and co-founder at Pigment. "The reality, however, is that finance leaders are over-extended as they try to meet the expectations placed on them. They often don't have access to the right data or technology, they're spending far too much time on low-value tasks, and they aren't able to upskill or evolve their roles. Without changes, they're being placed in an impossible-to-win scenario."

Finance leaders face a crisis of confidence
Finance leaders across industries lack confidence in their ability to make strategic decisions for the business, plan ahead accurately, mitigate risks, or steer their business through unpredictable events. In fact, most finance leaders only feel confident making decisions for the next quarter (60%), and only one in four (28%) are confident making plans a year or more in advance.

This comes down to a couple of main factors: persistent external pressures such as the current, uncertain economic environment and staying ahead of competitors, as well as strong internal challenges. More than half (56%) of finance leaders have been asked to make decisions and forecasts for departments over which they lack visibility and nearly the same number (53%) who still don't have the right tools needed to conduct needed long-term growth planning.

Mounting expectations meet mundane tasks, holding leaders back
Despite the evolution of the finance function to a more strategic role, too many finance leaders are still unable to focus on high-value business initiatives. More than half (54%) say they spend most of their time doing work that doesn't add strategic value to the organization, 43% said they are not able to invest in their team culture and worker happiness due to preoccupation with low-value tasks, and 42% deprioritize developing new capabilities and skills, which directly impacts their ability to attract and retain talent. Along with these issues, finance leaders have seen increased responsibility for decision-making across several facets of the business, including the expectation to provide business-wide strategic guidance and overseeing new areas like Environment, Social, and Corporate Governance (ESG), something that 68% of finance leaders acknowledge has emerged as a focal point for their teams.

AI-enabled technology tools will propel finance into the future
Highlighting the growing trust in AI, particularly large language models, the report found that 92% of finance leaders are already seeing value from AI within their business and two-thirds (68%) of finance leaders would consider input from AI in making a business decision or recommendation.

In addition, a main value-add highlighted by finance leaders is the ability to bring in outside non-finance stakeholders, moving the conversation to a level they can contribute toward. This is because generative AI-powered platforms make it far easier to access and analyze data in natural language even if someone is not an analyst or an expert in financial planning tools.

"Despite the challenges, we know that finance leaders believe in their function and are ready and willing to do the work that has the greatest impact on the business," added Vanessa Brangwyn, Global Head of Customers, Pigment. "With the right people in their teams, who have access to clean and accurate data, finance leaders can not only meet but redefine the evolving expectations and solidify their position as vital architects of an organization's future."

To read the full report, click here. For more information about Pigment and its technology, please visit gopigment.com.

Research Methodology:
Pigment conducted this research using an online survey prepared by Method Research and distributed by RepData among n=503 adults (age 18+) in the United States who are employed as in-house finance professionals with a manager title or above. All respondents were required to work at a firm with 500 employees or more. Data was collected from August 29 to September 11, 2023.

About Pigment
Pigment is a business planning platform. By bringing together people, data and processes into an intuitive, adaptable, integrated platform, teams can quickly build trusted strategic and operational business plans to drive growth, react to change and future-proof their business. Industry-leading companies like Klarna, Figma, Airtable, PVH and Webhelp trust Pigment every day, allowing them to make confident and accurate decisions. Learn more at www.gopigment.com.

Logo - https://mma.prnewswire.com/media/2068424/4405289/Pigment_Logo.jpg

Modal title

Also from this source

Pigment Recognized as a Visionary in the 2024 Gartner® Magic Quadrant™ for Financial Planning Software for ability to execute and completeness of vision

Pigment Recognized as a Visionary in the 2024 Gartner® Magic Quadrant™ for Financial Planning Software for ability to execute and completeness of vision

Pigment, the business planning platform, today announced that it has been recognized by Gartner as a Visionary in the Magic Quadrant for Financial...

Pigment enhances business planning with use case expansion and new AI-powered features

Pigment, the business planning platform, today announced a series of product updates designed to elevate how companies including Unilever, DeepL,...

More Releases From This Source

Explore

Banking & Financial Services

Banking & Financial Services

Computer & Electronics

Computer & Electronics

Human Resource & Workforce Management

Human Resource & Workforce Management

News Releases in Similar Topics

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.