Finance is at a turning point. The pace of change in recent years—from macroeconomic volatility to rapid advances in technology—has forced CFOs to rethink what finance can and should deliver. Operational efficiency is no longer enough. CFOs are under growing pressure from investors and boards to create an agile, insight-driven function that drives business performance.
In response, many finance leaders are reexamining how their functions operate and what modernization really takes. Below, we explore some of the questions shaping that journey—and how leading organizations are redefining the role of finance to stand out from the pack.
Q: Why is modernizing finance such a strategic imperative for CFOs right now?
CFOs are being asked to do far more than control costs and report results; they’re enlisted to help shape the company’s strategy and guide value creation. Modernizing finance helps them achieve that. But it requires that they shift from a backward-looking, transactional mindset to one that’s forward-looking and strategic.
At its core, finance modernization is about agility and equipping teams to deliver real-time insights, dynamic forecasting, and proactive decision support. The most successful CFOs see modernization as a complete rethinking of how finance partners with the business.
Q: Why is transformation so difficult to get right?
Modernizing finance is complex because it touches every part of the organization. More than a single technology program or systems upgrade, it’s an enterprise-wide transformation that must integrate people, processes, data, and systems. And this is made more challenging because of roadblocks like legacy architectures, siloed processes, and inconsistent data models. At the same time, finance needs new skill sets, new roles, and strong sponsorship from both the CFO and the broader leadership team.
True modernization requires upskilling teams and fostering a culture that embraces digital tools and continuous improvement. Change management and helping teams adapt to new ways of working while sustaining day-to-day performance is critical. It takes a well-sequenced plan that unites technology modernization, talent development, and process simplification into one cohesive roadmap. The CFOs who succeed lead this effort as enterprise stewards, not just finance operators.
Q: What are leading CFOs doing differently to succeed where others struggle?
The best CFOs treat modernization as a leadership transformation. They begin with a bold vision anchored in business strategy, and they set clear priorities for where finance must create the most value. These leaders are relentlessly focused on simplification. They streamline processes, break down silos, and empower teams to focus on analysis and decision support rather than reporting.
Many have built multifunctional teams that combine finance, analytics, and operations expertise, and they invest in data, technology, and talent together, rather than treating them as separate initiatives. In top-performing organizations, these efforts have reduced manual work by more than half and significantly improved decision-making speed. What sets these leaders apart is orchestration: aligning systems, structure, and behavior to turn finance into a true strategic partner to the business.
Q: Where are CFOs seeing the most meaningful impact from modernization?
The results are measurable. Leading finance organizations are achieving faster close cycles, shorter planning horizons, and higher forecast accuracy, all while freeing capacity for value-added work. World-class teams now close their books more than 40% faster and complete annual budgeting nearly a third more quickly.
What once took weeks of manual coordination is now happening continuously, enabling finance to anticipate challenges before they appear. With predictive and generative AI integrated into forecasting, some organizations have improved accuracy to above 95% and cut planning cycle times from weeks to hours. Others are using rolling, AI-enabled planning to dynamically reallocate resources as conditions change. Across the board, finance teams are spending more than half their time on forward-looking analysis rather than data collection. These gains prove that modernization is not just about efficiency but about enabling smarter, faster decisions across the enterprise.
Q: How is Bain helping CFOs accelerate their finance modernization journey?
We help CFOs define what modernization means for their organization, balancing ambition with practicality. That starts with grounding the vision in business strategy, then aligning the right operating model, systems, and talent to deliver it.
We work alongside clients to simplify processes, modernize data and technology, and build new capabilities within finance teams. What makes modernization work isn’t just technology—it’s leadership. The CFOs who get this right are reimagining finance as a source of competitive advantage. And they’re proving that a modern finance function doesn’t just support the business—it helps lead it.
Finance Function Advantage
Transform your Finance function to focus more on higher value activities such as decision support and spend less time on accounting and transactional Finance activities
First published in Dezember 2025