CFO Magazine: 64% of CFOs Predict Net Profit Growth in 2023

“More than half (58%) of CFOs surveyed chose cost optimization among their top three areas of concern for the first half of 2023.”

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CFO Dive: CEOs Brace for Recession, CFOs Eye Costs

“Notably, 58% of CFOs still cited cost optimization as one of their top three concerns for the next six months.”

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CFO Magazine: 58% of CFOs Said Cost Optimization Is Their Top Concern: Weekly Stat

“With workforce rationalization and liquidity also being major concerns for those surveyed (40% and 37%, respectively), the data shows finance executives are most concerned about rising costs heading into the new year.”

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CFO Dive: Digital Transformation, Worker Retention Can Cut Costs

“Taking steps to invest in technologies…that can take on time-consuming or repetitive processes rather than reducing one’s workforce can help businesses more successfully weather an economic dip. The investment in processes such as digital transformation “often has an immediate effect on labor costs and savings,” Armanino said. Deploying technologies like AI can help to drive cost-savings as well as provide a short-term return on investment for the business, he said.”

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CFO Magazine: Opinion: Zero-Based Budgeting Emphasizes Growth, Cost-Cutting

“The real power of ZBB is not in achieving cost-cutting benchmarks; it lies in combining digital budgeting tools with greater cost accountability and a process that links budgeting discipline to future growth.”

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CFO Journal: Tap Indirect Procurement as a Source of Savings

“Before they can make strategic decisions about indirect purchases—such as standardizing all cost-related policies—CFOs need to arrange the fragmented pieces into a full picture. Working with the chief procurement officer (CPO), they need to assemble and consolidate data from the many internal, non-procurement functions that have been making their own deals.”

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CFO Magazine: Inflation Pressures Forcing CFOs to Take Action

“Purcell said the tight labor market is increasing Hostess’ labor costs. “When you’re in a tight labor market, you pay overtime, you do things like that, and it’s a dynamic environment. I think the team has done a very good job operating through that environment, but it is something that we’re keeping a sharp eye on,” Purcell said.

So far, Hostess has held the line on profitability. “We feel great about holding margins for the year in a pretty volatile inflationary environment,” Purcell said.”

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CFO Journal: Navigating a Better Route to Supply Chain Resilience

“By applying the framework of risk-adjusted cost optimization to their decisions, CFOs can simultaneously increase the supply chain’s resilience—and boost their own.”

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Cost Management: The Key to Sustainable Profitability

“Companies that achieve “efficient growth” focus on building scale, not scope, into their cost structures.”

Controlling costs is not a new priority for modern CFOs, but today’s competitive pressures have finance leaders determined to translate their long-term growth plans to sustainable profitability. Finance leaders today distinguish themselves by the cost management practices they implement in their organization, because those decisions can have a tangible impact on shareholder returns and build the foundation for profitable growth.  However, most CFOs are struggling to create the conditions for efficient growth due to widespread missteps in their cost management practices. Companies that successfully grow their top line while reducing costs focus on building and reinforcing the necessary scale in the cost structure to secure long-term profitable growth.

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