Survey: CPG and Retail Finance Leaders Focused on Foundational Challenges

Protiviti’s latest survey of finance executives at retail and consumer goods (CPG) companies shows a clear focus on technology-enabled financial planning and analysis (FP&A), and a growing need to address foundational challenges, including data standardisation and FP&A processes, before embarking on advanced technology initiatives. The finance leaders face increased pressure to maximise their approach to technology, data, FP&A and stakeholder collaboration to help their companies navigate changing market demands and operational complexities.

In this year’s survey, the finance leaders ranked financial planning and profitability analysis and reporting, strategic planning, routine reporting and closing activities, security and privacy of data, and process improvement as their top five priorities for the next 12 months. Cloud-based applications and internal customers' changing demands and expectations were No. 6 and No. 7, respectively.

Why it matters: Uncertainty looms large heading into the new year. Retailers and CPG companies must reevaluate their pricing strategies and inventory management to maintain a competitive edge. Utilising real-time data analytics and strategic insights will be key. Furthermore, tackling crucial challenges such as grasping customer needs, standardising data, and improving forecasting capabilities will become increasingly vital.