Retail Survey: Efficient Growth Requires Finance Transformation

In a new survey, 46% of retail leaders said improving finance through transformation projects is a top priority. Read the Workday and KPMG report to learn what this means for retail CFOs. 

Business leader wearing a suit in a retail store

If finance leaders in retail want to grow their businesses, the only way forward is transformation.

Why? High labor and operating costs, as well as shifting consumer expectations, are putting more pressure on profitability. It’s innovate or fall behind.

How do they do it? By enterprise transformation through technology.

Many retail and consumer products leaders are well on their way. In a new report from Workday and KPMG, “Retail Finance Transformation: Unlocking Efficient Growth,” survey data reveals how leaders are finding new sources of growth and value.

With insights from consumer products and retail executives, the report discusses:

  • Areas of transformation. Nearly 75% of retail executives surveyed are in transformation projects—most in multiple areas of the business— with the primary goal of improving financial performance and profitability.
  • A sharpened focus. Retail finance leaders are honing in on improving visibility between front and back offices, investing in technology to drive efficiency, and making customer-centric choices across the business.
  • The high stakes involved. Market disruption often resonates in finance, where it exposes vulnerabilities created by legacy systems. Only 23% of leaders surveyed felt their finance function was completely prepared for unanticipated challenges.

What’s next: To find a positive and productive way forward, retail leaders are turning to best-in-class enterprise cloud applications.

“CFOs want to know that their P&L reflects all the information that the business runs on—a single source of the truth,” shares Ben Pierce, vice president of financials, planning, and analytics at Workday. “That way, they can forecast and make quick decisions with confidence.”

Go deeper: For more insights and practical tips for retail CFOs looking to transform their operations with enterprise software, download the Workday and KPMG joint report here: “Retail Finance Transformation: Unlocking Efficient Growth.

More Reading