Highlights From the 2022 Industry Benchmark Report
From supply chain breakdowns and the war in Ukraine, to rising inflation, interest rate hikes and predictions of a recession around the bend, the year has been defined by its unpredictability. And finance teams have been forced to keep up amidst all of that uncertainty.
The question is, are they up for the challenge?
We set out to learn exactly that in our latest industry benchmark survey. Now the results are in—and available for download—in Vena’s third annual benchmark report, The State of Strategic Finance: Industry Benchmark Report 2022.
About The Survey
The Vena 2022 Industry Benchmark Report is based on a survey of 132 business leaders and finance and operations professionals. The survey took place in May 2022 and included respondents from companies ranging from under 100 to over 1,000 employees.
State of the World
Responding to Global Events
Today, if businesses aren’t prepared for anything, they risk everything. And in 2022, we’ve come to realize that there’s always a new challenge ready to emerge.
When asked what factors contributing to current global market volatility have affected their business most, it’s not surprising that the COVID-19 pandemic has still had the most impact. But other disruptive forces have made their mark as well.
What are the top challenges impacting your organization in 2022?
State of Finance
To meet the challenges and uncertainties in today’s market, agile planning is key. But without the right people, processes and technology in place to support it, organizations won’t get far. So, what are finance teams prioritizing in the face of current market conditions?
The Right Skill Sets
To stay nimble in the face of change, create value and usher in continued growth, finance organizations need teams buoyed by the right mix of talent with diverse skills.
But all of that requires more than just a talent for numbers. It draws on communication, influence, leadership and problem-solving skills—as well as the technical abilities that allow your team to drive the tools and processes required to thrive.
Adding Strategic Value Through Finance Business Partnering
Finance organizations are using these core technical and non-technical skill sets to lead the way in acting as strategic business partners within their organizations. But this year’s survey results indicate that there’s still room for improvement in this area.
The Good Citizen
The challenges of 2022 and the years leading up to it have inspired many employees, customers and partners to look at the companies they do business with in a different light.
Finance can be a leader here—helping to usher in strong environmental, social and governance (ESG) efforts such as sustainable investments and hiring policies that embrace diversity, equity and inclusion (DEI).
The respondents we surveyed saw the importance of these kinds of efforts, but showed that more work needs to be done to put action behind those beliefs.
How are finance professionals leading social change in 2022?
Next Steps: 4 Recommendations Going Forward
What else should finance leaders be doing to position their teams at the heart of strategy and set their organizations up for continued success—even as uncertainty continues to prevail amidst a gloomy global economic outlook?
Vena has four recommendations for the year ahead.
Download The State of Strategic Finance for all the insights from Vena’s 2022 industry benchmark survey and discover what steps you can take to future-proof your organization today against the challenges of tomorrow.