5 Ways 2024 Kicked Off a New Era for CFOs and Treasury Pros

The year 2024 has been nothing short of transformative for CFOs and treasurers, reshaping their roles into a blend of strategy, technology and operational precision.

Here at PYMNTS, we talk to a lot of CFOs across industries. What we heard throughout the year was centered around how the finance function, no matter the sector, has pivoted from a reactive cost center to a proactive driver of growth and resilience.

Powered by a wave of digital transformation and the acceleration of real-time innovations, the future of the finance function is increasingly evolving to become less about balancing the books and more about balancing agility, security and strategic decision-making.

The transformation of 2024 has set the stage for further innovation in the CFO and treasurer roles. As the adoption of real-time and artificial intelligence (AI)-driven tools continues to expand, finance leaders are already being expected to not only ensure fiscal health but also drive long-term growth strategies. The convergence of digital tools, compliance clarity and real-time finance is increasingly redefining what it means to lead a finance function.

Among the five biggest trends reshaping both the finance function and its place at the table were the shift to real-time financial operations, the integration of AI and machine learning (ML) tools, the convergence of compliance and strategic growth, cybersecurity and risk management, and unlocking the role of payments innovations.

Read more: What Year-End CFO Moves Say About Finance Role’s Evolution

A Year of Digital Acceleration and Strategic Resilience

Throughout 2024, the expectation for immediacy in financial operations became a mandate. Liquidity and treasury management moved from quarterly and monthly cycles to daily — and, in some cases, hourly. The benefits of these innovations? Better visibility into cash flow, optimized working capital and the ability to pivot at a moment’s notice in a volatile global economy.

Findings from the second edition of “The Growth Corporates Working Capital Index,” a Visa-commissioned PYMNTS Intelligence report, revealed that roughly 80% of CFOs and treasurers in professional and facility services expect to use working capital solutions strategically, and 57% expect to use them to drive business growth.

If 2023 was about experimenting with AI, 2024 was the year CFOs put it to work. Predictive analytics has become a mainstay, helping treasurers model cash flow with precision, identify financial risks and automate time-consuming tasks.

According to a PYMNTS Intelligence report, “Most CFOs See Limited ROI From GenAI, but Boost Its Investment,” 75% of CFOs plan to increase their AI investment.

The big picture? AI isn’t replacing finance teams, but it’s allowing them to focus on strategy rather than manual data crunching.

Read more: Digital Evolution of Finance Function Sees CFOs Embracing Cyber Duty

Data from the most recent Uncertainty Project report by PYMNTS Intelligence, “Middle-Market CFOs Tag Competitive Positioning Among Top Drivers of Uncertainty,” sheds light on the priorities and concerns that are top of mind for CFOs, particularly those in the middle market.

While the word “compliance” often conjures up images of paperwork and red tape, 2024 reframed it as a strategic opportunity. As regulatory frameworks for cryptocurrency and digital assets like stablecoins gained further clarity, finance leaders saw a potential opening to innovate.

After all, the rapid digitization of finance hasn’t come without risks. Ransomware attacks surged in 2024. For CFOs and treasurers, this meant elevating cybersecurity to the top of their agendas. Cybersecurity, ultimately, is no longer an IT problem — it’s a finance problem. CFOs have found themselves hiring technologists fluent in AI and data analytics, while simultaneously upskilling existing teams to thrive in this new environment.

Read more: 4 Ways CFOs Are Steering Around Challenges and Ahead of Competitors

What’s Next for CFOs and Treasurers?

Innovations like embedded finance may have started as buzzwords, but in 2024, they became revenue generators and differentiators for businesses and finance teams. By integrating finance solutions directly into their ecosystems, companies unlocked new ways to engage customers and streamline transactions.

The PYMNTS Intelligence report, “Embedding Transformation: Solving Critical AP Challenges With Embedded Payments,” done in collaboration with Finexio, found that 64% of small- to medium-sized businesses face delayed payments, underscoring the need for businesses to rethink their payment processes and consider solutions that integrate into their existing systems.

Echoing this sentiment, the industry executives PYMNTS spoke to for the monthlong event, B2B Payments: Outlook 2030, all agreed on one thing: Finance leaders can move beyond traditional cost savings and extract more value from payments as an engine for growth.

Ultimately, if 2024 taught us anything, it’s that the finance function is no longer just about numbers — it’s about driving the future. As businesses head into 2025, one thing is clear: The CFO’s role will continue to evolve, setting the pace for transformation across the enterprise.