Daniel Goodman/Business Insider
CFOs are becoming strategic partners for their companies.
According to an EY survey of more than 650 CFOs from around the world, 65% of CFOs said collaboration with their CEO has increased over the past three years.
The CFOs revealed that much of their collaboration has been focused on new growth opportunities (34%), changes to company strategy (33%), and new products and services (27%).
More than three-fourths (76%) of CFOs said they are now increasingly involved in corporate strategy.
Collaboration between the CFO and CEO is "one of the defining characteristics of a well-run, market-leading organization," according to the report.
The collaboration includes a strong focus on executive-led strategy.
Here's what CFOs said are their most valuable contributions to strategic priorities:
| Managing costs and profitability | 43% |
| Setting budgets/costs | 39% |
| Financing | 33% |
| Measuring performance | 27% |
| Building the business case for new initiatives | 23% |
| Resourcing and human capital | 22% |
| Determining the level of ambition and risk appetite for new initiatives | 21% |
| Setting the agenda for change | 21% |
| Ensuring value realization | 20% |
| Change management | 17% |
CFOs serve their greatest purpose by contributing to growth-focused strategies, according to EY. That focus allows a company to disrupt its industry with technological, economic, and competitive forces.