Productivity for finance teams involves strategising to boost performance, profitability, and growth. But it is also essential for them to work smarter by better coordinating and aligning people, resources, and technologies.
Overall business productivity increases when work done by the finance team harmonises with what the teams in charge of digitalisation and talent recruitment, training, and retention do, research suggests. And this alignment is spearheaded by the CFO collaborating strategically with the chief information officer (CIO) and the chief human resources officer (CHRO).
The CFO can provide invaluable insights and ensure that financial strategies align with long-term overall productivity goals. It’s this seamless integration, guided by the C-suite leaders, that cultivates long-term success.
So, what are the key drivers for finance teams to successfully partner with the people and technology teams and boost companywide productivity?
To address this question, CIMA’s research and development team and The Productivity Institute, a UK thinktank based at the Alliance Manchester Business School, explored CIMA members’ role in enhancing business productivity. The goal of the research was to uncover how organisations can boost their productivity through the active involvement of the finance team and identify challenges and missed opportunities.
Unlocking Productivity: Collaborative Synergies for CFOs is based on in-depth interviews with CFOs from different industries. The results suggest that beyond managing financial resources for investment and strategic cost management, drivers include digitalisation, skills, employee health and wellbeing, inclusive leadership, and impactful customer communication and relationships. All interview participants were from the UK, but their insights can be applied globally.
3 areas for strategic productivity improvement
CFOs and their teams spearhead key initiatives that can boost productivity, such as centralising and offshoring finance activities and leveraging new technologies, the interviews suggested.
These initiatives can be valuable, but finance teams still face several critical challenges that can hinder productivity and collaboration.
Let’s explore potential solutions to these obstacles:
Addressing the lack of specialised knowledge
Our research reveals that many organisations are grappling with digitalisation. A major obstacle to effectively deploying technology for data integrity, flexible on-demand reporting, transparency, and improved data access is the lack of in-depth digital skills within finance teams.
New technological solutions demand specialised knowledge in data science and artificial intelligence (AI). To address this, many companies are integrating data scientists into their finance teams. Short term, this approach poses coordination challenges, because data scientists must be trained before they can be integrated into the finance team. Long term, the dilemma is whether to upskill existing finance specialists or alter the team’s composition.
Ultimately, leaders must devise stable workforce solutions that enable finance teams to harness technologies effectively, freeing them to concentrate on interpretation, analysis, and identifying linkages.
Honing communication skills
Finance team members often use specialised language that can leave others puzzled. This technical jargon, while essential for precision, creates a barrier to effective communication with nonfinance colleagues.
Moreover, the direct and detail-oriented nature of finance specialists can occasionally come across as confrontational, especially in high-stakes discussions about budgets and financial performance. To bridge these gaps, it’s crucial for finance specialists to hone their communication skills.
By fostering a more inclusive and approachable communication style, they can ensure that their insights are not only understood but also valued by their colleagues across the organisation. In the end, speaking the same language is the first step towards better coordination, which is the cornerstone of productivity initiatives.
Enhancing collaboration
The finance team’s analytical prowess and ability to ask tough questions are invaluable. However, these skills alone are no longer sufficient. To improve productivity, finance teams must adopt new, more collaborative and consultative ways of working.
Business partnering, linked with agility and creativity, requires understanding and working alongside other departments. Seconded finance specialists are embedded within functional and product teams to gather and interpret KPIs and relevant data, deliver timely reports to support decision-making, identify commercial opportunities, and evaluate necessary investments.
Why not share control and empower business partners to actively participate in identifying inefficiencies and exploring cost-cutting measures? The key is to approach these tasks with analytical flexibility and prioritise value over mere cost considerations.
Balancing the controller and business partner role is challenging but essential. Ultimately, finance specialists look to their CFO to lead by example, guiding the team to know when to maintain financial discipline and when to back up commercial opportunities.
CFOs partnering with the CIO, CHRO
Productivity growth has stagnated globally in the past decade, despite advances in technology — what many call the “productivity paradox”. Strategic business partnering by the CFO, CIO, and CHRO can address this, research suggests.
CIOs are pivotal in overcoming the paradox. They align technology with strategic goals, focusing on long-term value rather than seeking only short-term efficiency. However, outdated systems, entrenched processes, and resistant cultural mindsets often hinder innovation. Also, CIOs may not always be the ones who “pull the strings”, so they need empowerment to lead technological change, with robust coordination amongst C-suite executives.
Developing organisational and cultural maturity within leadership is crucial to integrating digital initiatives into the company’s long-term vision. Here, the CFO plays a vital role. Their deep understanding of the organisation allows them to provide invaluable insights, working alongside CIOs to measure progress and balance short-term costs with long-term achievements.
Research into the role of CHRO and productivity reveals another significant challenge: CHROs often feel sidelined in critical decisions regarding resourcing and managing productivity. Despite this, the onus is on them to upskill leaders and employees, foster a collaborative culture, and drive up productivity. The necessary resources remain a notoriously difficult battle.
CHROs advocate for people-centric productivity strategies like skills-building, management enhancement, transformative job design, workforce agility, diversity, and worker wellbeing. CFOs can support by advising on financial risks and opportunities. Both must align on the intangible factors that defy precise measurement.
By fostering a culture of collaboration and continuous learning, businesses can harness the collective strengths of their teams. This interconnected approach not only drives innovation but also ensures that productivity blossoms across all levels, creating a resilient and thriving enterprise.
To learn more, check out the webcast “Strategic Productivity Unlocked: The CFO’s Role in Driving Organisational Growth” from 4pm to 6pm BST on 17 September 2025. Also, listen to The Productivity Institute’s podcast episode “Strategic Productivity: Unlocking the UK’s Productivity Potential”.
— Irena Teneva is associate technical director–Research & Development at the Association of International Certified Professional Accountants. To comment on this article or to suggest an idea for another article, contact Oliver Rowe at Oliver.Rowe@aicpa-cima.com.