In the survey, finance leaders report that while newer responsibilities, such as digitizing critical business activities and managing cybersecurity, present opportunities for finance leaders to differentiate themselves—and their companies—from competitors, many CFOs believe their companies are not yet prepared to manage these challenges.

These nonfinancial responsibilities are putting many CFOs on alert. Less than one in three believe their companies have the capabilities they need to be competitive in their digitization of business activities.

On the whole, CFOs recognize the need to move beyond traditional or textbook practices. But few say their companies use innovative methods to make decisions. Roughly two in three CFOs say their companies do not yet have the capabilities for agile decision making, scenario planning, and decentralized decision making they’ll need to be competitive in the coming years.

In response to some of the challenges that the survey results revealed, a few steps that CFOs and their companies can take have been identifed:

• Assert proactive and strategic leadership
• Adopt an investor’s mind-set—and more innovative practices
• Embrace technological advances

Review the full survey on the McKinsey's website.