2024 Finance Trends Survey Report: Consumer Products and Retail Industry Group
Top Priorities for CPG and Retail Finance Leaders
Finance leaders in the consumer products and retail industries are managing ongoing uncertainty by strengthening financial planning, profitability analysis, data visibility, security and cross-functional collaboration. Reliable, standardized data supports better forecasting, pricing, inventory management and strategic decisions amid tariffs, tax changes, shifting consumer preferences, regulatory demands and cyber threats. Before investing heavily in advanced AI, organizations should improve data access, harmonization, reporting and core financial processes. With these foundations in place, leaders can apply automation and analytics to solve specific inefficiencies and make better decisions. Stronger collaboration with the supply chain, marketing and HR can also improve cybersecurity, ESG awareness and workforce skills. By balancing sound financial practices with selective use of GenAI and deeper customer insight, finance leaders can respond to change, pursue innovation and build long-term resilience.
Key Takeaways:
- Build the foundation before scaling advanced technology. Reliable data access, visibility, standardization, harmonization and historical information are essential for accurate financial planning, forecasting, pricing, profitability analysis and strategic planning.
- Use AI selectively to solve specific problems. Although 74% of surveyed organizations use GenAI—with process automation (58%), financial forecasting (55%) and pricing strategy (52%) among its leading applications—AI ranked only 15th among priorities. Organizations should address basic data and process weaknesses first.
- Strengthen collaboration, talent and resilience. Finance teams should work closely with the supply chain, marketing and HR; protect systems from cyber threats; maintain ESG awareness; and develop expertise in data harmonization and analytics.
- Use visibility and customer insight to navigate uncertainty. Reliable reporting and a deeper understanding of consumer behavior help companies adjust pricing, inventory and financial strategies as economic and regulatory conditions evolve.