Chief Financial Officers (CFOs) are retooling their businesses to drive more revenue from services as the shift to a subscription-based economy continues.
In a survey of 163 CFOs by FinancialForce, more than one third said that subscription-based services have become significantly more important for their companies.
Currently, 71% of CFOs report that more than half of their revenue comes from services. Almost a third report that all their company’s revenues are service-related.
More than half (55%) say that services generate a higher percentage of revenue today than they did five years ago. Two-thirds feel ‘substantial pressure’ to change their finance team’s mindset to be more customer-centric and focused on renewal revenue streams.