CFOs plan to protect their digital investments as they cut costs elsewhere in the business, according to recent surveys by Gartner, Inc. Among technology priorities, CFOs have particularly prioritized back-office automation as a key to driving down costs in the face of ongoing inflation.
A July 2022 survey of 226 CFOs found that digital acceleration was the top spending priority for CFOs over the next 12 months, with 98% of respondents saying they will protect digital investments and of those, 66% stating they plan to increase their investments in the category.
A separate survey of 128 CFOs and CEOs in June highlighted the particular areas within technology that are set to receive the most investment: one third of respondents said they will prioritize back-office automation technologies, the most popular choice among 13 different categories of potential technology investment (see Figure 1).
“Automating back-office workflows is a key to achieving efficiency gains across a number of areas including accounts payable, accounts receivable and internal IT services, such as helpdesk support,” said Randeep Rathindran, vice president, research in the Gartner Finance Practice. “In a cash-constrained environment, where margins are under pressure, the urgency to improve productivity in these areas is heightened.”