CFOs plan to increase technology investments, with 82% saying they intend to increase investment in digital capabilities in fiscal year (FY) 2021 compared to FY20, according to survey by Gartner, Inc. The survey of 115 CFOs was conducted by Gartner between July – December 2020, and it also revealed that 70% of respondents intend to increase spend in information technology in this fiscal year.
“As COVID-19 lockdowns were imposed, most finance organizations tried to digitize as many processes as possible to move to a virtual work environment,” said Alejandra Lozada, senior director analyst in the Gartner Finance practice. “CFOs also view technology as a competitive differentiator that can widen the performance gap between their businesses and those of their peers.”
Lack of Clarity on Digitalization
“While CFOs are planning to increase their digital investments (see Figure 1), our survey also showed that they are less clear on what digital business means and the technologies with the most significant impact on their businesses. This could be a challenge.” said Ms. Lozada. “CFOs need a clear digitalization language and vision to focus their teams on the key investments and initiatives required to accelerate transformation. This clarity is needed to make coherent technology investments that enhance one another.”