Keeping Pace, Despite Disruptions
The survey data indicates that CFOs plan to accelerate the momentum in digital transformation investments that were launched in earnest at the start of the pandemic, in line with Gartner’s IT Spending Forecast of an overall increase in worldwide IT spending in 2022. According to Bant, inflation is a new catalyst driving CFOs to ramp up digital investments with the aim of lowering the cost of doing business and identifying new sources of profitability.
“CFOs know to never waste a crisis or downturn. It’s a time to reinvent, make better investments, and reduce inefficiencies,” said Bant. “Winners on the other side of this cycle will have continued to accelerate the right digital initiatives across their organization even as there are mounting pressures on profitability.”
Within their own departments, CFOs plan to spend even more aggressively on technology, with 52% of CFOs scaling up digital investments, while 38% said they intend to protect their current investment levels.
CFOs’ increasing focus on automation as an inflation mitigation strategy aligns with findings from Gartner’s Finance Technology Innovations Survey, which polled finance leaders on their investment plans for specific finance technologies over the next two years. The data indicated a planned increase in investment in robotic process automation (RPA), reporting automation and process mining, technologies critical to streamlining routine processes and freeing up staff to focus on higher value activities and increased productivity.
Gartner analysts will be presenting the latest technology investment roadmap for CFOs at the Gartner CFO & Finance Executive Conference, June 6-7, 2022, in National Harbor, MD.
Gartner clients can learn more in: CFOs’ Digital Investment Plans Remain Ambitious for 2022 and 2023. Nonclients can learn more in: 3 Ways to Mitigate Margin Pressure from Input Price Inflation. CFOs and finance leaders can participate in Gartner research and get complementary access by joining the Gartner Research Circle.
About the Gartner CFO & Finance Executive Conference
Gartner experts will provide additional insights on the key issues facing CFOs during the Gartner CFO & Finance Executive Conference, June 6-7, 2022, in National Harbor, MD. The Gartner CFO & Finance Executive Conference delivers actionable, objective insight to CFOs and their teams to help them leap-frog forward on their digital journey by understanding what successful teams are, and are not, building, buying, and borrowing in the market. For the full agenda and to register visit: https://www.gartner.com/en/conferences/na/cfo-finance-us.
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