When it comes to CFO technology priority, back-office automation is seen as the key to cost reduction in the face of ongoing inflation, said Gartner recently.
In a Gartner survey of 128 CFOs and CEOs in June, one third of respondents mentioned back-office automation as a technology priority, the most popular choice among 13 different categories of potential technology investment.
“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.”
In a separate survey of 226 CFOs, digital acceleration was the top CFO technology priority 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.
Other survey highlights
- Survey respondents also indicated their plans to increase investments in pricing optimisation analytics, with 32% of respondents prioritising this area among their top three priorities.
- With CFOs recognising limitations to price hikes over the long-term, pricing optimisation analytics is a way for organisations to improve pricing precision while also pursuing other strategies to mitigate inflation’s impact on margins, such as cutting costs.
- Gartner’s survey on CFOs’ investment priorities also revealed the areas most vulnerable to cost cuts over the next 12 months.
- 46% of respondents indicated they will cut spending on consultants, while 45% said they will decrease spending on real estate.
- Contractor spend was also targeted by 39% of respondents.