A survey of 226 CFOs found that digital acceleration was the top spending priority for CFOs over the next 12 months, with 98 percent of respondents saying they will protect digital investments and of those, 66 percent stating they plan to increase their investments in the category.
A separate survey of 128 CFOs and CEOs highlighted the particular areas within technology that are set to receive the most investment: one third of respondents said they will prioritize backoffice automation technologies, the most popular choice among 13 different categories of potential technology investment.
Survey respondents also indicated their plans to increase investments in pricing optimization analytics, with 32 percent of respondents prioritizing this area among their top three priorities. With CFOs recognizing limitations to price hikes over the long-term, pricing optimization analytics is a way for organizations 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. Forty-six percent of respondents indicated they will cut spending on consultants, while 45 percent said they will decrease spending on real estate. Contractor spend was also targeted by 39 percent of respondents.