Thursday, December 1, 2022

CFOs Committing to Digital in 2021

STAMFORD, Conn. — More CFOs are planning to increase their spending on digital more than any other part of the business in 2021.

Eighty-two percent of CFOs say they intend to grow investments in digital capabilities in fiscal 2021 compared to 2020, according to a survey by Gartner.

The survey also revealed that 70% of CFOs intend to increase spending on IT this year.

The survey of 115 CFOs was conducted by Gartner between July and December 2020.

See more: IT Spending To Grow 8.6% In 2021

“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, Gartner’s finance practice. 

“CFOs also view technology as a competitive differentiator that can widen the performance gap between their businesses and those of their peers.”

Despite the planned increased spending on digital, Gartner believes there’s a “lack of clarity on digitalization.”

“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,” Lozada said. 

“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.”

See more: Best Data Science Tools & Software 2021

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