Companies are finally loosening their purse strings to spend on technology, with digital and data-analytics high on their spending lists, according to a study by Ernst & Young.
“After six years of driving cost reductions and business inefficiencies to first survive and then thrive amid economic uncertainty and disruptive markets, Chief Financial Officers are changing gears,” the report concluded.
“In our 2012 CEO report, 62 percent of CEOs cited economic uncertainty as their top challenge.” But of the 50 CFOs interviewed at top companies for this year’s study, it said, “only 26 percent highlighted economic uncertainty as a concern.”
The study said 74 percent of the CFOs listed “digital and online distribution” as a top priority, and 60 percent said it was similarly vital for them to improve their ability to analyze data.
Illustration from KRT archives