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December 4, 2013

Majority of UK CFOs to increase tech spend next year

Half of respondents were keen to use technology to cut costs.

By CBR Staff Writer

About 76% of chief financial officers (CFOs) plan to boost their technology investments by 76% in 2014, with 41% planning to increase IT investments by 10%, a new report revealed.

A joint survey carried out by American Express and CFO Research revealed about half of respondents were keen to deploy technology to trim down costs, while remaining planned to deploy technology to boost data analytics.

Over half of the polled CFOs considered big data would offer them a competitive advantage, while 92% of them stated to leverage company data over the following 12 months.

American Express Global Corporate Payments, Europe senior vice-president and general manager Brendan Walsh said that data and how it’s managed is of critical importance to the UK’S CFOs, who clearly recognise the power of data to drive value for their organisations.

"Whilst there’s a definite appetite for new technologies, and the benefits they can bring to a company’s profitability, the challenge for financial decision-makers now is to develop a clear strategy for implementing new technologies to generate further insights and efficiencies," Walsh said.

A third of CFOs planned to offer consumers with up-to-the-minute access to data, while 28% desired better data query and retrieval capabilities.

Of the overall surveyed, 22% want to share data and boost their business decisions in real time from any location being grateful to big data.

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A total of 79% of survey respondents considered leveraging mobile technology next year, while there were wide discrepancies in how businesses would go about this.

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