Customer relationship management (CRM) technologies are currently the most valued tools within the finance sector, according to a recent survey by Gartner. The study, conducted in October 2024 with 383 finance leaders, also identified cloud-based enterprise resource planning (ERP) systems and analytics and business intelligence (ABI) tools as key technologies expected to maintain high investment levels.
“CFOs are increasingly relying on CRM applications to analyse sales forecasts more accurately, using historical performance data to evaluate the likelihood of sales materialising,” said Gartner Finance practice senior director analyst Nick Duffy. “The fact that this is the highest valued technology in this survey shows CFOs are looking for deeper insight on customer trends that drive financial outcomes.”
According to the survey, cloud ERP systems are gaining traction as finance departments seek to leverage advanced features available through subscription models. These systems are becoming a new benchmark for value in financial operations. The study revealed that ABI tools are used for various functions including data visualisation, data preparation, modelling, and logic writing, playing a crucial role in financial data analysis.
“It’s telling that on-premises ERP was the most discontinued technology in this survey, with almost 20% of respondents planning to discontinue or already having discontinued its use,” said Duffy. “On premises ERP is now considered a low-value technology as we see a growing preference for cloud ERP systems.”
Finance leaders focus on AI and automation for competitive edge
Gartner indicates that finance leaders are increasingly focusing on AI-enabled solutions and intelligent process automation. This shift aims to align technology investments with broader business objectives, enhancing speed, agility, and competitive advantage.
“CFOs are increasingly playing a strategic role in shaping technology roadmaps that support enterprise-wide innovation,” said Gartner Finance practice senior director analyst Mike Helsel. “Over 70% of CFOs have expanded responsibilities beyond finance to include enterprise data and analytics, AI, and corporate strategy, driving a focus towards finance technologies that support such enterprise initiatives.”
Core finance technology investments are projected to increase by over 3%, with cloud ERP (38%) and financial planning software (FPS) (24%) leading the way. The survey also reveals that 87% of organisations with existing ERP solutions plan to replace or upgrade them within the next three years.
Another Gartner survey from June 2024 shows a significant rise in AI adoption within finance functions, with 58% of finance departments now using AI, up 21 percentage points from 2023. This survey involved 121 finance leaders and aimed to evaluate the extent of AI implementation in finance departments.
Read more: 58% of finance functions using AI in 2024, finds Gartner survey
