CFOs spending more on digital transformation

The majority of CFOs are increasing investment in their companies' efforts to spur change through new technology, according to a new survey. The survey of more than 300 CFOs and financial leaders by Grant Thornton and CFO Research found that 69 percent plan to increase their investment in technologies that speed business change. In addition, four out of 10 of the financial leaders polled plan an increase of more than 10 percent in the next 12 months. Competition is the main factor behind the spending, with 41 percent of the survey respondents saying their companies' digital-transformation investments are intended to help them overtake their competition through differentiation. "While investment strategies for digital transformation have traditionally been influenced by an organization's desire to improve operational performance and reduce costs, respondents have shown that future investment strategies will shift to more strategic opportunities – chief among these being improving the customer experience," said Srikant Sastry, national managing principal of advisory services at Grant Thornton, in a statement.