An “overwhelming majority” of chief financial officers (CFOs) expect to raise spending on digital technology, according to the latest CFO survey by Deloitte.

This includes increased investment on software, IT and AI over the next 12 months.

Deloitte’s CFO survey, which has mapped CFO perceptions of external uncertainty since 2010, suggested that that sentiment and risk appetite among CFOs are continuing to run at “above average” levels.

Investment in workforce skills and improving productivity and business performance are significant focus areas, Deloitte said, especially in the longer-term.

Deloitte also found that finance leaders are placing greater emphasis on cost reduction and increasing cash flow, as well as placing weight on expansionary strategies such as increasing capital spending or expanding by acquisition.

“Increased appetite amongst CFOs for investment in digital technology and assets such as IT software is very positive, especially against a backdrop of cost constraints and tight balance sheets,” commented managing director at LawDeb Pensions, Sankar Mahalingham, who added that investment in tech and data capability is “critical” for CFOs.

“The Deloitte CFO survey indicates that most of the appetite for this investment is geared towards the medium-term, which could cause headaches for those dealing with surplus now - or who will be in the imminent future.

“Outsourcing for both technical and regulatory expertise could be a solution for those looking to act quickly – especially as increasing levels of uncertainty are causing a cocktail of additional hurdles for businesses to contend with.”

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