Survey of 250 chief financial officers finds 41% of companies are currently investing in their working capital systems, and 42% plan to make future investments’
Following “three intense years of learning” about digitization and automation through the COVID pandemic, businesses across the country are reevaluating the systems put in place under duress and finding new solutions to improve efficiency, notably in Accounts Payable, Accounts Receivable and working capital.
“Among the companies that invested in digital technologies early in the pandemic, 38% have since terminated at least one of those investments,” noted a recent report by PYMNTS, citing a collaborative study conducted with Corcentric, “Digital Payments Technology: Investing in Payments Systems for the Digital Economy.”
The report notes that technology providers have evolved rapidly in the last three years as well, making newer offerings more robust and compelling for CFOs. “The ongoing acceleration in digital tools and platforms […] have advanced, considerably in some cases,” PYMNTS said.
Improving working capital emerged as a key priority among the CFO respondents, with 41% saying they are currently investing in their working capital systems, and 42% planning to make future investments.
Read the full article here: CFOs Seek New Levels of Efficacy in 2023 Systems Investments