Hanover Research Survey indicates a recession is top concern for CFOs going into 2023
OneStream Software sponsored a survey managed by Hanover Research which included over 650 corporate finance leaders. This survey focused on CFOs in North America and EMEA.
The primary objective of this survey was to capture the shared sentiment of CFOs as they lead their organizations into 2023.
Here’s a snapshot of the survey results.
Business challenges expected for 2023:
- 47% are concerned with a recession
- 17% are concerned with a talent shortage and the impact of the Great Resignation
- 11% see cybersecurity as the biggest threat
- 11% are focused on safeguarding against continued supply chain disruptions
- 7% expect negative impacts from the pandemic to continue
- 6% are concerned about the war in Ukraine and other geopolitical issues
How are these CFOs preparing their organizations to navigate these headwinds in 2023?
- 56% expect to increase prices.
- 47% expect to slow hiring and take other cost-cutting measures
- 39% plan to renegotiate contracts with suppliers
- 34% will focus on their strategies to purchase raw materials and goods
- 33% will expand their network of suppliers
- 33% plan to deploy new sales campaigns
- 31% are moving to a more regular inflation forecast
- 2% will keep business as usual from 2022 without any major adjustments
- 2% other strategies and areas of focus
How does technology fit into these preparations?
Over half of surveyed financial leaders expect to invest in cloud-based FP&A solutions in 2023. Nearly 40% also expect to invest in Machine Learning.
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