99% Of Senior Finance Executives Say Their Business Will Increase Spending Next Year
Businesses are planning to spend more on customer service, technology infrastructure, and recruitment in order to stay competitive
99% of senior finance executives say their business will increase spending and investment over the next 12 months, according to a survey by American Express.
The 2017 Global Business and Spending Outlook, which surveyed 100 senior finance executives at companies in the UK with annual revenues of $500m or more, revealed that businesses are bullish despite political and economic uncertainty.
In order to stay competitive against international competition, respondents are planning to spend more on customer service (67%), technology infrastructure (51%) and recruitment (48%) as a priority.
While businesses are also looking to strengthen financial reporting and compliance (37%), production inputs (35%) and advertising, marketing and PR (31%) – as transparency becomes increasingly important for consumers.
Following the triggering of Article 50, businesses are also hoping consumers overseas will take advantage of the drop in value of the pound – with 59% citing exporting as a key area to help with their growth ambitions.
Jose Carvalho, senior vice president, global commercial payments Europe at American Express said:
“CFOs in 2017 don’t just have to balance the books – they are having to tackle everything from automation to international trade, and plan their investment accordingly. The chief flexibility officer isn’t just the guardian of the purse strings. They are absolutely critical to helping businesses survive and thrive, by investing in the right areas, in the right ways.”