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.

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The primary objective of this survey was to capture the shared sentiment of CFOs as they lead their organizations into 2023.

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Here’s a snapshot of the survey results. 

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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

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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

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How does technology fit into these preparations?

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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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To evaluate a unified planning and accounting platform like OneStream, speak to the consulting team at RVNA Technologies. RVNA is an experienced professional services organization focused on advising clients on FP&A Software selection.

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‍Access the Full Survey Report

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