Survey: Companies to seek tech upgrades in next two years

MENLO PARK, Calif., Nov. 1, 2007 -- When asked what initiatives were top of mind for their firms over the next two years, chief financial officers surveyed most often cited technology upgrades (53 percent) and business process improvement measures (50 percent).

The survey was developed by Robert Half Management Resources, the world’s premier provider of senior-level accounting and finance professionals on a project and interim basis. It was conducted by an independent research firm and includes responses from 1,400 CFOs from a stratified random sample of U.S. companies with 20 or more employees.

CFOs were asked, “In the next two years, which of the following initiatives is your company most likely to pursue?” Their responses:

Technology upgrade: 53 percent
Business process improvement: 50 percent
New product or service line extension: 28 percent
Geographic expansion: 21 percent
Merger or acquisition: 9 percent
None: 22 percent
Don’t know / no answer: 2 percent

Multiple answers were allowed.

“Companies are focused on shoring up their infrastructures to create greater efficiencies and control costs,” said Paul McDonald, executive director of Robert Half Management Resources. “Technology upgrades allow firms to boost critical network security, facilitate global collaboration and enable easier interaction with customers.”

The survey showed that large companies are most likely to invest in technology (62 percent) and business process improvement measures (65 percent). “Larger organizations often benefit the most from these investments because of the economies of scale that come from making systemwide improvements,” McDonald explained.

McDonald added that improvements to information technology systems and business processes frequently present staffing challenges for businesses. “Firms undertaking complex initiatives often need immediate access to skills not found internally. Before launching these projects, companies should identify which staffing resources are needed to achieve their short- and long-term goals.”

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