Recent insights from Deloitte’s UK CFO Survey reveal a positive outlook for large businesses in the UK, especially regarding investments in technology. The survey highlights a shift towards viewing digital tools, especially artificial intelligence, as key drivers for growth and efficiency. Despite ongoing macroeconomic and geopolitical uncertainties, company leaders are increasingly focusing on digital capabilities to boost productivity over the medium term.

Heavy Investment in Technology Expected

According to the survey, an impressive 96% of CFOs plan to increase their company’s technology spend over the next five years. Many see this as a long-term shift rather than a temporary boost. Around 77% believe these investments will lead to better productivity and overall business performance. This signals that digital spending is now considered a core, structural part of business strategy, similar to previous industrial investments.

For IT leaders, this means continued funding and support, but with higher expectations. They’re being asked to deliver tangible results through better integration and measurable returns. Technology is no longer just an enabler but a vital component in achieving business goals, especially as companies look to automate processes and improve forecasting accuracy.

Growing Confidence in AI and Its Impact

Artificial intelligence is at the heart of this shift. More CFOs are now optimistic about AI’s potential to improve organizational performance. The survey shows that 59% of CFOs feel more confident about AI’s benefits, up from 39% earlier in 2024. This increase suggests AI has moved from experimental projects into mainstream priorities with growing financial backing.

However, this optimism isn’t accompanied by a more aggressive risk appetite. While confidence in AI’s potential is rising, overall risk-taking remains cautious. Only 15% of CFOs are willing to take on more risk, which is below the longer-term average of 25%. This cautious stance means AI initiatives are likely to be carefully governed, with a focus on clear objectives and measurable outcomes rather than open-ended experimentation.

This environment emphasizes the role of CFOs as active shapers of digital strategy. They are likely to push for AI applications that directly boost productivity—such as automating routine tasks or improving financial forecasting—rather than just pursuing flashy customer-facing innovations.

Challenges and Constraints Still Present

Despite the positive outlook, the survey also highlights some persistent challenges. Business confidence remains slightly negative overall, with a net score of -13%, indicating some hesitation even amid rising optimism. Capital expenditure remains a focus, but only 17% of CFOs see it as a “strong priority,” which is just above the long-term average. This suggests investment levels are protected but not expanding aggressively.

Some projects, especially those perceived as speculative, may face tighter scrutiny. Companies are cautious about overextending on risky ventures, preferring to focus on initiatives with clear, measurable benefits. This cautious approach reflects a balanced view—embracing digital change without exposing the business to unnecessary risks.

Overall, the survey paints a picture of cautious optimism. Companies are committed to investing in digital tools, particularly AI, but are doing so within a framework of careful governance. The emphasis remains on achieving tangible productivity gains and maintaining financial discipline, even as technological confidence continues to grow.

Inspired by

• https://www.artificialintelligence-news.com/news/deloitte-survey-takes-cfo-and-it-temperature-around-technology-and-ai/

Sources

• deloitte.com
• ai-expo.net
• techexevent.com
• techforge.pub
• techforge.pub