It may surprise you to hear that despite the economic “doom and gloom” stories published by editors, there is actually some light at the end of the tunnel: businesses are starting to spend again.
According to a recent report from CFO Research and American Express, The New Era of Value Discipline, businesses are beginning to loosen their grip on their rainy day funds which were stockpiled during the peak of the economic downturn. They’re looking to invest more in people and technology as their strategic goals shift towards long-term growth, rather than treading water in the here-and-now and enforcing a slash-and-burn policy to rein in spending.
The New Era of Value Discipline
More than ever over the coming year, finance professionals are intending to spend more money on expanding market access (where 46% of respondents intend to increase spend), new product and service development (46%) and improving production process efficiency (45%). But it won’t be a full return to yesterday’s big buck spending – finance will be working closely with procurement to control what their organizations spend, on what and with whom.
The team here at Rosslyn has developed a whitepaper, “Four proven ways to accelerate business growth using cloud analytics,” to discuss collaboration in greater detail.
IBM research supports the business case for collaboration – enterprises that have invested in giving their workers the tools to interact with and share data are more than twice as likely to outperform their peers. They also generate 1.6 times more revenue.
Collaboration is proven to create business value. It also reinforces the importance of bringing finance and procurement closer together so they don’t act in isolation. In doing so, this at-the-hip approach will enable them to get the most bang for their company’s buck – and prove the value of their investments.