Overwhelming majority plan to spend for competitive edge
Finance executives at Canadian companies are optimistic about the outlook for the next year, beating many of the global peers.
An overwhelming 97% of senior finance executives polled for American Express by the Institutional Investor Research Group, said that they will increase spending to gain a competitive advantage and that includes making strategic investments.
“The survey suggests Canadian finance executives aren't shying away from increasing competition and uncertainty in the market, but rather making strategic investments to keep their organizations at the forefront," says Paul
Roman, Vice President & General Manager, Global Commercial Payments at American Express Canada.
Every one of the survey’s respondents noted that their business could be negatively impacted by surprise economic, environmental or political events; 43% said it is a fast-growing concern.
However, 57% of Canadian finance executives said that they expect substantial economic expansion over the coming year. Globally, this view was held by 38%.
Financial executives are playing a larger role in strategic company decisions with most believing that the CFO has more influence over these decisions than the chief executive.
"The role of the modern CFO expands far beyond fiscal responsibility to include automation, international trade, strategic investment planning and more," added Roman.
Customer service, improving cash flow and the importance of exports are key focuses of respondents.
Sixty percent of senior financial officers said they plan to spend more to enter new markets while 67% said they are cautious about investing in other countries due to recent economic or political uncertainty.
An overwhelming 97% of senior finance executives polled for American Express by the Institutional Investor Research Group, said that they will increase spending to gain a competitive advantage and that includes making strategic investments.
“The survey suggests Canadian finance executives aren't shying away from increasing competition and uncertainty in the market, but rather making strategic investments to keep their organizations at the forefront," says Paul
Roman, Vice President & General Manager, Global Commercial Payments at American Express Canada.
Every one of the survey’s respondents noted that their business could be negatively impacted by surprise economic, environmental or political events; 43% said it is a fast-growing concern.
However, 57% of Canadian finance executives said that they expect substantial economic expansion over the coming year. Globally, this view was held by 38%.
Financial executives are playing a larger role in strategic company decisions with most believing that the CFO has more influence over these decisions than the chief executive.
"The role of the modern CFO expands far beyond fiscal responsibility to include automation, international trade, strategic investment planning and more," added Roman.
Customer service, improving cash flow and the importance of exports are key focuses of respondents.
Sixty percent of senior financial officers said they plan to spend more to enter new markets while 67% said they are cautious about investing in other countries due to recent economic or political uncertainty.
