More than half of CFOs at large companies expect the North American economy to improve over the next 12 months, although most are also planning for a mild recession, according to a new survey by consulting firm Deloitte. The firm found 32% of CFOs expressed optimism for their companies’ financial prospects in the first quarter of 2023 compared to 20% of CFOs during the previous quarter. Ninety-three percent said their finance organization is focused on planning for a mild recession, although 54% believe the economy would improve in coming months.
The top three actions CFOs are taking to prepare for an economic recovery are investing in growth, sales, customers and new markets; controlling cost and increasing operational efficiency; and building inventory and production capacity to meet demand, according to the survey. More than half of CFOs cited inadequate technologies and systems, immature capabilities and lack of experienced talent as their greatest obstacles in driving data to insights.