47% of Financial Leaders Say Economic Disruptions Will Threaten Businesses in 2023

It seems like the past few years have consisted of one economic disruption after another, and that has resulted in the world getting consumed by inflation as well as other financial woes that have left most asset markets flat and stagnant. OneStream, a CPM solutions industry leader, commissioned some research that was compiled into a report which included surveys that asked questions of some of the financial leaders of the world, and suffice it to say that their predictions look pretty dire.

The vast majority of financial leaders who participated in this survey, or 85% to be precise, stated that they fully expect a recession around the corner. With all of that having been said and now out of the way, it is important to note that 47% also suggested that this economic turmoil is a huge threat to businesses in 2023. Hiring is likely to slow down if not freeze entirely because of the fact that this is the sort of thing that could potentially end up helping corporations weather the financial turmoil, and it is expected that we will see a bigger influx of investment into automated solutions.

57% of financial leaders are planning to up their acquisition of cloud based solutions, and 48% also said that they want to obtain better analytics systems with all things having been considered and taken into account. Machine learning can also be a big help for struggling corporations, but in spite of the fact that this is the case only about 37% of business leaders said that they plan to look into that niche in the coming year.

Machine learning and AI can be immensely useful for financial reporting, and 48% of business leaders agree that that’s the case. 49% also suggested a lack of confidence and trust in advanced tech solutions though, and that might be due to many workers not knowing enough about the tech to use it properly. Businesses will be forced to modernize, and the coming year will prove to be a huge stress test that will weed out many of the weaker enterprises from the market.

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by Zia Muhammad via Digital Information World