CFOs back IT spend but do their big data and cloud views add up?

CFOs are upbeat about IT spending next year. But although most say their company must get more value from finance and operating data, they can’t agree on how to spend on the analytics and big-data technology to do it, ZDNet reports.

Four in 10 of the US and UK senior finance executives quizzed by American Express are planning to increase IT spending in 2014 by at least 10 percent. Only 17 percent think budgets will stay flat.

The theme of getting more out of data attracts overwhelming support among CFOs, with 95 percent of them agreeing that their organisation needs to do more.

However, when it comes to gaining a competitive advantage by mastering big data analytics ahead of rivals, CFO support falls to a narrow majority of 53 percent.

Furthermore, when asked about how spending plans will reflect the need to extract more value from company data, the initial near unanimity disappears.

Roughly one-third of CFOs are planning to increase spending to develop inhouse capabilities to work with big data.

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