Faced with a difficult financial climate, 49% of Chief Financial Officers (CFOs) highlighted operational efficiency improvements and cost reduction as the driving elements of their 2013 strategy; 42% underlined increased sales as the primary objective for 2013.
Asked whether there were additional savings opportunities to be found in their organisations through improved procurement, 68% replied affirmatively; a further 58% felt there were additional savings opportunities accessible through optimised supply chain and logistics practices.
“With companies spanning across more and more territories, it is no surprise that risk management is becoming an increasingly pivotal element of business strategy,” said Ed Ainsworth, managing director at 4C Associates. “In terms of price risk, companies are finding it difficult to pass increases on to consumers and consequently have to work with tighter margins and less room for error.”
“The current climate further reinforces the need for businesses to implement effective risk analysis and cost transformation initiatives, if they are to remain successful,” he said.
The survey was carried out amongst more than 100 attendees of The Economist’s CFO Summit 2013.