CFO Insights: How to Navigate Inflation & Other Signs of Economic Change
With soaring ranging between 8.8% in the United Kingdom and 6% in the United States at the beginning of 2023, companies are now facing a new set of macroeconomic concerns, including rising energy prices, high costs for skills, and volatile exchange rate fluctuations.1-2
This economic punch and fear of a potential recession are compelling finance leaders to be more wisely choosing their technology investment. Small and midsize businesses focus on automation to offset labour costs, moving to the cloud for more flexible pricing, and third-party resources to lower up-front costs.3 Meanwhile, large enterprises are increasing their focus on cash and liquidity as they fight to retain market position and, in some cases, find new opportunity for growth.4
To learn best practices that can help finance organizations navigate today’s inflationary conditions we interviewed CFOs across SAP offices worldwide. Here are three core focus areas that are helping SAP develop the right strategies to protect its financial position:
• Rethink priorities to get ahead of change.
• Align actions with long-term goals.
• Invest in people when transforming digitally.
Download the paper to learn detailed best practices from SAP CFOs.
1. U.S. Bureau of Labour Statistics, “Consumer Price Index,” March 2023.
2. Offices for National Statistics, “Inflation and Price Indices,” January 2023.
3. IDC, “The SMB Recession Toolkit,” IDC #US50292823, 2023.
4. IDC, “Seven Ways for CFOs to Fight Inflation,” 2023.
