The majority of chief financial officers plan to increase the amount of money they spend on information technology in the next year and a half, according to a new study from senior financial executive portal CFO.com.
Almost six out of 10 CFOs said they would boost IT expenditures in the next 19 months, CFO.com reported, and nearly five in 10 said their companies would resume a "more expansive spending phase" by the end of this year.
CFO.com crunched the numbers after surveying 98 executives during the CFO Rising Conference & Exhibition in Atlanta last month. Participants included finance gurus at GE Capital, Verizon Communications, Eastman Chemical, Equifax, HotJobs.com and Mellon Bank.
The survey made CFO.com President Justin Smith confident that the downturn in IT spending--and the broader malaise that has sapped the technology sector--will be short-lived.
"The fact that participants in our survey represent a range of company sizes and industries indicates that this optimism is not limited to a particular sector," Smith said. "I can't imagine more relevant opinions on the state of the economy and business than those of financial professionals working on the front line."
Of those who anticipate an upturn in spending, 14 percent said they expected a significant increase of at least 25 percent, while 44 percent expected a moderate increase of 10 percent to 25 percent.
But the survey results were not entirely rosy. Nearly seven out of 10 CFOs said they were "concerned about their company's ability to access capital with reasonable terms" in the next year, according to CFO.com.
Researchers also asked CFOs to examine their role in the stock market collapse and the technology sector's yearlong downturn. Two out of five CFOs said "unrealistic revenue/profit expectations" was the worst mistake they made in the past year, while 34 percent blamed unrealistic expectations for the potential of the Internet.