CFOs and other senior finance executives are planning substantial upgrades to their automated financial planning and analysis (FP&A) in 2022, partly in response to their pandemic challenges, a recent Prophix and CFO Dive survey shows. While many finance teams were able to quickly move their FP&A processes and Corporate Performance Management (CPM) technology to the cloud to support remote work during the pandemic, CFOs still working with on-premise software and spreadsheet-based finance processes struggled.

Forecasting and scenario modeling also took on added importance during the pandemic, and nearly one-third of the surveyed finance executives are now upgrading their FP&A technology. Most companies have large finance budget increases planned for 2022, with CFOs investing in performance management, automation and business intelligence tools, and cybersecurity. CFOs also lack skilled finance workers to deploy new technology, and nearly nine out of 10 of the surveyed executives say finance professionals need better data and analytics skills for continuous planning and forecasting.

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