What are the top Budget priorities for CFOs in 2024

The new Gartner 2024 Budget Priorities for CFOs report is out and Technology features as the number one category for increased spend, with over 50% of the CFOs planning an increase of over 10% in this area for 2024.

The alignment of this increase with that of the spend budgeted for the Sales function of the organization signals the importance of Technology as a strategic factor for growth. IT is now no longer “just” an operational support function and the CFO will have to build an effective partnership with the CIO by learning how to identify unexpected areas of overlap between their interests.

Another key takeaway of the report is how the market perceives the value of embedding AI in the organization’s processes: almost all CFOs (90%) are projecting a higher AI budget, and none are planning a reduction. 71% of CFOs are boosting spending by 10% or more compared to last year and 81% of CFOs projecting to spend more in GenAI.

This is a clear indication that the “hype” period is coming to an end with more being able to see the use cases for and the value add to implementing AI within the organization.

For more insights, download your Gartner report here.