Supply chain concerns re-emerge
Finance leaders are getting used to challenges with their supply chain and workforce and are gearing up to drive profits, according to Grant Thornton's CFO survey for the third quarter of 2023.
What’s in the report?
- Although CFOs' pessimism rose seven percentage points over the previous quarter, more than three-fourths (76%) of respondents expect net profit growth at their organizations over the next 12 months, with 52% saying profits will grow by 5% or more.
- Supply chain concerns are rising after they fell slightly on CFOs' list of biggest challenges for the last few quarters. Just 45% of finance leaders said they are confident in meeting their supply chain needs.
- Finance leaders are turning to technology to drive profits amid supply chain and workforce challenges. The technology push includes artificial intelligence adoption for many, as 43% have adopted generative AI at their organizations, up from 30% one quarter earlier.
- Automation is driving more timely predictions for finance functions, more than one-third (36%) of respondents said their financial planning and analysis teams alter their forecasts at least weekly.
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Sean Denham holds multiple national and regional leadership roles for Grant Thornton.
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Paul Melville provides cross-border corporate restructuring services and advises stakeholders — including bank groups, customers, suppliers and shareholders — on company viability, reconstruction and debt restructuring, strategic options, and formal insolvency.
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- Retail and consumer products
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Jim Wittmer is a Tax Services partner and the Atlantic Coast market territory Strategic Federal Tax Services practice leader. In addition, he is also the partner-in-charge of technical matters for our Capital Cost Recovery services.
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