U.S. Companies Ramp Up Automation and AI as Inflation Persists
Nearly two-thirds of CFOs say their companies have a strategic priority to automate tasks typically performed by employees. Among firms that plan to automate in the next 12 months, a majority expect to implement AI to perform a wide range of tasks.
Revisions to The CFO Survey Data
CFO Survey data from Q2 2020 to Q4 2023 have been revised in accordance with an annual revision process. Revised historical data are available for download. Comparisons of revised and previously published estimates are also available.
Historical special question results are unrevised and available on archived quarterly results pages.
For more information on the annual data revision process, please refer to The CFO Survey Methodology.
Special Questions on Firm Activity Relative to Norms
In the most recent CFO Survey, we explore expectations for pricing pressures by asking financial leaders nationwide for their anticipated growth in prices in 2024, and how these compare to pre-pandemic growth rates.
We find that most CFOs expect pricing pressures to remain elevated through at least 2024.
Special Questions on Election Uncertainty
The second quarter survey asked firms about whether the 2024 presidential and congressional elections in the U.S. would affect their investment plans. The majority of firms reported that election uncertainty had no effect on their investment plans.
Special Questions on Automation
The second quarter CFO Survey asked firms if they adopted labor-replacing automation in the last 12 months, as well as their motivations.
Around 60 percent of all firms, and nearly 85 percent of large firms, implemented automation over the last 12 months. Around 65 percent of firms indicated that automation is a strategic priority.
Firms indicated that their primary motivation for automating tasks over the last 12 months was to enhance business processes.
Looking forward, 60 percent of all firms, and 80 percent of large firms, anticipate adopting labor-replacing automation over the next 12 months.
Nearly 88 percent of firms said their main motivation for automation is to enhance business processes.
For additional discussion of these results, visit our Research & Commentary section.
Special Questions on Artificial Intelligence
CFOs that reported automating were also asked about whether their firms had utilized artificial intelligence (AI) to automate tasks over the last 12 months. Around 40 percent of all firms answered yes, with a greater percentage of large firms answering yes than small firms.
CFOs that plan to automate over the next 12 months were asked about their plans to adopt AI over the same period. Fifty-four percent of all firms, and 76 percent of large firms, anticipate utilizing AI to automate tasks.
For additional discussion of these results, visit our Research & Commentary section.
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