Digital investments can make sense in any economy These aren’t the easiest times for asset management firms to come up with the funding for digital transformation. The market downturn experienced over the past year and recent weeks has taken a heavy toll on firms’ revenue and has made it tempting to move technology investments down on the list of immediate priorities. But Michael Patanella, National Managing Partner, Asset Management for Grant Thornton LLP, cautions against an impulsive reaction that could leave a firm at a competitive disadvantage. “Getting some of that initial cash outlay and then over time getting the ROI from that investment can make better sense for the long term,” Patanella said. “We’ve seen firms get technology investments approved in good and bad markets, where you’re able to show ROI and also repurpose individuals’ responsibilities to make them more additive to the firm’s business and satisfied with their day-to-day activities.” Finance leaders — regardless of industry — concur with that view. Four out of five respondents to Grant Thornton’s CFO survey for the fourth quarter of 2022 said they plan to increase investments in digital transformation over the next year. Mike Pilch, a Managing Director in Grant […]
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