A majority of Indian chief finance executives expect increase in spending on travel and entertainment this year and are likely to invest in improving administrative process efficiencies to help meet their business priorities, a survey said on Tuesday.
According to the Global Business & Spending Outlook Survey commissioned by American Express, 37 per cent of the CFOs surveyed said they are likely to spend more on travel and entertainment (T&E) in 2018 as compared to last year.
Besides, 50 per cent of CFOs surveyed maintained that they are likely to keep the spending same as last year.
The survey conducted by Institutional Investor Thought Leadership Studio mapped the CFOs outlook for January-December 2018.
Senior financial executives in India also plan to increase their companies' workforce in the year ahead, with 97 per cent of survey respondents anticipating an uptick in their companies' headcount in the coming year.
In an effort to attract and retain top talent, companies are also likely to improve the day-to-day working environment of their employees, offer more flexible work schedules and locations and expand career development programmes, revealed the survey.
India is leading the way in terms of both business confidence and investments. Businesses are reiterating the need for increasing spend on T&E, optimising cash flow and using it judiciously to grow and protect the business, said Saru Kaushal, VP and GM, Global Commercial Services, American Express Banking Corp, India.
The annual cross-industry survey conducted among 870 senior executives across 21 countries with revenue of over USD 500 million, states that 33 per cent of the Indian CFOs surveyed are likely to spend more on transportation/logistics and 53 per cent on hardware and infrastructure.
Moreover, half of the senior financial executives aim to increase spending on mobile technology.
About 40 per cent of the CFOs surveyed said that they are likely to invest more than last year in improving administrative process efficiency including streamlining financial and procurement process to help meet business objectives.
About 90 per cent of the senior finance executives surveyed felt that improving cash and working-capital management is more important for their businesses this year as compared to last year.