CRM tops list of valued finance technologies in 2024

A Gartner survey has revealed that CRM technologies are the most valued in the finance functions of organisations.

The survey, conducted with 383 finance leaders in October 2024, identified CRM technology, cloud ERP, and analytics and business intelligence (ABI) tools as the top three most valued technologies, which are expected to see continued high levels of investment.

Nick Duffy, Senior Director Analyst in the Gartner Finance practice, stated, "CFOs are increasingly relying on CRM applications to analyse sales forecasts more accurately, using historical performance data to evaluate the likelihood of sales materialising. The fact that this is the highest valued technology in this survey shows CFOs are looking for deeper insight on customer trends that drive financial outcomes." These insights were shared at the Gartner CFO & Finance Executive Conference in Sydney.

Cloud ERP is also emerging as a significant resource in finance, demonstrating a shift from traditional on-premises systems. Duffy commented on the trend, "It's telling that on-premises ERP was the most discontinued technology in this survey, with almost 20% of respondents planning to discontinue or already having discontinued its use. On premises ERP is now considered a low-value technology as we see a growing preference for cloud ERP systems." This shift to cloud solutions is indicative of organisations seeking advanced features common in modern subscription model systems.

The survey also highlighted the importance of ABI tools, which finance functions use for data visualisation, as well as data preparation, modelling, and logic writing. Duffy noted the benefits of these tools in a fast-paced business environment, "With a volatile business environment, there's a need to provide faster, decision-ready financial insights to leaders in the business. Integration with AI capabilities is making this more accessible than ever for finance teams, so these tools rank highly for adoption and future investment currently."

These findings underline a strategic shift in how finance teams within organisations are adopting and valuing technology to improve financial operations and strategic decision-making. The preference for cloud-based and AI-integrated technologies illustrates a broader trend towards increased agility and more robust analytics capabilities.