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Wage-Cost Savings Cited as Main Reason to Automate in CFO Survey
- Higher wage bill in 2023 likely to have increased automation
- Firms that automate expect employment to grow more slowly
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Companies are adopting automation to replace labor as they seek to reduce costs, a survey of chief financial officers showed.
About half of financial decision-makers report implementing software, equipment, or other technology to automate tasks previously completed by employees, according to the survey conducted by Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta. The main reason to move toward automation was simply to save money — that dwarfed all other reasons given.