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Blockchain technologies not broadly implemented yet: Deloitte Q3 CFO Signals Survey

Deloitte's third-quarter (Q3 2016) CFO Signals survey, a quarterly survey tracking the thinking and actions of CFOs representing many of North America's largest and most influential companies, has found that blockchain technologies have not been broadly implemented yet.

The survey was conducted during the two-week period ending August 19, 2016. 80% of CFO respondents were from organizations with more than $1 billion in annual revenues, and 73% were from publicly traded organizations.

When asked about investments in analytics and digital technologies, nearly half of CFOs said they have already made substantial investments in customer analytics and nearly 60% said they will make further investments over the next three years. Also, about 45% said they have already made investments in finance and accounting analytics, while about 52% say they will invest more in the future.

In addition, CFOs were also asked about their current use of select digital technologies. Nearly 80% of CFOs said their companies have implemented cloud solutions, with nearly 50% saying they use cloud in a few areas, and just over 30 percent saying they use it broadly. Cloud platforms are the only technology implemented by more than half of the companies according to the CFOs surveyed; other technologies on the list include:

  • Robotic process automation (RPA), already used by little over 30% of companies
     
  • Visualization technologies, which have been implemented by just under 30% of companies
     
  • Cognitive science and artificial intelligence, implemented by about 17% of companies
     
  • In-memory, used by 10% of companies, and blockchain, by 4%

With respect to the last category, that is, in-memory and blockchain, the survey found low levels of awareness among the CFOs.

“Just 10% say they use in-memory technologies, and only 4% say they use blockchain technologies. Familiarity with both technologies appears relatively low, with 26% of CFOs saying they do not know their use or evaluation of in-memory, and 20% saying the same for blockchain”, the report said, adding that only manufacturing and technology show significant use of in-memory, with healthcare/pharma highest for evaluating/piloting; no industries are notably high for blockchain, but Financial Services and Healthcare/Pharma are highest for evaluating/piloting.

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