Seventy Percent of CIOs and IT Leaders Surveyed Say the COVID-19 Pandemic Has Accelerated Their Finance Transformation Strategies By at Least a Year
Findings Highlight That “Progressive CIOs” Drive Finance Transformation With a More Strategic, Data-Led, and Collaborative Mindset
The report, “A
CIOs and IT leaders are facing increased pressures to adapt and accelerate their digital strategies — without disrupting critical business operations. As a result, Progressive CIOs have built strategic alliances across their organizations, with 90% of Progressive CIOs reporting that their IT departments are much more integrated into other areas of the business than they were 12 months ago.
Progressive CIOs support finance transformation in three key areas, including:
- Leveraging data to fuel decision-making: Progressive CIOs prioritize data aggregation and data management and understand that building effective data use is critical. Nearly all Progressive CIOs (92%) say that “aggregating enterprise finance data into a single source of truth is their top priority.”
- Collaborating with finance to drive transformation: When it comes to enterprise finance transformation, there can be serious financial implications when misalignment between IT and the finance function occurs. Eighty-three percent of Progressive CIOs stated that “we will miss our growth targets unless the IT and finance functions work more closely.”
- Adopting an agile, incremental cloud approach to transformation: Progressive CIOs recognize that modernization cannot be done at the expense of the business. Over half (54%) of Progressive CIOs (compared to 37% of the total sample) are more likely to incrementally deploy capabilities in an end-to-end cloud strategy to modernize their firms’ legacy enterprise resource planning systems (ERPs), minimizing disruption while executing advanced digital initiatives.
Comments on the News
“Our research shows that Progressive CIOs are focusing on IT-finance collaboration, agile execution, and developing the right data capabilities, equipping them to accelerate finance transformation and drive strategic business results,” said
“Today’s most successful IT leaders are working in close alignment with the finance function to drive toward common goals, processes, and priorities,” said
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