Global survey reveals CFOs prioritising digital transformation
When it comes to digital transformation and its significance among other corporate priorities, 80% of CFOs globally cite it is within the top-five of their list of priorities, according to a recent survey of more than 1,500 CFOs and senior financial leaders across 13 markets.
Conducted by Rimini Street, a global provider of enterprise software products and services, other key results include: 71% of CFOs believing digital transformation investments are key to their company’s success; and 77% saying they would help the chief information officer (CIO) find a way to fund a new digital transformation project if the initiative delivered strong return on investment (ROI).
In addition, of the 80% of CFOs who expect their technology spending to increase in 2021, almost half (46%) said this growth in spending is being driven by new digital transformation investments.
The survey also said that a primary consideration for CFOs in terms of IT spending is prioritising those projects that yield positive business outcomes. Two-thirds (67%) of CFOs surveyed agree that they “refuse to waste precious dollars on IT investments that don’t move the needle”.
Large technology investments that may not have a clear business case, such as some vendor-forced enterprise resource planning (ERP) migrations and upgrades, may be better deferred or avoided. Instead, ERP systems can be optimised through strategies like third-party support, enabling the CIO to free up IT resources to help accelerate digital transformation programmes.
In addition to providing a clear business case on new transformation projects, CFOs also expect the ROI on technology spending to be swift, with 46% expecting to see ROI on their technology investment within two years, and the vast majority (82%) within three to five years.