- 70% of the CIOs and IT leaders surveyed say that the COVID-19 pandemic has accelerated the transformation of their financial strategies by at least one year
- The results reveal that the “most advanced CIOs” drive financial transformation with a more strategic, collaborative and data-driven mindset.
Workday, Inc., the leader in cloud business applications for finance and human resources , and Deloitte Global, announce the results of a joint global survey at which studies the influence that digital acceleration – motivated by the pandemic – has had on the mentality of CIOs ( Chief Information Officers ) around the world. The survey reveals that CIOs are helping to lead financial transformation and change strategies to meet ever-evolving business and technology demands. In fact, 70% of CIOs have accelerated their financial strategy transformation in at least one year.
The “ A more effective CIO-CFO Partnership ” report is supported by a survey of more than 600 executives from different countries. The results reveal that those identified as advanced CIOs, who represent only 8% of the total sample, take a specific approach to tackle the transformation of finance and have a different behavior than their counterparts when it comes to mindset, collaboration and technology strategy.
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CIOs and IT leaders are under great pressure to adapt and accelerate their digital strategies – without disrupting critical business operations. As a result, advanced CIOs have built strategic alliances throughout their organization and 90% of them say their IT department is much more integrated into the business than it was a year ago.
Advanced CIOs support financial transformation in three key areas:
- Leveraging data to drive decision-making: Advanced CIOs prioritize data aggregation and management, understanding that its effective use is vital. Nearly all advanced CIOs (92%) say that “their top priority is for aggregation of company financial data to become an objective single source.”
- Collaborating with finance to drive transformation: When it comes to financial transformation for your business, complications can arise if there is no alignment between the IT department and the finance function. 83% of progressive CIOs stated that “they will not achieve their growth goals unless the IT and finance functions work closely together.”
- Taking an agile and progressive approach to the cloud for transformation: Advanced CIOs recognize that modernization cannot be done at the expense of the business. When it comes to finance transformation, more than half (54%) of advanced CIOs (compared to 37% of all respondents) are more in favor of rolling out features gradually in a comprehensive cloud strategy to modernize ERPs ( Enterprise Resource Planning ) inherited from their companies, minimizing interruptions while executing advanced digital initiatives.
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“Our research shows that advanced CIOs are focusing more on IT-finance collaboration, agile execution and developing the right data functions, preparing them to accelerate financial transformation and drive strategic results. of the business, ”says Sheri Rhodes, CIO of Workday. “Modernizing and automating financial operations has become one – if not the only – key digital initiative for companies today, underscoring the importance of the CIO-CFO relationship in achieving business goals.”
Today’s most successful IT leaders are working closely with the finance function to drive common goals, processes and priorities, ”said Matt Schwenderman, Workday Finance Management Leader at Deloitte Global. “As we observe continued prioritization of digital technologies in the wake of the pandemic, our research highlights that advanced CIOs recognize that the digital disruption unleashing financial transformation will focus leadership on business insight and data analytics.”
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