Research shows a positive correlation between finance and IT alignment and digital transformation maturity. By going beyond legacy ERP, organisations can focus on the data integration, technology and skills necessary to move finance forward.
Finance needs usable data to create value.
To keep pace with change, finance teams need timely and accurate data to meet their transformation and business goals.
IT must empower future-ready finance.
Today’s CIOs can shift IT from cost centre to value creator by helping finance streamline time to close and gain efficiency through automation.
WHAT LEADERS ARE SAYING
“Instead of being an order-taker for ad hoc business requests, my team is now responsible for the overall satisfaction of each business unit.”
“The big value-add here is the opportunity to build a vibrant finance function with new capabilities to access continuous innovation.”
– Barbara Larson, CFO
“In the future, I don’t think finance employees will need to be IT experts, but they will need to be conversant, to understand technology trends and to know the questions to ask.”
– Daniel Perschke, VP and Controller
Build a CFO-CIO partnership.
The adoption of cloud-based technology is essential, but true digital finance transformation also requires a partnership between finance and IT that makes finance data integration a shared strategic goal.
of organisations say finance and IT are rarely aligned, hindering digital transformation.
of finance and IT leaders say they have the right systems for finance teams to make accurate, timely decisions.
of CIOs agree that ERP modernisation is critical, but don’t have the time for it.
Close the alignment gap.
42% of CFOs admit that their business has yet to develop a digital finance transformation strategy, compared to 19% of CIOs. A lack of organisational alignment between finance and IT is cited by CFOs as one of the biggest barriers to transformation.
Familiarise IT teams with finance.
69% of CIOs agree that their team is under pressure to innovate finance technology despite limited financial literacy. And this unfamiliarity with finance significantly slows down transformation efforts, according to CFOs.
41% of CIOs say that they don’t have a seat at the table during critical finance meetings, even when technology is key to solving a challenge. And only 42% of CFOs are confident in the integrity and usability of their data, compared with 57% of CIOs.