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A survey that came out recently highlighted financial executives' attitude toward IT. The survey, done by Gartner Inc., Financial Executives Research Foundation and Financial Executives International, showed that more than half of all IT departments report directly to the CFOs of their companies.
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Study authors say this shows the importance of a CFO being educated on technology, as well as the importance of the CIO and CFO being on the same page.
But of course, ensuring that IT and a business' strategy are in line is a difficult task. In the survey, senior financial executives were asked what factors can increase the likelihood this occurs. Responses pointed to a clear ownership of the project, building a business case for each project and project management effectiveness as having the most impact on IT investment success. Technology "prowess," as they define it in the survey, was not deemed as important as these other factors.
Related Resource: Benchmarks and Best Practices – The Answer Book for Growth-Minded CFOs and Controllers
Another interesting finding of the survey: Nearly three-fourths of the CFO respondents say they invest in IT where they see a competitive advantage. (A smaller percentage of distributors view investments this way. Read: Fight the Legacy of IT) However, the survey also found that 70 percent of respondents don't believe IT is providing business benefits, and less than half view IT as strategic. There seems to be a disconnect here.
Business intelligence is the top technology initiative from the perspective of the senior financial executive. ERP and integrated financial management solutions were next in line.
Investing in technology this year? Check out MDM's Distribution Technology Center.
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