Global Survey Reveals CFOs Prioritizing Digital Transformation Investments
Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today revealed findings from a recent global survey of more than 1,500 CFOs and senior financial leaders across 13 markets covering most industries. The survey was conducted to identify CFO’s perceptions of digital transformation, their IT spending priorities, how they measure the ROI on technology investments and their viewpoints on the CFO-CIO partnership. According to the survey report, when it comes to digital transformation and its significance amongst other corporate priorities, 80% of CFOs globally cite it is within the top-five of their list of priorities, 71% of CFOs surveyed believe that digital transformation investments are key to their company’s success and 77% said they would help the CIO find a way to fund a new digital transformation project if the initiative delivered strong ROI. In addition, 67% of CFOs say they “refuse to waste precious dollars on IT investments that don’t move the needle.”
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Global Survey Reveals CFOs Prioritizing Digital Transformation Investments (Photo: Business Wire)
CFOs Are Bullish About Digital Transformation
Today’s modern CFO’s level of understanding of technology and its potential for delivering returns is higher than ever. When it comes to digital transformation, it is more than a buzzword for CFOs and definitely on their priority list. In addition to the large majority who cite digital transformation as a top-five priority compared to other corporate initiatives, 59% cite it is actually in their top three priorities. In addition, of the 80% of CFOs who expect their technology spending to increase in 2021, almost half (46%) say this growth in spending is being driven by new digital transformation investments.
Due to the COVID-19 pandemic, consumers shifted dramatically to online channels and businesses responded by increasing digital investments. Although digital transformation was on the roadmap for many companies prior to 2020, the global pandemic removed internal barriers, aligned corporate teams and accelerated the adoption of technology to support new business critical requirements, from remote work to digital customer interactions to supply chain resourcing. Almost three of every four (73%) CFOs indicated that the global pandemic increased their digital transformation investment, and the vast majority of survey respondents (95%) agree that technology investments are key to recovering from the business impacts of the pandemic.