Technology is becoming a key imperative for the finance department as a majority of chief financial officers (84%) that responded to a survey noted that cooperation with their chief information officers increased during the past three years.
The study, co-sponsored by Oracle and Accenture, revealed that CFOs recognize that technology is a critical tool to help them fulfill their role.
CFOs ranked technology knowledge second only to industry knowledge when asked where they could improve their skills and capabilities to execute on their cost and growth agendas.
The findings from the joint study underscored the increased importance CFOs place on becoming more involved in understanding and leveraging disruptive technologies, such as big data, cloud computing, mobile and social media as growth enablers. Seventy-nine percent of respondents viewed access to information as a key driver of organizational agility, while 57 percent of respondents viewed investments in big data and analytics as a key source of competitive advantage.
When asked about which aspects of their company's technology causes them the greatest concern, survey respondents pointed to the cost of maintenance, the cost of integration and the lack of integration between systems as their top three concerns, followed by data quality and integration. According to the study, this continued focus on passive IT concerns underscores the need for CFOs to shift their focus toward more technology-led innovation and growth projects to help them realize their strategic, operational and professional objectives.