The speed at which Chief Information Officers (CIO) were forced to transform their organizations due to the pandemic has influenced their thinking, a new report argues.
Published by finance and HR services company Workday, the report says CIOs are not only leading finance transformation, but also shifting strategies to meet evolving business and technology needs. Almost three-quarters (70 percent) of CIOs say they have sped up their finance transformation strategies by at least twelve months.
The report is based on a poll of 600 executives from all over the world. It describes the emergence of a new breed of CIOs, called “Progressive CIOs”. These executives, which take a “specific approach to enterprise finance transformation and behave differently than their peers with regard to mindset, collaboration and technology strategy,” currently make up roughly eight percent of the cohort.
One of their key differentiators are the “strategic alliances” they have been able to forge across their organization. Nine in ten (90 percent) of Progressives stated their IT departments were more integrated into other areas of the business, compared to a year ago.
They are also able to support finance transformation in three key areas, such as using data in the decision-making process, collaborating with finance to drive transformation, and adopting an agile, incremental cloud approach to transformation.
“Our research shows that Progressive CIOs are focusing on IT-finance collaboration, agile execution, and developing the right data capabilities, equipping them to accelerate finance transformation and drive strategic business results,” said Sheri Rhodes, CIO at Workday.
“Modernizing and automating finance operations has become a — if not the — key digital initiative for today’s enterprises, underscoring the importance of the CIO and CFO relationship in order to meet business goals.”
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