CLOSER alignment between the CFO and CIO is crucial if finance leaders are to effectively help their business achieve its transformation goals.
That’s the message from Oracle’s Modern Finance: Driving Transformation report, which found that the contemporary CFO “has never been held more accountable for the company’s success, and the ability of finance teams to extract value from data is key to delivering on the chief executive’s expectation”.
Nearly 40% of the 1,905 finance decision makers across EMEA surveyed, believed that their finance department is becoming more accountable for the business’ success.
Just under half (45%) said they were under increased pressure to raise productivity, and a similar proportion (44%) say the company is placing more emphasis on driving business growth.
Some 73% agreed that closer alignment between the CIO and CFO has become critical to achieving the business’ finance transformation.
Loïc Le Guisquet, president, Oracle said: “Finance systems which have been heavily customised over the years are reaching their breaking point. For the many businesses re-thinking their strategies to stay ahead of growing competition, being able to speed up innovation and adapt quickly to change are at the top of the corporate agenda. Finance should not be the ball and chain holding the company back from progress. It should be the engine pushing it forward.
The report found that finance leaders admit that change is increasingly out of the business’ control, with major economic, geo- and socio-political, and even climactic upheavals affecting companies’ fortunes like never before.
Over half (58%) said they were more concerned about the impact of change originating from outside their organisation.
“The digital transformation of a business requires greater levels of collaboration between every department in the organization, from Marketing to HR. This begins with closer alignment among line-of-business leaders, whose approach to working will ultimately be reflected across the entire company,” Le Guisquet said.