Oracle: Closer alignment between CFO and CIO crucial to finance transformation
According to a recent Oracle study, 73% of finance leaders agree that closer CIO/CFO alignment has become more important to achieving finance transformation goals.
- Oracle sponsored the Finance & Technology Award at the 2016 CFO Awards.
Oracle's study, Modern Finance: Driving Transformation from Within, which surveyed 1,905 finance decision makers across Europe, Middle East and Africa (EMEA), set out to explore the risks and challenges faced by modern finance leaders and to gain insight on what businesses are doing to address these changes.
Loïc Le Guisquet (pictured), Oracle President for EMEA, said:
"Finance systems which have been heavily customised over the years are reaching their breaking point. For the many businesses, rethinking 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 study revealed the following:
- Nearly 40% of finance leaders admit the finance department is becoming more accountable for the business' success;
- 45% admit they are under increased pressure to raise productivity;
- 44% say the company is placing more emphasis on driving business growth; and
- 41% say they are being asked to reduce operational costs.
The study further revealed 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. Furthermore, some 58% of finance leaders are more concerned about the impact of change originating from outside their organisation, whereas 30% are more concerned about change from within.