Security News > 2021 > May > Digital transformation investments a top priority for most CFOs

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, according to Rimini Street.

Of the 80% of CFOs who expect their technology spending to increase in 2021, 46% say this growth in spending is being driven by new digital transformation investments.

73% of CFOs indicated that the global pandemic increased their digital transformation investment, and 95% of survey respondents agree that technology investments are key to recovering from the business impacts of the pandemic.

In addition to providing a clear business case on new transformation projects, CFOs also expect the ROI on technology spending to be swift, with 46% of CFOs expecting to see ROI on their technology investment within two years, and 82% within 3-5 years.

When asked how they would respond to their CIOs digital transformation proposal requiring additional investment that would likely deliver a strong ROI, 77% of CFOs said they would help the CIO find a way to fund the project, and 28% of CFOs would even go to bat with the board to help the CIO secure needed funding.

"This report highlights the heightened importance of digital transformation for CFOs but reinforces that IT investments must have clear business value to receive CFO support. It's not surprising that CFOs want to cancel IT projects that lack a strong ROI, like many software vendor-forced ERP reimplementations and migrations, given that resources can be liberated for new technology investments that accelerate achieving the businesses digital goals," said Seth A. Ravin, CEO, Rimini Street.

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