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https://deloitte.wsj.com/articles/how-would-cfos-improve-it-if-they-could-01653409819
business
HOW WOULD CFOS IMPROVE IT IF THEY COULD?
IN DELOITTE’S FIRST-QUARTER 2022 ‘CFO SIGNALS’™ SURVEY, FINANCE CHIEFS NOTE
AREAS WHERE THE IT FUNCTION COULD HELP TO REALIZE GREATER VALUE
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When CFOs were asked to name a wish list for improving the IT function to gain
greater value, their responses spanned 11 areas, ranging from speed, agility,
and innovation to business talent, according to Deloitte’s first-quarter 2022
“CFO Signals”™ survey.
The survey asked finance leaders about their level of satisfaction with
information technology services at their companies. Sixty-eight percent of
respondents say they are very satisfied, satisfied, or somewhat satisfied with
their IT functions, compared with 25% who fell on the dissatisfied range. “While
IT functions in many organizations are likely getting a lot of things right, the
survey findings suggest that there may be room for improvement,” says Steve
Gallucci, national managing partner for the U.S. CFO Program with Deloitte LLP
and global leader for the CFO Program at Deloitte Touche Tohmatsu Limited.
SOURCE: “CFO SIGNALS,” WHAT NORTH AMERICA’S TOP FINANCE EXECUTIVES ARE
THINKING—AND DOING, 1ST QUARTER 2022
When asked to name areas of improvement, the top five categories to improve
were:
* Speed, agility, and innovation.
* Governance, accountability, and transparency.
* Talent, skills, and business acumen.
* Digitization (standardizing, modernizing, simplifying, and automating).
* Data interfaces, analytics, and insights.
CFOs also named operational execution and efficiency as areas for
improvement—issues that generally align with many of the challenges finance
chiefs mentioned with respect to their IT function in the survey.
SOURCE: “CFO SIGNALS,” WHAT NORTH AMERICA’S TOP FINANCE EXECUTIVES ARE
THINKING—AND DOING, 1ST QUARTER 2022
Actions and Measurement for Greater IT Value
To address these challenges, surveyed CFOs noted a variety of actions their
organizations have taken. The three actions most frequently mentioned were
changing the IT function’s leadership, improving governance, and increasing
investment.
CFOs also cited in equal numbers increasing talent, leveraging their
organizations’ ecosystem, and increasing Agile development. Other actions
mentioned included restructuring the IT operating model and core
modernization—actions that fall squarely in CIOs’ purview.
SOURCE: “CFO SIGNALS,” WHAT NORTH AMERICA’S TOP FINANCE EXECUTIVES ARE
THINKING—AND DOING, 1ST QUARTER 2022
Although it can be difficult to measure the effectiveness of any function, let
alone one as complex as IT, CFOs cited various metrics their organizations are
using to gauge IT’s ability to deliver effectively.
The metrics cited aligned with five key categories: reliability, cost/revenue
ratio, user satisfaction, help desk statistics, and ROI. Surveys and net
promoter scores were among the tools used to obtain the metrics, particularly in
the areas of reliability and user satisfaction. Downtimes and uptimes, as well
as cyber incidents, were other factors used to measure the IT function’s
effectiveness in terms of reliability.
“Given the SEC’s proposed mandatory disclosure rules for cyber incidents,
measuring the IT function’s effectiveness with respect to cybersecurity may be
an area where leaders might want to spend more time,” said Ajit Kambil, global
CFO Program research director with Deloitte LLP. “The fact that few respondents
referenced ROI in comparison to other metrics may indicate the difficulty of
measuring the outcome of the IT function’s work and investments.”
SOURCE: “CFO SIGNALS,” WHAT NORTH AMERICA’S TOP FINANCE EXECUTIVES ARE
THINKING—AND DOING, 1ST QUARTER 2022
In addition to these issues, the survey asks CFOs about reporting relationships
with IT leaders, their challenges with gaining value from IT, and their
allocation of IT spend overall and on Agile.
Click here to read the high-level survey report.
—by Patricia Brown, managing director and “CFO Signals” leader; Maureen Cashman,
manager, CFO Program; and Craig Schneider, senior writer, Deloitte Insights in
The Wall Street Journal, all with Deloitte LLP
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved.
87990cbe856818d5eddac44c7b1cdeb8
PUBLISHED ON: May 24, 2022 3:00 pm ET
About “CFO Signals” Each quarter, “CFO Signals” tracks the thinking and actions
of CFOs representing many of North America's largest and most influential
organizations. This report summarizes CFOs' opinions in four areas: business
environment, company priorities and expectations, finance priorities, and CFOs'
personal priorities. The “CFO Signals” survey for the first quarter of 2022 was
conducted between February 7-25, 2022. A total of 97 CFOs responded, with 65%
from public companies and 35% from privately held companies. Respondents are
from the US, Canada, and Mexico, and the vast majority are from companies with
more than $1 billion in annual revenue. Participation is open to all industries
except public sector entities. For more information about Deloitte “CFO
Signals,” or to inquire about participating in the survey, please
contact NACFOSurvey@deloitte.com. This publication contains general information
only and Deloitte is not, by means of this publication, rendering accounting,
business, financial, investment, legal, tax, or other professional advice or
services. This publication is not a substitute for such professional advice or
services, nor should it be used as a basis for any decision or action that may
affect your business. Before making any decision or taking any action that may
affect your business, you should consult a qualified professional advisor.
Deloitte shall not be responsible for any loss sustained by any person who
relies on this publication. As used in this document, "Deloitte" and "Deloitte
Risk and Financial Advisory" means Deloitte & Touche LLP, which provides audit
and risk advisory services; Deloitte Financial Advisory Services LLP, which
provides forensic, dispute, and other consulting services; and its affiliate,
Deloitte Transactions and Business Analytics LLP, which provides a wide range of
advisory and analytics services. These entities are separate subsidiaries of
Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of
our legal structure. Certain services may not be available to attest clients
under the rules and regulations of public accounting. Deloitte Risk and
Financial Advisory helps organizations effectively navigate business risks and
opportunities—from strategic, reputation, and financial risks to operational,
cyber, and regulatory risks—to gain competitive advantage. We apply our
experience in ongoing business operations and corporate lifecycle events to help
clients become stronger and more resilient. Our market-leading teams help
clients embrace complexity to accelerate performance, disrupt through
innovation, and lead in their industries. Copyright © 2022 Deloitte Development
LLC. All rights reserved.
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