48% of CFOs and other financial executives say dated and misaligned IT systems present the biggest barrier to improving their effectiveness.
Technology is holding businesses back by limiting visibility into key operations, say the suits in the CFO’s office. Friction between finance and IT is nothing new, but tensions are rising as bean-counting plays a greater role in business strategy, according to a survey from KPMG International. Too many of the tech tools used by finance are outdated or irrelevant, and collaboration between disciplines is lacking. “CFOs and finance directors continue to be hampered by inadequate IT systems that do not provide predictive metrics aligned with corporate strategy," says Steve Lis, national leader for KPMG Advisory's U.S. performance & technology services group. “With increasing organizational complexity, finance is well positioned to play a broader role. But ultimately their level of influence will depend on how well they connect with the business and IT to solve problems strategically and holistically.” More than 440 CFOs and other top financial execs took part in the survey. To access the report, click here.
Dennis McCafferty is a freelance writer for Baseline Magazine.
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