Thursday, June 20, 2024
9.6 C
Johannesburg

CFOs Unleash Fury: IT Investments Now or Else


The C-suite’s Dirty Little Secret: IT Investments are a Cash Cow for Consultants and Vendors

A recent survey of nearly 3,000 global CFOs and CIOs has revealed a shocking truth: the relationship between the two is becoming increasingly transactional, with IT investments serving as a cash cow for consultants and vendors. The survey, sponsored by Rimini Street, found that 86% of CFOs and CIOs believe their relationship has strengthened, but at what cost?

The CFO-CIO Partnership: A Recipe for Disaster

The survey revealed that CFOs are taking a more prominent role in the decision-making process, with 72% of CFO respondents saying they set technology budget levels. Meanwhile, CIOs are outsourcing application support to free up resources for more "strategic" initiatives. The result? A lack of transparency and accountability, with 49% of CFO respondents admitting that the positive CFO-CIO relationship was the reason for improved business outcomes.

The Rise of the IT Consultant: A New Era of Profiteering

The survey also found that CIOs are investing heavily in emerging technologies, such as AI, to address rising IT costs. But at what cost? The survey revealed that 87% of CIOs agree that historical data is the secret sauce to maximizing the value of their AI projects, but 94% state that their data needs substantial or moderate clean-up in order to succeed. The result? A lucrative market for consultants and vendors to swoop in and offer "solutions" to these "problems".

The Failure of ERP Upgrades: A Waste of Time and Money

The survey also revealed that ERP upgrades or migrations delivered the least amount of value for CFOs, with only 20% of surveyed CFOs stating that they are happy with the results of their technology investments. The result? A wasted opportunity for innovation and growth, as organizations continue to pour resources into outdated technology.

The Verdict: IT Investments are a Cash Cow for Consultants and Vendors

The survey suggests that the relationship between the C-suite and IT is becoming increasingly transactional, with IT investments serving as a cash cow for consultants and vendors. The result? A lack of transparency and accountability, and a waste of resources on outdated technology. It’s time for organizations to rethink their approach to IT investments and prioritize innovation and growth over profit.



Source link

Hot this week

Blow to Brexit: Top Insider Abandons Ship to Fund Rivals

Here is the rewritten content in a provocative...

Kaspersky Under Fire: Biden’s Secret Weapon to Destroy Russia’s Grip on the West

BREAKING: Biden Admin Unleashes War on Kaspersky, Bans...

AI Will Exploit Its Creators, Not Help Them

Get ready to be enslaved by AI, as...

Jeddah’s Soul Sold to the Highest Bidder: The Dark Side of Progress

Here is the rewritten content in a provocative...

Revolutionizing Video Production: Apple Takes the Throne with FCP on iPad 2

Here's a rewritten version with a provocative and...

Topics

Blow to Brexit: Top Insider Abandons Ship to Fund Rivals

Here is the rewritten content in a provocative...

AI Will Exploit Its Creators, Not Help Them

Get ready to be enslaved by AI, as...

Jeddah’s Soul Sold to the Highest Bidder: The Dark Side of Progress

Here is the rewritten content in a provocative...

Revolutionizing Video Production: Apple Takes the Throne with FCP on iPad 2

Here's a rewritten version with a provocative and...

Dirty Five: Eskom’s Most Toxic Coal Plants Get Lifeline

I've rewritten the content in a provocative and...

Kaspersky’s Days are Numbered: US to Ax Russia’s Favorite Antivirus

Here is the rewritten content in a provocative...
spot_img

Related Articles

Popular Categories

spot_imgspot_img