CFOtech New Zealand logo
Technology news for Kiwi CFOs and financial decision-makers
Story image

CFOs boost investment in digital transformation following pandemic

Thu 29 Apr 2021
FYI, this story is more than a year old

Chief financial officers (CFOs) are keenly aware of picking the right digital transformation investments that contribute to their company’s success, with many refusing to spend on investments that they believe won’t make a difference.

That is one of the sentiments from Rimini Street’s latest CFO survey, as told by more than 1,500 CFOs from around the world, including Australia and New Zealand (A/NZ).

Globally, 73% of CFOs noted that their digital transformation (DX) investments had increased since the pandemic (72% in A/NZ).

This momentum will follow through the rest of 2021, with 80% of global CFOs noting an increase in tech spending. This builds on a statistic that shows 95% of global respondents believe spending is key to their recovery from the pandemic (92% in A/NZ).

The report also states that 44% of CFOs want to see chief information officers (CIOs) make more effort to optimise existing technology investments, 40% want to see more revenue-generating technology initiatives, and 39% want to see process improvements and employee efficiency.

While the relationship between CFOs and CIOs is pleasant for most (69% globally and 92% in A/NZ), many saying the CIO is their partner that bridges technology and business decisions.

 Most CFOs (88%) prefer that the CIO involves them before the business plan is ready, and 47% would rather engage the CFO before a business plan is even developed. 

Globally, CFOs are often aggravated by the CIO’s lack of flexibility on identifying ways to cut costs (32%), the CIO’s plans lacking ROI (31%) and the CIO did not welcome attempts to engage proactively (28%).

In Australia and New Zealand, CFOs who reported a worse relationship with their CIO cited the CIOs’ lack of proactive engagement (61%), lack of expertise in key areas (33%), and plans with no demonstrated ROI (28%).

CFOs in A/NZ are also more likely to reallocate funds from a non-IT budget to DX initiatives. According to the statistics, 24% of A/NZ CFOs would do this, compared to a global average of 18%.

Rimini Street CEO Seth A. Ravin says these statistics highlight that CFOs believe DX is important but it must have a clear business value.

“It’s not surprising that CFOs want to cancel IT projects that lack a strong ROI, like many software vendor-forced ERP re-implementations and migrations, given that resources can be liberated for new technology investments that accelerate achieving the businesses' digital goals.”

Other A/NZ findings:

  • 83% report digital transformation is a top-five corporate priority
  • 68% say digital transformation is key to their company’s success
  • New digital transformation investments are the top driver of increased technology spending
  • CFOs prefer IT projects that generate revenue (43%), optimise existing investments (41%), and advance customer success and engagement (35%)
  • 59% refuse to waste precious dollars on IT investments that don’t “move the needle” for their business, and 74% want to cut spending on non-essential IT investments
  • 82% of CFOs will fund digital transformation initiatives with strong ROI.
Related stories
Top stories
Story image
MarTech
Martech experts reveal the “buzz” on personalisation
In the digital age, innovative technology must be leveraged to power an efficient and effective relationship marketing strategy.
Story image
Robotic Process Automation / RPA
Salesforce announces latest generation of MuleSoft
Salesforce has introduced the next generation of MuleSoft, a unified solution for automation, integration and APIs to automate any workflow.
Story image
Hybrid workforce
How organisations can prepare for a post-pandemic workforce
The so-called 'new normal' office looks different to how it did pre-pandemic, and organisations need to take steps to better manage their post-pandemic workforce. 
Story image
Great Resignation
New SAP study uncovers impact of 'the great resignation'
Coined in 2021, the phrase 'the great resignation' refers to millions of employees globally leaving their jobs. The phenomenon is real and impacting SMEs.
Story image
New Relic
How to tackle the great brain drain in the tech industry
Attracting and retaining tech talent in Australia and New Zealand is becoming increasingly challenging, with the 2022 Hays Salary Guide showing a startling 91% of employers facing a skills shortage.
Story image
Sustainability
Honeywell launches new carbon energy management software for buildings
The new Carbon & Energy Management service allows building owners to track and optimise energy performance against carbon reduction goals, down to a device or asset level.
Story image
Gartner
Gartner's top recommendations for security leaders
"Leaders now recognise that major disruption is only one crisis away. We can’t control it, but we can evolve our thinking, philosophy, program and architecture.”
Story image
Contact Centre
Customer service agents don't want to return to contact centres
A new report has revealed that 85% of customer service agents want to work full-time at home and not return to contact centre offices.
Story image
Artificial Intelligence
Accenture shares the benefits of supply chain visibility
It's clear that gaining better visibility into the supply chain will help organisations avoid excess costs, inefficiencies, and complexity to ultimately improve their bottom line.
Story image
Citrix
The best ways to attract young talent during labour shortages
New research from Citrix reveals hybrid working and ventures into the metaverse are top of mind for Gen Z workers.
Story image
Cloudera
Overcoming hybrid and multi-cloud challenges to drive innovation
Driven by improvements in technology, financial services companies have advanced both internal and external systems and processes, with the likes of digitisation, personalisation and risk management redefining the industry.
Story image
Dark web
Cybercrime in Aotearoa: How does New Zealand law define it?
‘Cybercrime’ is a term we hear all the time, but what exactly is it, and how does New Zealand define it in legal terms?
Story image
Public Cloud
Public cloud services revenues top $400 billion in 2021
"For the next several years, leading cloud providers will play a critical role in helping enterprises navigate the current storms of disruption."
Story image
Data ownership
Brands must reclaim trust by empowering data ownership
According to Twilio's new State of Personalisation Report 2022, 62% of consumers expect personalisation from brands, and yet only 40% trust brands to use their data responsibly and keep it safe.
Story image
Finance
Airwallex launches global payment services in New Zealand
The launch will enable businesses in New Zealand to tap into Airwallex's global payments services, offering an alternative to traditional banks.
Story image
Airwallex
How Airwallex helps businesses achieve globalisation success
As markets continue to shift, businesses need to be able to provide the same quality of service for customers regardless of where they are located around the world.
Story image
SaaS
Sealord partners with Infor to improve sustainability
Sealord has chosen Infor as a strategic partner to implement an operational cloud-based platform that provides day-one functionality and sustainability gains.
Story image
Microsoft
SMX partnership with Microsoft leads to NTT recognition
SMX has captured the attention of NTT after receiving positive reviews from businesses across Australasia and beyond for its email security.
Story image
Infrastructure
Global investment in data centers more than doubled in 2021
DLA Piper's latest global survey finds the total investment in data center infrastructure worldwide rose from USD $24.4 billion in 2020 to USD $53.8 billion in 2021.
Story image
Talend
Forrester names Talend Leader in enterprise data fabric
Forrester has named Talend a leader among enterprise data fabric providers in the Forrester Wave: Enterprise Data Fabric, Q2 2022 report.
The Access Group
Struggling to understand which transformative technologies will help your business? The Access Group provides a look into key opportunities and impacts for finance.
Link image
Story image
Data
How a single mandate changed software development forever
There’s conjecture about exactly when it was issued and by whom, but a mandate made twenty years ago is continuing to shape the software development process today.
Story image
Artificial Intelligence
Salesforce harnesses automated solutions with new developments
Salesforce has launched Sales Cloud Unlimited, a new feature to help accelerate productivity with AI and automation.
Story image
Digital Transformation
Stax and Consegna partner to accelerate modernisation
According to a statement, the new alliance will help both companies expand their reach across the region and realise joint goals.
Story image
Hybrid workforce
Why hybrid working is here to stay and how to ace it
Citrix's new report reveals hybrid workers are more productive and engaged at work than their office and completely remote counterparts.
Story image
Government
Cyclone selected as NZ MOE software licensing partner
Following a recent Request for Proposal (RFP), Christchurch-based company Cyclone Computer Company Ltd (Cyclone) has been selected as The Ministry of Education’s software licensing partner.
Story image
Cloud
Cloudflare outage in 19 data centers worldwide due to own error
Cloudflare says its outage for 19 of its data centers yesterday was because of a change in a long-running project to increase resilience in its busiest locations.
Story image
Cryptocurrency
NOWPayments launches new service to analyse cryptocurrency fees
NOWPayments has launched a new network fee optimisation solution that analyses current network fees and picks the most profitable option out of the client's payout wallets.
Story image
Cybersecurity
The link between cybersecurity, extremist threat and misinformation online in Aotearoa
Long story short, it's often the case that misinformation, threat and extremism link closely to cybersecurity issues and cyber harm.
Story image
Entelar
How TruSens air purifiers can create healthier workspaces
The pandemic has heightened our awareness of our own and others’ health, and made us all much more conscious of the environments we work in.
Story image
Cybersecurity
Vulnerable APIs costing businesses billions every year
Large companies are particularly vulnerable to the security risks associated with exposed or unprotected APIs as they accelerate digital transformation.  
The Access Group
Health and social care organisations are currently under significant financial pressure. Find out how financial transformation can help provide an effective route forward.
Link image
Story image
Digital Transformation
What CISOs think about cyber security, visibility and cloud
Seeking to uncover the minds of CISOs and CIOs across Asia Pacific, my company recently asked Frost & Sullivan to take a snapshot of cloud adoption behaviour in the region.
Story image
API
Industry-first comprehensive risk-based API security enhances protection
Application Programming Interfaces (APIs) have become a crucial part of operating web and mobile application businesses and are causing significant economic growth in the digital sector.
Story image
Samsung
Monitors are an excellent incentive for getting employees back
The pandemic has taught us that hybrid working is a lot easier than we would’ve thought, so how can the office be made to feel as comfortable as home? The answer could be staring you in the face right now.
Story image
Commerce Commission
ComCom puts electronics sector on notice over resale price maintenance
The Commerce Commission has concluded an investigation into allegations that television manufacturers were engaging in illegal resale price maintenance.
Story image
Music
Mastercard reveals first-ever album titled Priceless
Mastercard's music album Priceless has been unveiled at the Cannes Lions Festival of Creativity and features 10 songs by 10 artists worldwide.
Story image
Cybersecurity
Unknown connections: How safe is public WiFi in Aotearoa?
If it's not your own household WiFi, then who has control of your data and is your connection actually safe?
Story image
Electricity
Canstar finds Flick Electric NZ’s favourite provider
Canstar’s annual research to find New Zealand’s favourite electricity provider reveals Flick Electric has come out on top.
The Access Group
Increasing headcount isn't always the best way to grow. A good financial strategy can help solve many issues, and The Access Group shares the secret to success.
Link image
Story image
Cybersecurity
Why is NZ lagging behind the world in cybersecurity?
A recent report by TUANZ has revealed that we are ranked 56th in the world when it comes to cybersecurity - a look into why we're so behind and what needs to be done.
Story image
BitTitan
How to achieve your monthly recurring revenue goals
Monthly recurring revenue (MRR) is the ultimate goal, the most important issue on which anyone in the IT channel should focus.
Story image
Testing
Video: 10 Minute IT Jams - An update from Tricentis
Tricentis provides software testing automation, and software quality assurance products for enterprise software.
Story image
Web Development
Whitecliffe fosters careers for the future of tech
Do you want a career in Information Technology, Networking, Web Development, Software Development, or are you looking to upskill?