More IT Issues Facing CFOs

According to a recent study, "Technology Issues for Financial Executives":

Only about one in 10 CFOs report making significant progress in core IT areas during the past year.

CFOs cite project management, understanding the business/IT relationship and overall communication as areas of IT departmental deficiency.

Roughly 25% of respondents expect the financial program/project share of total IT spending to increase.

Nearly half (45%) report an increase in the cost of SOX compliance.

Approximately 20% of organizations with more than $1 billion in revenue anticipate outsourcing some aspect of their IT in the coming year. However, most of that is with existing providers, as only 5% plan to enter into an initial offshore relationship in the near future.

More than half (52%) indicated constraint in discretionary IT spending. The reasons cited vary, but the core issue is earnings pressure.

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