Financial professionals are willing to invest in existing IT systems despite the sluggish global economy, according to a survey by CFO Research Services. Organisations, however, are far more likely to modify existing systems than introduce new ones because of the recession.
Moreover, the financial professionals view application modernisation as being able to address efficiency and cost savings, which are the two most important measures of the IT projects’ return on investments (ROI), according to the survey.
In collaboration with software provider Micro Focus, CFO Research Services conducted the study involving 198 senior executives in Asia, Europe and North America. The study assessed the views of the respondents on the role that IT and technology investments will play prior to the awaited economic recovery.
In recognising IT as a strategic differentiator, 45 per cent of respondents in the survey perceived IT as a “critical driver of value” or a function that “actively contributes value”.
“It may have taken a global economic disaster to underscore the value of IT assets as a strategic differentiator, but organisations increasingly recognise the value IT can deliver to the bottom line,” said Micro Focus chief finance officer Nick Bray.
On IT’s role after the current recession, 71 per cent of the respondents viewed IT as assuming a “very important” or “somewhat important” role in the competitive positions of their respective companies.
The survey also showed that 34 per cent of organisations have witnessed more collaboration between business and IT during the economic downturn.
“Now that companies have trimmed more of the fat across their organisations, investment in existing IT systems stands out as a cost-effective means to achieve competitive advantage,” Bray said. “Smart organisations are aware that sound technology decisions can not only help reduce costs, but drive innovation.”
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