Research from Canopy, the Atos cloud powered by EMC and VMware, has found that 75% of CFOs think their business is missing out on revenue opportunities by not having the right cloud applications and infrastructure in place to support digital business transformation. As a result, 70% of CIOs and CFOs fear their business will become uncompetitive, with the majority (76%) of them estimating this will happen as fast as the end of 2015.
CFOs think their business missed out on an average €67m of revenue last year due to not having the right cloud solutions in place to support their digital transformation – the process of radically improving their performance through digital technology to better serve a new class of ultra-connected customer. CFOs estimated that if enhanced cloud capabilities were in place in their company, double digit growth could be achieved in 2015 with an average €123m revenue boost.
The research, conducted by Vanson Bourne, surveyed 950 CIOs, CFOs and business decision makers in mid-market and enterprise firms in the UK, US, Germany, France and the Netherlands. The findings show that digital transformation is touching all aspects of organisations from customer service, sales and business development through to innovation, product development and talent attraction.
While the overwhelming majority (90%) recognised the need to embrace cloud based applications and infrastructure to deliver digital transformation, almost two-thirds (64%) admitted that a lack of cloud investment was holding back vital digital initiatives.
Despite the maturity of cloud technology the research showed many traditional barriers to adoption remain. Around half of business decision makers agreed factors such as security (50%) and data protection concerns (44%) were hindering cloud investment while a quarter stated protection of intellectual property (24%) and fears of vendor lock-in (23%) were additional contributing factors.
CIOs acknowledged the missed opportunities and threats involved if IT doesn’t move to a more flexible and agile approach to support revenue growth and competiveness. Over a third of CIOs admitted that if the IT department wasn’t able to modernize company IT effectively in the next 12 months then it would lead to reduced staff productivity (38%), increased time to market (34%) reduced ability to service customers in new ways (33%), a risk of data theft occurring (35%) and limited their company’s ability to launch new products and services (35%).
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.
The key points of discussion at 2017's EuroFinance conference in Barcelona on Wednesday were how to deal with the geopolitical uncertainty that is being seen the world over, regulation, automation and cybersecurity.