RSM US LLP Survey Reveals How CFOs Are Taking Charge of Digital Transformation to Stay Competitive
CFOs who fail to embrace a growing role in digital transformation risk quickly falling behind
RSM US LLP – the nation’s leading provider of audit, tax and consulting services to the middle market – today announced results from its 2018 Digital Transformation Survey, which assesses organizations’ approaches to digital transformation and opportunities to embrace innovation effectively.
The survey reveals the majority of CFOs (66 percent) play a critical role in digital transformation, reflecting increasing technology investments in a digitally-oriented world. However, according to the survey, most companies (95 percent) look to the chief information officer as the key executive in charge of digital transformation. With the goal of leveraging technology to keep pace with evolving customer and employee expectations, digital transformation will continue to be a critical initiative.
“Doing nothing with digital transformation presents a major risk for any CFO in today’s competitive markets,” said Bill Kracunas, principal and management consulting lead with RSM US LLP. “While the majority of CFOs are playing a critical role in digital transformation, it’s vital that those who aren’t involved step up and engage themselves.”
The study details approaches to digital transformation, including current and planned technology investments, and the role that the CFO plays in digital transformation. The survey research identified three key themes:
- The CFO’s evolving role in digital transformation: The CFO position is rapidly changing, and now has a more active role in determining the technology investments and direction for many organizations. The survey finds that 36 percent of CFOs believe that digital transformation will continue to broaden their roles.
- The inconsistent state of digital transformation: Most organizations report they have a digital road map (94 percent), but only 48 percent have a fully developed strategy to support that road map.
- Executives’ plans for leveraging digital transformation: Many organizations are focusing future investments on the cloud and “front of the house” technology platforms readily seen by the client or customer. However, some lesser adopted solutions could present an opportunity to create a competitive advantage.
With the ability to help drive revenue, strengthen key business operations and create more engaged customers and employees, the potential of effective digital transformation strategies cannot be ignored. The 2018 RSM Digital Transformation Survey clearly indicates that the middle market CFO has an opportunity to demonstrate strategic leadership through digital transformation; those who do not risk quickly falling behind their competition.
About the 2018 Digital Transformation Survey
The survey represents the perspectives of chief financial officers (CFOs) from middle market companies between $50 million and $1 billion in revenue. The study sought to detail these organization’s approaches to digital transformation, including current and future technology investments, and the role of the CFO in digital transformation. The information collected can help companies understand digital transformation initiatives of peer companies and develop their own strategies to embrace innovation effectively.
To download and read the Digital Transformation Survey, visit RSM US LLP’s website.
About RSM US LLP
RSM’s purpose is to deliver the power of being understood to our clients, colleagues and communities through world-class audit, tax and consulting services focused on middle market businesses. The clients we serve are the engine of global commerce and economic growth, and we are focused on developing leading professionals and services to meet their evolving needs in today’s ever-changing business environment.
RSM US LLP is the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with 51,000 people across 123 countries. For more information, visit rsmus.com, like us on Facebook, follow us on Twitter and/or connect with us on LinkedIn.