CFO Magazine covers an interesting article that discusses IT and finance priorities for 2006. Now that most companies feel they have a handle on Sarbanes Oxley Requirements, they are trying to determine what their priorities are for this year.
Top 3 CFO IT Priorities of 2006
58% Maintain/improve service levels
54% Drive productivity/efficiency initiatives
35% Automate key business processes
*According to a survey of 150 CFO's by CFO Magazine.
These top 3 priorities require IT and finance to work together to insure a smooth transition into 2006. Due to the Sarbanes Oxley requirements, the working relationship between finance and IT has become a closer one, and CFO's are beginning to realize that what the company does in IT needs to be framed within the context of finance.
Another noteworthy statistic in this article, provided from research conducted by Deloitte & Touche, found that 61 percent of CFO's are working to adopt a "beyond compliance" strategy for their companies. The thought behind this strategy is for companies to see the requirements they face as an opportunity to improve business and gain a competitive advantage. As compliance requirements increase, this becomes an important strategy to think about.
"06 IT Directions" By Bob Violino
CFO Magazine, January 2006