CrossCountry Consulting research finds connected leaders and common operating rhythms must be in place for organizations to effectively evolve
MCLEAN, VA, July 11, 2023 — CrossCountry Consulting, a leading business advisory firm, today released the results of a comprehensive new study examining the alignment of Finance and IT as a critical enabler of enterprise digital transformation. The commissioned study, conducted by Forrester Consulting on behalf of CrossCountry, found that 95% of leaders agree that the two departments require a close and strategic partnership to successfully drive transformation across the enterprise, but a lack of knowledge-sharing and alignment complicates their ability to streamline end-to-end processes and technology.
The study, titled “Enterprise Digital Transformation is Fueled by Finance and IT Alignment,” is based on a survey of over 300 U.S.-based Finance and IT leaders with digital decision-making authority at companies over $100M in annual revenue across a diverse range of industries. It offers key insights on the state of enterprise transformation, including how leaders and digital stewards can overcome critical challenges that impede progress and harness opportunities to advance. The results ultimately point to the alignment of platform and process across Finance and IT as the enabler that ignites holistic digital transformation.
Other key findings from the study include:
- Silos block functional connectivity within and between departments. 72% of Finance leaders assess their department is siloed or very siloed, and nearly two-thirds of all the respondents agree that silos persist both between Finance and IT and throughout their organizations.
- Alignment requires scalable technology and shared processes. Finance and IT leaders agree that successful alignment requires mutual accountability and investment in technology-driven platforms that deliver scalability and speed, such as AI-based decision support.
- Digital transformation drives future fitness. For Finance and IT leaders, the most important outcomes of successful digital transformation include improved security, innovation, customer experience, and agility and adaptability.
“Today’s CFOs as well as senior IT leaders, such as the CIO and CTO, are increasingly driving strategic enterprise-wide transformation initiatives that build competitive advantage and resiliency for the business,” said Tom Alexander, Partner at CrossCountry Consulting. “With the AI evolution and budget pressures due to the macroeconomic uncertainty, it is now more important than ever that CFOs and IT executives strategically align, as this study indicates, to drive transformation effectively across their organizations and gain efficiencies from new innovative technologies.”
For more information and to download the full study, visit CrossCountry Consulting.
About CrossCountry Consulting
CrossCountry Consulting is a leading provider of specialized finance, operations, and technology advisory services. As a trusted advisor to Fortune 500 companies, emerging growth market leaders, and private equity sponsors, the firm solves today’s most pressing challenges and creates present and future enterprise value through accounting and risk, technology-enabled transformation, and transaction solutions. Headquartered in Washington, D.C., CrossCountry has employees across the United States and in strategic international locations. With an unwavering commitment to providing a better experience, they are regularly recognized as a best place to work. For more information, visit www.crosscountry-consulting.com.