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TECH BUYER Aug 2019 - IDC Perspective - Doc # US45392118

Finance's Digital Transformation in North America: Operational Insights for Financial Outcomes

By: Shawn FitzgeraldResearch Director, Digital Transformation Strategies

Abstract

This IDC Perspective on finance functional transformation is the third in a multipart IDC Perspective series where we evaluate organizations' functional transformation across areas, including customer service, finance, engineering/R&D, human resources, operations, marketing, sales, security and risk, and supply chain departments. Each area is analyzed and presented in exacting detail based on our North American survey findings and insights for the 1,502 participating organizations. Of these 1,502 organizations, 1,301 identified as either digitally determined (at 608, or 47%) or digitally distraught (at 693, or 53%) (source: IDC's August 2018 DX Technology Spending by Function Survey).

"Digitally determined finance functions prioritize AI and big data investments at a significantly higher rate than digitally distraught companies, which are investing 35% more in analytics and 81% less on AI than their counterparts. Across all functional areas, transformation for sustainable performance excellence (SPeX) is the single-largest digital business transformation priority, a full 11 percentage points higher than revenue and market share growth. Digitally determined companies spend 23% less across all functional budgets while investing 18% more on IT annually than their digitally distraught counterparts," according to Shawn Fitzgerald, practice leader, IDC Insights' Worldwide Digital Transformation Strategies.


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