CFO is Now Top IT Decision Maker, making Value Sales / Marketing More Important Than Ever
- over 75 percent indicating significant decision making involvement,
- and 41 percent indicate being the main decision maker for IT investments.
The 2010 Gartner/FERF technology study received 482 responses to approximately 50 questions that covered senior finance managers' views of technology. The survey was conducted from late October 2009 through January 2010. More than 74 percent of the respondents were senior financial executives, including CFOs and controllers.
What does this growing CFO control mean to solution providers? Already a growing trend since the bursting of the tech bubble in 2001, more senior financial IT decision making means that proving the value of proposed projects, and quantifying bottom line impact is more important than ever. This trend we term "Frugalnomics".
For the CFO, most we talk to indicate that:
1) Proposals won't be considered a priority without a business case.
2) Won't be approved unless they show strategic alignment, tactical and quantified savings / benefits, and low risks
3) Won't be approved unless they prove less expensive in total costs / better value than competitive offerings.
Moreover, CFOs will be looking for proactive help and earlier involvement from solution providers, helping them to solidify strategies and identify opportunities for improvement, and not waiting for RFPs. A true value partner.
As CFOs become the major IT decision makers, the migration to more CFO control accelerates the need for value selling / marketing. As a solution provider, are you ready for this accelerating shift to value consulting and quantified proof points?
An overview of this research can be viewed at: http://www.cioinsight.com/c/a/Careers/The-CFO-Runs-IT-307705/?kc=CIOMINEPNL05172010