Nearly 50% of chief financial officers (CFOs) in the United States are eager to invest in cloud technology as part of upgrading their IT infrastructure, according to a study conducted by Billing Platform Corp.
Moving legacy enterprise applications to the cloud is their top priority in 2021, says the report.
Today, financial services providers are under pressure to increase revenue by offering new products and services. Developing new products requires new digital tools. Therefore, finance executive are relentlessly pressing their bosses to invest in digital transformation technologies.
In the survey, around 53% of respondents said it would be inevitable to launch new products and services to increase revenue.
“The top technology priorities for finance include transitioning legacy IT infrastructure (30%) and legacy enterprise applications (16%) to the cloud, using AI for predictive analytics (15%), consolidating disparate system data for analysis (15%) and automating or updating billing systems (14%),” the report added.
“Compared to our last survey, both the number of respondents seeing economic uncertainty as a challenge and moving to the cloud have doubled,” said Dennis Wall, Billing Platform CEO.
The nationwide survey included more than 300 CFOs and senior finance executives representing a range of industries and verticals with annual revenue of at least US$100 million or more.