IT TRANSFORMATION:
Success Hinges on
CIO/CFO Collaboration

IN ASSOCIATION WITH:

TABLE OF CONTENTS

3

INTRODUCTION

4

KEY TAKEAWAYS

5

THE STATE OF IT TRANSFORMATION

9TRANSFORMATIVE ORGANIZATIONS SEE MIXED RESULTS

14

CIO/CFO COLLABORATION: THE DISTINGUISHING FACTOR

24

BEHIND THE NUMBERS

30

A CULTURE OF INNOVATION

31

METHODOLOGY31

ACKNOWLEDGMENTS

2 | IT TRANSFORMATION: SUCCESS HINGES ON CIO/CFO COLLABORATIONINTRODUCTIONEnterprises throughout the world have made IT Transformation a priority in recent years.
Unfortunately, despite investing heavily in time and money, many of them still haven’t found thesecret to gaining significant improvements in customer service and a clear competitive advantage
from these efforts. Now, a new study helps explain why. Less-than-stellar IT Transformation results
often center on problems that arise between two pivotal players — CIOs and CFOs — and theirstruggle to work together as a cohesive team. This is one of the conclusions from a global surveyof 500 CEOs, COOs, CIOs and CFOs conducted by Forbes Insights and Dell EMC. The researchfound that a stunning 89% of senior executives acknowledge that significant barriers exist —ranging from outdated ideas about the role of CIOs to obsolete reporting structures — that keep
CIOs and CFOs from collaborating more closely. The survey and a series of in-depth interviews
with global IT and business executives also highlight other underlying frictions that thwart CIOs
and CFOs from forming a united front to capitalize on the benefits of IT Transformation.
But a select group of enterprises that succeed in IT Transformation offers hope for ensuringthat IT infrastructure modernization strategies can overcome these barriers and deliver concretebusiness results. In fact, companies that succeed in IT Transformation report the strongest
competitive positions and high growth — with gains in both sales and profits of 7% or morein the past year. The research and interviews also show what best practices IT Transformation
leaders have developed to overcome these barriers and use their digital prowess to increase thevalue of their businesses.

Note: Charts throughout the report may not add to 100% due to rounding.

COPYRIGHT © 2017 FORBES INSIGHTS | 3

KEY FINDINGS

89%

of senior executives surveyed
acknowledge that significant
barriers keep CIOs and CFOs
from collaborating moreclosely on IT Transformation

Companies with the mostsuccessful transformation
efforts see 7+% gains in sales
and profits

75%

85%

of global executives
surveyed plan to spend up
to a quarter of their total
enterprise budgets on IT
Transformation in 2018of global enterprises surveyed
will invest in IT process
reengineering, while 69% willautomate IT as a service and
67% will install new server
technologies

The top three investmentareas in the next year will bebig data platforms (77%),cloud services (76%) andsocial media activities (72%)

The top goals for IT
Transformation are reduced IT
costs (75%), being first to market
with new products and services(73%) and reallocating funds tostrategic business projects (67%)
Leading companies see
significantly faster returns on
their transformation investments,
with a quarter registering
paybacks within 12 months

4 | IT TRANSFORMATION:COPYRIGHT© 2017 FORBESSUCCESS
INSIGHTSHINGES| 4 ON CIO/CFO COLLABORATION

THE STATE OF IT TRANSFORMATION
Successful collaborations between CIOs and CFOs areimportant because these key players provide the financial
and technical skills necessary for IT Transformation,
which itself is becoming a competitive differentiator.
For example, while Panera Bread, GE Digital, Royal
Resorts, Aviva and the U.S. Federal Communications
Commission are in vastly different industry segments
in different countries, they all see IT Transformation as
essential for maintaining their competitive edge andaddressing the shifting demands of customers. In fact,many executives consider technology innovation so
important, they routinely describe their organizations as
digital enterprises. “We’re a restaurant company that’s
also a technology company,” says Mike Bufano, CFO of
the casual dining chain Panera Bread, based in St. Louis,
summing up this prevailing attitude.

“We’re a restaurant company that’s
also a technology company.”
MIKE BUFANO, CFO, PANERA BREAD

Enterprises aren’t just talking transformation, they’re placing big bets on modern IT infrastructures, with most
respondents scheduled to dedicate up to a quarter of their total budgets to these projects this year, and the numberof organizations dedicating up to 50% of their budgets rising nearly fivefold by 2018.

Figure 1. What percentage of your enterprise’s total budget (including people,
technology, services, etc.) is and will be earmarked for IT Transformation?

2017

2018

3%

1%

24%

14%

0-10%
11-25%

43%

26-50%

54%

51-75%
76% or more

61%

COPYRIGHT © 2017 FORBES INSIGHTS | 5

Overwhelmingly, these investments are focused on big data platforms, an area that 77% of the global executives plan
to focus on in the next year. Other top investment areas are cloud services (76%) and social media activities (72%).

Figure 2. Which of the following technologies do you plan to invest in over the next 12 months
to further transformation?
BIG DATA PLATFORMS

77%
CLOUD SERVICES

76%
SOCIAL MEDIA

72%
BUSINESS INTELLIGENCE SYSTEMS

60%
PREDICTIVE ANALYTICS

59%
ARTIFICIAL INTELLIGENCE

56%
0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Global enterprises are focusing on these areas for a variety of reasons. Cloud computing in all its delivery models— from private and public clouds to hybrid and multi-cloud architectures — can exchange upfront capital costs forpredictable operating expenses, and give enterprises flexibility to quickly spin up new services to match dynamic
business needs. Predictive analytics, big data and business intelligence platforms offer greater insights into the current
and future requirements of customers to help enterprises gain an edge over competitors.
In addition, as illustrated in figure 3, most IT Transformation efforts aim to make internal operations more efficient. To
do that, three-quarters of the respondents will be taking advantage of IT process reengineering. In addition, 69% will
install platforms for automating IT-as-a-Service, 67% will move to the latest server technologies, and 65% will enhancetheir business continuity/disaster recovery capabilities.

6 | IT TRANSFORMATION: SUCCESS HINGES ON CIO/CFO COLLABORATION

None of this is technology for technology’s sake — senior executives have clear business goals in mind when they
invest in IT Transformation. “If we’re the slowest in our marketplace, we’ll lose, so my job is to make sure we’re thefastest,” says Pete Marsden, digital CIO at Aviva, a worldwide provider of insurance, savings and investment products
headquartered in London. “That doesn’t mean I gold-plate everything — I have to think like a businessperson, likeeveryone else. But I also have to make sure we invest correctly in technologies and make the results as beneficial forour customers as we possibly can.”Figure 3. Which of the following technologies/initiatives do you plan to adopt or expand in thefollowing year to modernize IT operations?
IT PROCESS REENGINEERING

75%
PLATFORMS FOR AUTOMATICALLY DELIVERING IT SERVICES (I.E., SERVICE CATALOGS)69%
SERVER UPGRADES

67%
BUSINESS CONTINUITY/DISASTER RECOVERY TECHNOLOGY/SERVICES

65%
CONVERGED INFRASTRUCTURES

56%
SOFTWARE-DEFINED STORAGE

56%
REORGANIZATION OF IT STAFF

54%
SOFTWARE-DEFINED INFRASTRUCTURE

49%
FLASH STORAGE SYSTEMS43%
THIRD-PARTY SERVICES/CONSULTING

43%
HYPERCONVERGED INFRASTRUCTURES

16%
0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

COPYRIGHT © 2017 FORBES INSIGHTS | 7

The most critical goals include the drive to reduce IT costs and be first to market with new products and services,
according to 75% and 73% of the respondents, respectively. Sixty-seven percent want to reallocate funds for strategic
business areas. But even with these levels of spending and upper management commitment, is IT Transformation delivering
the payoffs global executives seek? Unfortunately, outcomes are mixed.

Figure 4. On a scale of 1 to 5 where 1 is “not important” and 5 is “critical,” please
rate which market forces are driving your company the most to consider/adopt an IT
Transformation strategy.
REDUCE IT COSTS

75%
BEING FIRST TO MARKET WITH NEW PRODUCTS
AND SERVICES IS ESSENTIAL IN OUR MARKET73%
REALLOCATE FUNDS TO AREAS THATDIRECTLY SUPPORT BUSINESS INITIATIVES67%
OUR CUSTOMERS WANT PRODUCTS AND SERVICES DESIGNED FOR
THEIR SPECIFIC NEEDS VS. MORE GENERIC SOLUTIONS

65%
WE NEED TO KEEP PACE WITH TECHNOLOGYINNOVATION TO STAY COMPETITIVE

62%
OUR LEGACY IT INFRASTRUCTURE IS
INFLEXIBLE AND COMPLEX TO MANAGE

54%
USING THE IT DEPARTMENT AS A STRATEGICRESOURCE VS. “JUST KEEPING THE LIGHTS ON”

52%
NEW COMPETITORS ARE TRYING TO ENTEROUR MARKET AND STEAL OUR CUSTOMERS

44%
OTHER

25%
0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Note: Chart total shows responses for “Critical” and “Important”

8 | IT TRANSFORMATION: SUCCESS HINGES ON CIO/CFO COLLABORATION

TRANSFORMATIVEORGANIZATIONS
SEE MIXED RESULTS

While IT Transformation is critical for business successat most organizations, there’s a large gap between
transformation leaders and their less advanced peers.
What’s more, the difference is having a significant impact
on the value of transformation initiatives. For example,
data from the Forbes Insights/Dell EMC survey found thatmany enterprises still aren’t gaining a clear competitive
advantage from transformation strategies. In fact, 59%
say they’ve achieved parity, at best.

Figure 5. Which best describes your perception of your company’s IT Transformation
efforts relative to others in your industry?

We aremarket leading

We are well behind
our competitors

1%

12%

We are ahead
in most areas

We are behindin some areas

13%

29%
46%

We are generally atparity with competitors

In addition, returns on investments may take years to realize. As illustrated in figure 6, only 11% see returns within ayear, while more than a third must wait 24 months or more for full paybacks.

COPYRIGHT © 2017 FORBES INSIGHTS | 9

Figure 6. What best describes the timing of ROI for IT Transformation?
We primarily see
near-term returns(12 months or less)

Timing isinconsistent1%

We primarily see longterm returns (morethan 24 months)

11%38%
We primarily see
mid-term returns(13-24 months)

49%

But these overall results don’t tell the full story. A subset of global organizations has emerged as clear leaders in IT
Transformation. The Forbes Insights/Dell EMC research segmented respondents into companies whose sales grew by
7% or more, whose profits grew by 7% or more, and that have seen a significant improvement in competitive position.
This group demonstrates a direct correlation between business success and transformation maturity, with 68% of
leaders rating IT Transformation as an established strategic priority and in many cases a component in overall businessstrategies. Only about 40% of the others say the same.

Figure 7. Please describe the current state of IT Transformation at your organization.

Laggards

Leaders

No IT Transformation
strategy exists at this time

20%

8%

12%

20%

14%

32%
46%

48%

10 | IT TRANSFORMATION: SUCCESS HINGES ON CIO/CFO COLLABORATION

A limited IT Transformation
strategy exsists forindividual departments
or lines of business
An IT Transformation
strategy is in place for theenterprise, but not fully
implemented across thebusiness
IT Transformation isestablished and starting
to be viewed as a key
strategic priority
IT Transformation is wellestablished and supports
our overall business strategy

Leaders see clear advantages because of their status. Only 34% of their peers make the same claim. The leaders’head start is confirmed by self-assessments of transformation progress. ITT Leaders are more than twice as likely toreport they are ahead of their competition, a sharp distinction from the 34% of laggards who offer similar ratings.

Figure 8. Which best describes your perception of your company’s IT Transformation effort
relative to others in your industry?

Laggards

Leaders
1%

1%
7%

16%

We are well behind
our competitors

24%

37%

We are behindin some areas

27%

We are generally atparity with competitors

39%

We are ahead in
most areas50%

We are market leading

Leaders are also two and a half times more likely to report ITT ROI in 12 months or less.

Figure 9. What best describes the timing of ROI for IT Transformation?

Laggards

Leaders

1%
9%

25%

Timing is inconsistent

29%
40%

We primarily see long-term
returns (more than 24 months)
We primarily see mid-term
returns (12-24 months)

50%

We primarily see near-term
returns (12 months or less)

46%

COPYRIGHT © 2017 FORBES INSIGHTS | 11

INDUSTRIES THROUGHOUT THE
WORLD EMBRACE IT TRANSFORMATIONEnterprises exemplify the link between business goals and IT Transformation across many types of industries.

INSURANCE AND
FINANCIAL SERVICES“Digital technologies are fundamentally
impacting the types of products we sell,” Aviva’s
Marsden says. “To bring new products to market very
quickly, our digital systems must be flexible enoughfor us to change them every day — we can’t wait six
to 18 months to respond if the business comes up witha fantastic idea. As a result, I have to build incredible
flexibility into our systems to make sure we can react atthat kind of speed.”
Clouds are a key component for achieving that levelof responsiveness. The company is currently migrating
almost all of its IT infrastructure, including web servers
and client data, to a private cloud. “From an infrastructure
perspective, cloud is incredible for giving us the speed weneed to roll out new services,” he explains. “I can request
new computing capabilities, and the cloud provider can
pretty much spin it up there. That’s an incredible speedto-delivery advantage for us.”
When Marsden arrived at Aviva a couple of years
ago, the company released about 20 new and updated
digital products a year. In 2017 the number spiked to200. “Every release represents new products for ourcustomers and new opportunities for us to provide
better service,” he says.

TRAVEL AND HOSPITALITY

As with others in the hospitality industry, theshockwaves of digital transformation haverippled through Royal Resorts. Based in Cancun, Mexico,the company caters to tourists traveling to St. Maarten,
Curaçao and its home country. It has launched a multiyear effort to transform its business model and modernize
its IT infrastructure.
Royal Resorts built its success selling vacation clubmemberships to more than 40,000 travelers who wanted
accommodations in prime getaway areas. Now, it’s
expanding beyond its established member base byusing the web to significantly boost its rental businessfor non-club members, a move that increased revenue to$60 million from $8 million. In the process, Royal Resorts
created a new business unit and started to offer allinclusive deals that promote accommodations, meals and

12 | IT TRANSFORMATION: SUCCESS HINGES ON CIO/CFO COLLABORATION

amenities. “The all-inclusive project was a huge disruption
at our company,” says Carlos Gonzalez Alvarado, CIO.
“We now have four distinct business units, each of themvery successful, but they’re pursuing different goals, andthe [business and IT] operations aren’t well integrated.
So, we proposed a way to align the business units in asingle process around the customer journey, and that’s
the transformation effort we’re working on now.”
But because the company isn’t satisfied with its ability
to track and understand its core customers, it’s now
turning to the cloud. After a careful review, Royal Resorts
is now narrowing its short list of cloud-based customer
relationship management platforms. “Having modern
capabilities in this area will have a significant impact on
the whole organization,” Gonzalez says.

DINING AND ENTERTAINMENT

Similarly, technology is changing how dinersinteract with restaurants, and for Panera Bread,that fuels the need for an IT infrastructure
designed for e-commerce. Up to a couple years ago, about
60% of its sales were generated by eat-in customers, with theremainder from takeout business. As the number of eat-in
diners per restaurant remains stable, the restaurant chain isseeing a sharp rise in to-go sales, which means it must findways to improve customer experience for these guests.
More than a quarter of Panera’s business is now ordereddigitally, via mobile devices, computers or in-store kiosks.
Panera’s technology investments also aim to improve
internal operations. To do this, it moved to a variety ofcloud-based resources, such as Infrastructure-as-a-Service, as
well as marketing and web analytics, recruiting and payroll
applications. “If we have two sandwich lines running in a caféduring lunchtime, we use our digital systems to balance theorder flow for each line,” Bufano explains. “Once we built
out our IT infrastructure, we’ve learned it can open up a wide
variety of opportunities for us.”As a result, the company now earmarks nearly $40 million
a year for technology capital, up from less than $10 million a
few years ago. “Technology is a big part of that because it’s
become such a large part of everyone’s lives,” Bufano says.
“We recognized pretty quickly that digital interactions withcustomers are some of the biggest sales drivers we have, so
you have to give it room to grow and develop over time.”

MANUFACTURING“The intersection of business goals andinformation technology is essential to industrial
firms today,” notes Khozema Shipchandler, global CFO
for GE Digital, a San Ramon, California, business unit
within General Electric that is promulgating the Industrial
Internet of Things (IIoT). As such, the parent corporation isin the unique position of both commercializing GE Digital’s
innovations and using them within its own manufacturing
operations. Key IIoT components include sensors
that collect performance and status data throughout
manufacturing, service and supply chain operations. The
information then flows to big data platforms in onsite
data centers or in the cloud, where it’s analyzed for ways
to improve productivity or spot early signs of service
problems before they cause downtime. Shipchandler
notes that while productivity gains have plateaued atabout 1% for industrial companies in recent years, the IIoT
technology used internally has yielded gains of 4%, withrelated cost savings through more efficient supply chains,
manufacturing lines and other corporate-wide activities.

GOVERNMENT AND EDUCATION

Since 2013, the CIO of the U.S. Federal
Communications Commission has beenleading a digital transformation effort designed to movethe commission’s IT infrastructure at its headquarters
to public cloud and commercial providers. Thus far, themigration is about 40% complete. The result: In the past,
85% of the FCC’s IT budget went to maintaining the legacy
infrastructure, a percentage that has now dropped to lessthan 50%, says David Bray, the CIO who led the project and
who was recently named to the new role of chief ventures
officer at the U.S. National Geospatial Intelligence Agency.
The cloud project achieved a significant reduction in legacy
IT spend. Even though IT operations had a flat budget, thesavings produced from its digital transformation effort will
now help fund the FCC’s continuous modernization efforts
to its applications, so that it doesn’t face a similar “legacy
IT glut” in the future, Bray says.
The University of California Berkeley’s Haas School ofBusiness recently completed a $75 million building dedicatedto teaching and collaboration between students, faculty andthe rich Bay Area innovation ecosystem that features the latest
in A/V and classroom technology. Behind the scenes, thebusiness school relies on the cloud for email, office automationand collaboration applications. The project is part of a larger
effort to leverage IT to transform the university’s instructional
methods. “Much of higher education still follows an old
business model — the ‘sage on the stage’ lecture,” says

Kevin Cornish, CIO. “But with digital technology, we have newopportunities to partner with faculty to better engage theirstudents. Methods range from delivering lectures prerecordedin our studio so students can consume information before classand then use the modern classroom resources for interactive
discussions and group problem-solving activities to thedevelopment of highly engaging online courses that enable
students to create a uniquely tailored path through the course
content that meets their individualized learning objective.”

OIL AND GAS

Petróleos Mexicanos (Pemex) is Mexico’s leading
petroleum company and for years operated as astate-run monopoly. That changed in 2013 when industry
reform opened the firm to private-company competition.
To succeed in this new environment, Pemex launcheda multi-year IT Transformation effort designed to boost
internal efficiency, end losses from oil thieves and enhancecustomer service for patrons of its franchised gas stations.
To reach these goals, the company is relying on a range ofmodern IT platforms. “Pemex is big on big data, analytics
and internet-connected industrial sensors,” says Rodrigo
Becerra, corporate director and CIO. “Digital transformation
is important because it enables us to partner or compete withworld-class companies, which themselves are undergoingmassive technology changes. We'd better be at the samelevel, otherwise we are going to lose.”
Pemex’s transformation efforts are paying off. IIoT
sensors installed throughout its supply lines provide early
warning signals when underworld gangs pierce pipes
to drain supplies to sell on the black market. Pemex
officials estimate thefts have totaled about $1 billion inlosses. “The phenomenon has been around for the last
10 years, but now we have analytics and the sensors togive us insights into the behavior of the thieves,” heexplains. “We haven't fully solved the problem, but we
see improvement.”
A similar project uses IIoT sensors and predictive
analytics to mitigate unscheduled oil-rig and refinery
downtime due to maintenance problems. Several pilot
projects have demonstrated that this combination oftransformation technologies can predict impending
maintenance problems so crews can fix them before theylead to downtime, Becerra says.
Influenced by opportunities like these, the global
respondents in the Forbes Insights/Dell EMC survey makeit clear that IT Transformation isn’t just an overhyped fad.
They see it as a critical component for staying ahead of
the competition over the next year, specifically whenapplied to customer support, finance, operations andbusiness development departments.

COPYRIGHT © 2017 FORBES INSIGHTS | 13

CIO/CFO
COLL ABORATION: THE
DISTINGUISHING FACTOR

What’s significant is that although leaders andlaggards are seeing different outcomes, theresults aren’t a function of who spends the mostfor IT Transformation. This year and in 2018, bothgroups are devoting significant percentages of
their total budgets in this area. It’s clear that otherfactors are more significant for success than justthe size of budgets.

Figure 10. What percentage of your enterprise’s total budget (including people,
technology, services, etc.) is and will be earmarked for IT Transformation?

Leaders 2017

Laggards 2017
4%

1%

33%

45%

51%
66%

Leaders 2018

Laggards 2018

12%

14%
24%

25%

0-10%

64%

61%

11-25%
26-50%

14 | IT TRANSFORMATION: SUCCESS HINGES ON CIO/CFO COLLABORATIONThe survey identifies a fundamental problem that leads to the different outcomes of leaders and laggards. Successful
IT Transformation calls for CFOs and CIOs to join forces. For example, nearly all respondents (96%) see close CIO/CFO
collaboration as being important or critical to business success.

Figure 11. On a scale from 1 to 5 where 1 is “not important” and 5 is “critical,” please rate
the importance of close collaboration between the CIO and CFO for business sucess inyour industry.

3% 1%

Critical
Important44%

Somewhat important
Neither important nor unimportant

52%

However, only 11% of all survey respondents say they see nosignificant barriers to closer working relationships between
CFOs and CIOs. Even members of these two groups indicate
there’s room for improvement: Only 36% of CFOs and 38%
of CIOs describe their collaboration as “excellent.” CIOs
and CFOs point to different reasons for these breakdowns,
while agreeing on others.
For their part, CIOs say some CFOs have outdated attitudes“Collaboration is challenged when aabout the role of CIOs. “Collaboration is challenged when a
CFO sees IT as just a cost center.”
CFO sees IT as just a cost center,” says CIO Bray. But he also
acknowledges the vital role CFOs serve. “Left on their own,
DAVID BRAY, CIO, U.S. FEDERAL
CIOs may not know the overarching financial goals of the
COMMUNICATIONS COMMISSION;
organization,” Bray says. “That’s why it’s important to have a
NEWLY NAMED CHIEF VENTURES
CEO, CFO or COO who can clearly outline the business and
OFFICER, U.S. NATIONAL GEOSPATIAL
financial goals of the organization, and let the CIO identify the
INTELLIGENCE AGENCY
technical options for achieving them through IT Transformation.
In turn, the CIO can offer choice architecture options to different
stakeholders, be they the CEO, COO, CFO, or other division representatives. Specifically, strategy-savvy CIOs should frame what
they propose as business cases. For example, by saying ‘This system will get what you want quickly, at this price. While this system
will take longer to deliver benefits, but it costs less.’ CIOs should make the case that the speed at which IT organizations move isbased on the financial and workforce fuels we are given. If either one is reduced, IT and organizational progress can be slowed or
require dramatic shifts in how the organization operates to reduce legacy spending.”

COPYRIGHT © 2017 FORBES INSIGHTS | 15

Collaboration problems are exacerbated by conflicts arising from traditional reporting structures and a lack of new incentives
aimed at fostering closer cooperation between CIOs and CFOs.

Figure 12. What are the biggest barriers keeping CIOs and CFOs fromcollaborating most closely?
(Please select the top two)

CEO

COO

CFO

CIO

Conflicting responsibilities
and priorities

20%

20%

20%

20%

CFOs’ lack of sufficienttechnical expertise

35%

31%

20%

29%

CIOs’ lack of business expertise

34%

46%

30%

25%

Conflicts arising over traditional
reporting structure
Lack of incentives to work
more closely together

38%

34%

35%

29%

18%

43%

18%

32%

CFOs have outdated attitudes
about the primary role of the CIO

45%

23%

30%

30%

No clear mandate from CEO/board

3%

0%

16%

11%

There are no significant barriers

3%

0%

13%

13%

Other

0%

3%

1%

0%

Note: Highlighted cells represent the two top choices for each title.

On the other hand, CFOs point to problems stemming froma lack of business expertise among CIOs and the conflicting
priorities of the two groups. But what’s surprising is that
CFOs agree with CIOs about one key problem: Like theirtechnology counterparts, CFOs acknowledge that their own
attitudes about the role of CIOs are outdated.

“The finance team becomes a barrier if
the discussions are only about the budget
and how to run as lean as possible. That’s alosing attitude for IT Transformation.”
KHOZEMA SHIPCHANDLER,GLOBAL CFO, GE DIGITAL“The finance team becomes a barrier if the discussions
are only about the budget and how to run as lean as
possible. That’s a losing attitude for IT Transformation,”
Shipchandler says. “Conversely, barriers arise when themetrics used by the IT team to define success don’t havea financial underpinning. But once both sides can agree togive and take in both areas, they can develop a much moreconstructive relationship and ongoing dialogue.”That’s the desired goal, but what’s particularly alarming isthat when friction between these two groups prevents thatfrom happening, most senior executives may not even be aware of the problems. When asked to rate the effectivenessof CIO/CFO collaboration, nearly three-quarters (72%) of CEOs and 63% of COOs consider it excellent.

16 | IT TRANSFORMATION: SUCCESS HINGES ON CIO/CFO COLLABORATION

Figure 13. How would you rate the effectiveness of CIO/CFO collaboration at your company?

72%

CEO

25%
2%
2%

Excellent

63%

Good

COO

34%

Fair
Poor

3%
0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Left unaddressed, CFO/CIO frictions may torpedo IT
Transformation and business goals. By a wide margin, as
illustrated in figure 14, the respondents see the risk offalling behind competitors as the biggest consequenceof poor collaboration. This concern is sobering
considering that the top IT Transformation goals citedearlier by respondents are being first to market with new
products and services, along with successfully blocking
new competitors from entering markets and stealing
customers. Clearly, overcoming CFO/CIO breakdowns is
a must for achieving desired results.

characterizes as a transformation-oriented group. “We
frequently connect to discuss ideas for expanding thereach of the university, focusing on how to increase our
reputation and grow revenue in order to service our
mission.”On the flip side, as illustrated in figure 15, organizations
have a lot to gain when these two groups are in sync,
in particular the ability to react more quickly to market
changes, according to the global executives.

A strong financial core, in turn, opens up resources for
digital transformation. “Let me put it this way: We arepartners in crime,” Becerra says. “We're working tocreate a uniform financial platform, as well as a uniform
technology architecture together.”Pemex’s Becerra also sees mutual benefits from forging
close ties with the CFO. “I was able to offer him technology
to give him greater visibility into the financial structure of
the company and the individual business units, which hehasn’t had before,” Becerra says.

For example, Cornish maintains close working relationships
with the school’s executive leadership team, whom he

COPYRIGHT © 2017 FORBES INSIGHTS | 17

Figure 14. What are the biggest consequences you see when CIOs and CFOs don’t
work together successfully? (Please select the top two.)OUR RISK OF FALLING BEHIND COMPETITORS INCREASES63%
OUR DECISIONS ABOUT TECHNOLOGY INVESTMENTS ARE NOT AS TIMELY OR ACCURATE AS POSSIBLE

49%
WE STRUGGLE TO SCALE AS BUSINESS DEMANDS CHANGE

34%
WE’RE SLOW TO CAPITALIZE ON TECHNOLOGY INNOVATION21%
WE CAN’T ROLL OUT NEW PRODUCTS AND SERVICES FAST ENOUGH TO SATISFY CURRENT BUSINESS DEMANDS

21%
WE CAN’T EFFICIENTLY INTEGRATE ACQUIRED BUSINESS

13%

0%

10%

20%

30%

18 | IT TRANSFORMATION: SUCCESS HINGES ON CIO/CFO COLLABORATION

40%

50%

60%

70%

80%

90%

100%

Figure 15. What are the biggest benefits that you see arising fromcloser CIO/CFO collaboration?
REACT MORE QUICKLY
22% TO MARKET CHANGES22%ATTRACT NEW CUSTOMERS IN CURRENT MARKETS

16%
MORE QUICKLY INTRODUCE NEW PRODUCTS AND SERVICES REQUESTED BY THE BUSINESS

14%
MAKE BETTER, FASTER DECISIONS ABOUT INVESTMENTS IN EMERGING TECHNOLOGIES

14%
SUCCESSFULLY ENTER NEW MARKETS

11%INCREASE SALES AND PROFITS

9%IMPROVE AND STREAMLINE INTERNAL OPERATIONS AND REDUCE COSTS

9%INCREASE SHAREHOLDER VALUE

5%
0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

COPYRIGHT © 2017 FORBES INSIGHTS | 19

GLOBAL TRENDS
IT Transformation is a global imperative, and the Forbes Insights/
Dell EMC research reveals differences in transformation maturity
and challenges across Asia Pacific, Europe, the Middle East, andNorth and South America.
For example, the survey found that enterprises in Asia, Europe
and the Middle East are leading in transformation efforts,

with more than half in each region describing their strategies
as established and key elements of their strategic priorities
and business strategies. This contrasts with the assessmentsof executives in the Americas, where most executives saytransformation strategies have not been fully rolled out acrosstheir organizations.

Figure 16. Please describe the current state of IT Transformation at your organization.

Asia Pacific

EuropeMiddle East

1%
15%

5%

12%

16%

13%

20%

40%

32%

33%

39%

North America
12%

39%

35%

South America
2%

No IT Transformation strategy
exsists at this time

16%

32%

32%

A limited IT Transformation strategy
exsists for individual departments
or lines of business
An IT Transformation strategy is inplace for the enterprise, but not fully
implemented across the business

56%

50%

IT Transformation is establishedand starting to be viewed as a
key strategic priority
IT Transformation is wellestablished and supports ouroverall business strategy

20 | IT TRANSFORMATION: SUCCESS HINGES ON CIO/CFO COLLABORATION

Similarly, more respondents in Asia and Europe by far consider themselves market leading when it comes to IT Transformation.
None of the North American executives rate their company’s success as highly, and the Middle East is the only other area thatreports double-digit figures.

Figure 17. Which best describes your perception of your company’s IT Transformation efforts
relative to others in your industry?

Asia Pacific20%

Middle East

Europe

2%

19%

10%

10%

17%

5%

40%

31%

26%

38%

37%

North America
9%
25%

45%

South America
2%

20%

30%

We are well behind our competitors
We are behind in some areas
We are generally in parity with competitors
We are ahead in most areas

67%

48%

We are market leading

COPYRIGHT © 2017 FORBES INSIGHTS | 21

The overall survey found that 96% of executives consider a close working relationship between CIOs and CFOs important forbusiness success. More than half of all Asian and European executives, respectively, describe collaboration between these two
leaders as “excellent,” as illustrated on the previous page in figure 17.

Figure 18. How would you rate the effectiveness of CIO/CFO collaboration at your company?
100%

Asia Pacific
Europe90%

Middle East

80%

South America

70%

78%

75%

North America

65%
58%

60%

51%
50%

41%

40%

38%

34%

30%

20%

20%
10%
0%

7%
1%
POOR

4% 5%

1%

FAIR

22 | IT TRANSFORMATION: SUCCESS HINGES ON CIO/CFO COLLABORATION

2%
GOOD

EXCELLENT

20%

Nevertheless, enterprise executives on all continents remain on guard against the barriers that can thwart better CIO/CFO
interactions. However, regional differences surfaced in the survey. In Asia, respondents saw the biggest problems arisingfrom a lack of expertise among CIOs and CFOs in their counterparts’ discipline. By contrast, respondents in North and SouthAmerica focus their attention on the conflicting responsibilities and priorities of the two groups, as well as conflicts in traditional
reporting structures. The latter is a concern shared by a large percentage of European executives.

Figure 19. What are the biggest barriers keeping CIOs and CFOs from collaborating
more closely?
(Please select the top two)

Asia
Pacific

EuropeMiddleEast

North
AmericaSouth
America

Conflicting responsibilities andpriorities

11%

10%

15%

42%

34%

CFOs’ lack of sufficient technicalexpertise

34%

34%

30%

18%

6%

CIOs’ lack of business expertise

45%

31%

35%

14%

22%

Conflicts arising over traditional
reporting structure

27%

35%

20%

39%

32%

Lack of incentives to work
more closely together

21%

25%

25%

33%

12%

CFOs have outdated attitudes
about the primary role of the CIO

43%

45%

15%

17%

10%

No clear mandate from CEO/board

7%

2%

10%

15%

34%

There are no significant barriers

5%

9%

25%

11%

24%

Note: Highlighted cells represent the two top choices for each title.

The regional differences point to opportunities for IT Transformation leaders who have global connections: By sharing
best practices with their peers, enterprises throughout the world can collectively address future breakdowns in CIO/
CFO collaboration.

COPYRIGHT © 2017 FORBES INSIGHTS | 23

BEHIND THE NUMBERS
IT Transformation is changing the respective roles of
CFOs and CIOs. CFOs are being pushed to become more
knowledgeable about the business impact of important
digital technologies, such as advanced analytics, artificial
intelligence and machine learning, the cloud and process
automation. “These aren’t just buzzwords anymore,”
CFO Shipchandler says. “They’re burgeoning areas withsignificant value-added potential if they can be put totheir best use.”
Similarly, CIOs are expected to help realize this potential
by applying their technology expertise to core businessdisciplines, such as finance, marketing and supply chains.
“Our chief operating officer now sees us as part of thebusiness process instead of just providing IT infrastructureand software services,” CIO Gonzalez says. “We’re partof the discussions about how business initiatives shouldtake shape and evolve.”“Our chief operating officer now sees
us as part of the business process insteadof just providing IT infrastructure andsoftware services.”CARLOS GONZALEZ ALVARADO,
CIO, ROYAL RESORTS

The data bears out shifts like these. CIOs are increasingly
being judged by their ability to shape business models
and act as strategic advisors to help enterprises capitalize
on emerging business opportunities.

Figure 20. How has IT Transformation impacted the role of the CIO in your organization?
HELPS SHAPE OUR FUTURE BUSINESS MODEL72%
IS BECOMING A STRATEGIC ADVISOR FOR HELPING THE BUSINESS CAPITALIZE ON THE LATEST TECHNOLOGY71%
IS EXPECTED TO WORK MORE CLOSELY WITH THE C-SUITE TO DEVELOP NEW BUSINESS OPPORTUNITIES68%
IS A RESOURCE FOR HELPING THE BUSINESS DELIVER NEW PRODUCTS AND SERVICES FASTER THAN COMPETITORS

64%
IS A KEY RESOURCE IN SUPPORTING THE CURRENT BUSINESS MODEL64%
HAS BECOME A FORMAL MEMBER OF THE EXECUTIVE COMMITTEE/BOARD

39%
NO LONGER FOCUSES SOLELY ON IMPLEMENTING AND MANAGING THE IT INFRASTRUCTURE

28%
0%

10%

20%

30%

40%

24 | IT TRANSFORMATION: SUCCESS HINGES ON CIO/CFO COLLABORATION

50%

60%

70%

80%

90%

100%

In fact, most CIOs now hold joint responsibility with line-of-business managers for ensuring the success of new
business initiatives. This means modern CIOs must hone managerial and business skills as they continue to strengthen
their technical acumen. Top-rated skills include an entrepreneurial mindset and the ability to simultaneously act astransformation leader and traditional IT manager.

Figure 21. What characteristics are most important for a CIO when leading IT
Transformation efforts?
AN ENTREPRENEURIAL MINDSET

74%
THE ABILITY TO BRING ABOUT TRANSFORMATION WHILE SIMULTANEOUSLY RUNNING THE TRADITIONAL IT ENVIRONMENT

70%
THE ABILITY TO ACT AS A CHANGE AGENT ACROSSS TECHNOLOGY AND BUSINESS DISCIPLINES

63%
A PASSION FOR INNOVATION

63%
EXPERTISE AS A BUSINESS ADVISOR

55%
THE ABILITY TO OVERCOME RESISTANCE TO CHANGE AMONG END-USERS

44%
0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

COPYRIGHT © 2017 FORBES INSIGHTS | 25

UPDATE REPORTING STRUCTURESTO ADDRESS THE EVOLVING ROLES OF CIOS
How can organizations use trends like these as a springboard to better working relationships between CIOs and
CFOs? Senior executives advise focusing on these six key areas. The survey found that IT Transformation is realigning
management strategies, with 60% of CIOs seeing rewards for helping the business succeed. In addition, nearly half (42%)
of the survey respondents say that CIOs have a direct line to the C-suite by reporting directly to CEOs and COOs.

Figure 22. What organizational changes have impacted you/your CIO recently?
CIO RECEIVES INCENTIVES WHEN NEW BUSINESS INITIATIVES SUCCEED

60%
CIO AND LINE-OF-BUSINESS MANAGERS HOLD JOINT RESPONSIBILITY FOR NEW BUSINESS INITIATIVES

58%
CIO REPORTS DIRECTLY TO THE CEO AND/OR COO

42%
CIO HAS NOT BEEN IMPACTED BY ORGANIZATIONAL CHANGES

7%CIOS NO LONGER REPORTS TO THE CFO

7%
0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

CIO Gonzalez is part of this trend. He reports directly to the chief operating officer and the vice presidents of thebusiness units, in addition to the CFO. We have direct communications with our COO and the vice president when
we’re trying to get buy-in for transformation projects,” he explains. “But the analysis of a proposal’s underlying
business value is done in conjunction with the CFO and his team.”
GE reorganized its reporting structure by naming an IT leader with oversight across five business operations — supply
chain, engineering, commercial, finance and services. People in this role distribute capital across the entirety of GE
versus each area individually. “GE’s CIO has flipped activities that used to happen in distinct and isolated ways withineach of our unique business units to run them horizontally across the company,” Shipchandler says. “Our businesses
still want someone they can go to about technology, but we think of that individual as a chief automation officer, versus
as a CIO for each of the business segments. This has allowed us to remove waste, drive a better reuse of tools andapplications, and drive commonality across various programs in the various units.”

26 | IT TRANSFORMATION: SUCCESS HINGES ON CIO/CFO COLLABORATIONCULTIVATE CHANGE AGENTS AMONG CIOS AND CFOS
Respondents point to choosing executives in these roles who have experience in transformation initiatives. For example,
67% say appointing a new CIO or CFO with experience in IT Transformation ranks as either “important” or “critical.”Figure 23. When appointing a new CIO and CFO, how important is it to choose candidates
with experience in IT Transformation?
WHEN APPOINTING A NEW CIO AND CFO, CHOOSE CANDIDATES WITH EXERIENCE IN IT TRANSFORMATION

53%

14%

67%

REQUIRE THE CFO TO DEVELOP GREATER TECHNICAL EXPERTISE

22%

59%

35%

58%

37%
REQUIRE CIOS TO DEVELOP GREATER BUSINESS EXPERTISE

23%

CHANGE THE REPORTING STRUCTURE SO THE CIO REPORTS DIRECTLY TO THE CEO/COO

42%

10%

52%

Important

ENCOURAGE THE C-SUITE TO MAKE CLOSER CIO/CFO COLLABORATION A TOP PRIORITY

0%

10%

20%

30%

42%

5% 47%

40%

50%

60%

70%

Critical

80%

90%

100%

COPYRIGHT © 2017 FORBES INSIGHTS | 27

MEASURE — AND REWARD —CIO PERFORMANCE ACCORDING TO BUSINESS OUTCOMES
Leaders in IT Transformation place greater importance than their peers on the business acumen of CIOs, with morethan half (54%) of leaders calling this critical versus less than a third of less mature organizations.

Figure 24. How important is requiring CIOs to develop greater business expertisein fostering closer CIO/CFO collaboration?

Leaders

Laggards

1% 1%
5%
17%

Critical

31%

27%

54%

ImportantSomewhat important

41%

Neither important nor
unimportant23%

Not at all important“Historically, our CIO was measured largely on activities
that were specifically IT related, such as the successof an enterprise resource planning implementation,”
Shipchandler says. “Increasingly, our CIOs are responsible
for financial goals related to benchmarks such as operating
profit, cash flow or inventory turns — metrics that matterto the bottom line of the company.”

returns but could inspire new ways of working with along-term impact on the organization. The key is using
the creative tension between CIOs and CFOs to create
risk-balanced investment portfolios. “You can’t put
only those projects with a proven ROI at the top of theinvestment priority list — if you do, you’ll do very little
innovation,” Bufano warns.

SEE ROI CALCULATIONSAS GUIDES, NOT HARDAND FAST REQUIREMENTS

So he works with the CIO and the CEO to chart near- andlong-term business goals, and then base priorities onwhat projects may have the biggest impact on customer
experience. But he’s also ready to quickly change direction
when necessary. “Not everything we do is going to work
as planned, so we may have to iterate a strategy a few
times before we find success,” he says. “It’s great tocreate investment models, but don’t fall in love with them.
Innovation doesn’t always work according to plan, so we’re
ready to keep making adjustments along the way.”

Developing upfront estimates of investment returns
is relatively easy for some IT Transformation projects,
such as those tied to new revenue streams or
production efficiencies. Others, including initiatives
built around predictive analytics or the Internet ofThings, for example, have less quantifiable early

28 | IT TRANSFORMATION: SUCCESS HINGES ON CIO/CFO COLLABORATIONAviva merges members of the IT and business staff
into teams that follow agile development methods,
characterized by breaking up large projects into iterative
chunks that allow for continuous course corrections.
“When a business person has an idea for a product that
we on the digital side believe is worth investing in, we go
to finance to lay out the plan together,” Marsden says.
“We tell the CFO that we don’t know exactly what we’regoing to build, but we’ll build something every day. We
can’t guarantee what the customer outcomes and benefits
will ultimately be, but we can guarantee that the cost of
our team for 12 months will be X, so finance will know
exactly what the investment will be. And every two weeks
or every month, we’ll report our progress so everyone

By moving on an iterative basis, CFOs and CIOs can
avoid contentious dialogues about ongoing support forthese types of projects. Each side just has to be willing tocommit to getting to the next toll gate.”

TURN THE IT DEPARTMENT
INTO A CONSULTANCY
As noted earlier, CIOs are increasingly being judged bytheir ability to shape business models and act as strategic
advisors. But additional responses to that question
show how extensive the consulting role is becoming
for CIOs. A large majority of respondents in the overall
survey say their organizations also expect IT leaders“We want people to see IT as a resource that will
help them achieve their goals — whether they
involve technology or not.”
KEVIN CORNISH, CIO, UNIVERSITY OF CALIFORNIA,
BERKELEY’S HAAS SCHOOL OF BUSINESS

will know exactly what they’re delivering to customers. At
any point, the CFO can say, ‘We’re not meeting our original
goals, so we’re going to cut the funding completely or curtailit.’ Or, ‘We’re doing amazingly well, let’s invest more.’” This
provides an accurate view of each project’s results.

IMPLEMENT CLEAR MILESTONESTO MONITOR THE PROGRESS OFHIGHER-RISK INITIATIVES
Close CIO/CFO collaboration can help enterprises
mitigate the risk of more experimental transformation
efforts. Together, they can design an agile-like iterative
investment approach that avoids committing tens of
millions of dollars at the start in the hopes of a large payout
later. “By setting up a series of toll gates throughout theinvestment life cycle, we can closely follow the progressof an experimental project,” says Shipchandler. “This lets
us monitor if the project is working as planned or if it’s justtoo experimental, for example. Or perhaps it’s showing
early signs of success and we should invest more money.

to work hand-in-hand with the C-suite to capitalize
on new opportunities and to help bring new products
and services to market. Together, these four activities— business model development, strategic consulting,seizing new business opportunities and rolling out new
products — also represent an area of particularly closealignment between leaders and laggards. It’s clear that all
types of organizations consider the consulting expertiseof IT as a critical resource for IT Transformation.
CIOs are welcoming this new role. “I’ve seen cases
where things get messy because a CFO wades too
deeply into the technology choices,” Bray says. “That’s
why as a CIO, I insist on hearing the goals and thedesired outcomes from different stakeholders, be theya CFO, COO, CEO, or division representative, rather
than a proscriptive direction, such as ‘I want specifictechnology product X.’”The Haas School of Business is following a similar
strategy. “We’ve reorganized IT around solution domains

COPYRIGHT © 2017 FORBES INSIGHTS | 29

— empowering managers and their teams to focus on
different customer needs across the institution,” Cornish
explains. “We want people to see IT as a resource thatwill help them achieve their goals — whether they involve
technology or not.”
The CFO is moving to a similar model by evolving the staff offinancial analysts into business analysts who support innovative
thinking and not just budget management, he adds.
CIO Gonzalez and his team proactively work with Royal
Resort business units to not only keep them up to date on
new technology, but also to show how these innovations
can address problems in financial management, customer
relationship management, or other areas. “The businessis willing to accept that some areas are not in the best
possible shape, and they are willing to hear how we canhelp,” he says. “We show them that the world is changing
and how we can keep up with the pace of the change.”
But while these discussions may include descriptions of
the latest digital developments, technology shouldn’t
be the focus of these talks. “Get close to business peers
and talk to them about their goals instead of the latest
technology,” Gonzalez says. “When you talk with them
about the business, these managers open up and thesolutions just come naturally to the table. Then, after
brainstorming together, we can decide what to do
and what not to do based on what is happening in thecompany and the hospitality industry on the whole.”

A CULTURE OF INNOVATIONIT Transformation is becoming a core element of business models for all global organizations. Whether in commercial
industry or the public sector, enterprises can react more quickly to shifting market demands, identify new opportunities andaddress longstanding productivity problems related to legacy infrastructures. But achieving transformation requires morethan simply spending more money for the latest and greatest technology. Senior leaders must cultivate transformationoriented cultures that marry innovation and risk-taking with practical financial controls. The leaders highlight six steps formoving toward these goals:

•
•
•
•
•
•

Update reporting structures to address the evolving roles of CIOs
Cultivate change agents among CIOs and CFOs
Measure — and reward — CIO performance according to business outcomes
See ROI calculations as guides, not hard and fast requirements
Implement clear milestones to monitor the progress of higher risk initiatives
Turn the IT department into a consultancy

Together with closer collaboration between CIOs and CFOs, leading enterprises are using these guidelines to turn
IT Transformation into a strategy for business success.

30 | IT TRANSFORMATION: SUCCESS HINGES ON CIO/CFO COLLABORATIONACKNOWLEDGMENTS
Forbes Insights and Dell EMC would like to thank the following individuals for their time and expertise:•

Rodrigo Becerra, Corporate Director and CIO, Petróleos Mexicanos (Pemex)•

David Bray, CIO, U.S. Federal Communications Commission; newly named Chief Ventures Officer,
U.S. National Geospatial Intelligence Agency•

Mike Bufano, CFO, Panera Bread•

Kevin Cornish, CIO, University of California, Berkeley’s Haas School of Business•

Carlos Gonzalez Alvarado, CIO, Royal Resorts•

Pete Marsden, Digital CIO, Aviva•

Khozema Shipchandler, Global CFO, GE Digital

METHODOLOGYThis report is based on a survey of 500 global executives. Thirty percent are from North
American companies, 30% from Asia Pacific, 30% from EMEA and 10% from South America.
The executives work in a variety of sectors, including energy, healthcare, technology andeducation. All are C-suite executives; 40% are CIOs, 40% CFOs and the rest a mix of COOs
and CEOs.

For more information about IT Transformation from Dell EMC, visit DellEMC.com/ITTransformation

COPYRIGHT © 2017 FORBES INSIGHTS | 31

ABOUT FORBES INSIGHTS
Forbes Insights is the strategic research and thought leadership practice of Forbes Media, a global
media, branding and technology company whose combined platforms reach nearly 94 million
business decision makers worldwide on a monthly basis. By leveraging proprietary databases ofsenior-level executives in the Forbes community, Forbes Insights conducts research on a wide
range of topics to position brands as thought leaders and drive stakeholder engagement. Researchfindings are delivered through a variety of digital, print and live executions, and amplified acrossForbes’ social and media platforms.

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SALES

PROJECT MANAGER

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32 | IT TRANSFORMATION: SUCCESS HINGES ON CIO/CFO COLLABORATION