EXPERT FORECAST : BANKING AND FINANCE
SURVEY SHOWS CONTINUED PLAN FOR DIGITAL TRANSFORMATION INVESTMENTS IN 2023
CXOs balance the need for new investments in digital technologies to drive innovation and interoperability while addressing challenges with macroeconomics , IT resourcing and cost inflation . Sebastian Grady , President of Strategic Initiatives , Rimini Street , discusses how scarcity of budget , IT skills and labour affect a company ’ s Digital Transformation roadmap and the biggest challenge for CIOs .
Rimini Street , a global provider of enterprise software products and services and a leading third-party support provider for Oracle and SAP software products , as well as a Salesforce partner , has announced the findings of the Censuswide Buyers Sentiment Survey , IT Leaders : The Future Outlook Report 2023 , examining CIOs ’ and CTOs ’ IT strategies , initiatives , challenges and focus . The Rimini Street-sponsored research polled more than 1,000 respondents across more than seven industries in the UK , Ireland , the Nordics and the Gulf states and found IT leaders continuing to prioritise Digital Transformation and interoperability of technologies to achieve strategic , financial and operational business objectives in 2023 . The report further showed that respondents had to balance their digital innovation investments against a variety of current challenges affecting their organisation such as talent shortages , supply chain disruptions , macroeconomic cost inflation and geopolitical realities , including complex global sanctions and de-globalisation .
Key survey findings :
• Over half ( 62 %) say Digital Transformation is a high priority in 2023 , but among this group , 77 % are only in the planning stage of projects and 56 % currently do not have a Digital Transformation project .
• Three-quarters ( 76 %) of respondents have heard of composable ERP and 84 % of this group are expected to make investments in composable ERP in 2023 .
• Under half ( 47 %) feel the increased cost of living has led to the inability to meet salary expectations for new and existing staff .
• The majority ( 67 %) want to reduce legacy enterprise application support costs by switching to thirdparty support .
Sebastian Grady , President of Strategic Initiatives , Rimini Street , discusses Digital Transformation development and tips for those starting out on their journey .
Can you provide some further insight surrounding the current challenges respondents are facing when it comes to their digital innovation investments ?
I would start with the positive in that 62 % of respondents across Europe , Middle East and Africa ( EMEA ) say Digital Transformation is a high priority this year , but there are also variations as it is a higher priority in the Gulf States ( 66 %) than it is in the Nordics ( 60 %) or the UK ( 59 %) – interestingly there is also a big gap between CIOs ( 54 %) and CTOs ( 69 %) saying it is a high priority .
Many are still in the early stages of transition , as 77 % of region-wide respondents are only in the planning stage of projects and 56 % currently do not have www . intelligentfin . tech