Emphasize the different levels of maturity on the journey to the cloud
2023 Central Europe CFO Survey
Cloud is now the default platform for many business and technology innovations, enabling everything from AI/ML to advanced cybersecurity, IoT and edge computing.
Cloud is now the default platform for many business and technology innovations, enabling everything from AI/ML to advanced cybersecurity, IoT and edge computing. Organisations are increasingly using cloud investments to boost business performance, drive strategic outcomes and enable breakthrough innovation – not just to deliver IT services in a more flexible and efficient way. Many organisations have come to realise that while moving to the cloud can double their speed and efficiency, leveraging and building on the cloud can also give them enhanced capabilities that can reach 10x multiples.
The CFO often has a critical role to play in digital transformation, providing a bridge between technology and strategy leaders to ensure the most effective allocation of investments and capital. In this supplement, we have a particular focus on their role in the cloud adoption process and all the challenges they face as they work to move their agenda forward.
This survey was completed between October and December and represent the opinions of more than 500 CFOs from 15 Central European countries.
Wide variation in cloud maturity across Central Europe’s businesses
72% of European CFOs have already started their journey to the cloud, with 25% having already migrated most of their resources. Just 12% companies remain in the planning phase and another 12% are still in the ‘cloud-discovery’ phase, having only just started their cloud journeys and begun storing their resources there. At this stage, organisations start with less complex workloads to minimise risk, build their technological capabilities and maximise their learning
Factors driving positive change
Nearly two-thirds of the surveyed CFOs (64%) said that cloud transformation has increased their organisation’s efficiency and agility. The ability to create new processes or workflows (40%) and cost benefits in the form of cost reduction or optimisation (40%) were also both among the top three CE benefits gained through adopting the cloud.
Challenges and barriers on the journey to the cloud
Technological aspects of transition, costs of implementation & financial benefits are the biggest challenge respectively for 36 % and 31 % CFOs, when it comes to deciding about planning the transition to the cloud or when already on their way to the cloud. Almost a third (31%) of respondents perceived calculating financial benefits or returns on investment as an impediment.