A majority of financial executives rank data quality and information integrity as the No. 1 priority, according to a new survey.
The survey, conducted by Computer Sciences Corporation and Financial Executives International, found that 58 percent of the 653 members of FEI who responded cited the improvement of data quality and information integrity as their most critical technology concern. About 70 percent of the survey respondents plan to improve their companies' information integrity in the coming year.
The survey also found that 52 percent of the respondents indicated they faced constraints in discretionary IT spending. To save money, about 20 percent of the organizations with over $20 billion in revenue expect to outsource some part of their technology in the year ahead. Approximately 25 percent of the respondents anticipate the share of total IT spending used by financial programs and projects to increase.
A big priority for the organizations is Sarbanes-Oxley compliance. However, SOX is costing the companies big money. Forty-five percent of the respondents indicated they had seen an increase in the cost of SOX compliance.
