Shawn Rogers, Senior Director Global Enablement, Digital Content, Analytic Strategy at TIBCO Software

Finance departments have become the third most important sponsors and drivers of innovation in the enterprise, a new survey has revealed.

The 2018 TIBCO CXO Innovation Survey, from TIBCO Software, looked into innovation as one of the strategic priorities of C-level executives, aiming to assess its importance and gauge where it was coming from.

“Funding and driving innovation within a company is a role played by many across the organization,” said Shawn Rogers, Senior Director Global Enablement, Digital Content, Analytic Strategy at TIBCO Software. “Not surprisingly, executive management and IT management play a key role. The survey data also shows that 63% of innovation projects is occurring outside of these traditional stakeholder job titles and budgets.”

Rogers said that finance took third place as a key innovation sponsor in the enterprises it surveyed, after executive management and IT management.

He identified digital transformation as one of the most important areas of innovation, pointing to research firm IDC which is predicting that by the end of 2019, digital transformation spending will reach $1.7 trillion worldwide.

“Digital transformation allows a company to own its destiny as a digital business, to stay competitive and drive innovation,” he added. “Smart companies are investing heavily in digital transformation so they can leverage interconnected ecosystems and information intelligence to empower IT as well as all lines of their business. Digital transformation capabilities have become the necessary foundation for innovation in today’s highly competitive landscape. At its core, digital transformation is a necessity to make information the DNA of your business, and in doing so, leads you to sophisticated technologies that leverage and optimize your innovation strategy.”

by Guy Matthews