Chief financial officers who adopt a composable technology strategy will achieve higher revenue growth than peers who take more traditional routes with their technology investments, according to Gartner.
Gartner has identified a new model for CFOs based on a composable technology paradigm that focuses on modular technology solutions delivered by best-fit vendors that enable specific finance capabilities. The framework is built upon three distinct layers of composable platforms based on the main purpose and the strategic value they deliver.
Traditionally, most finance department technology planning prizes elements that are not compatible with agility and innovation, such as selecting large complex systems that can be used by multiple departments and favoring a single vendor approach for technology selection. “A composable architecture allows CFOs the flexibility and nuance to build a strategy that incorporates sustainable differentiation and innovative new processes while still providing a secure and cost-effective base to support core finance processes,” says Bhandare. “Gartner predicts that those organizations pursuing composable finance will enjoy 30% higher revenues than traditional-minded peers by 2025.