, with only 2% of Malaysian finance and IT leaders reporting that they currently have a robust digital finance transformation strategy. In a statement, the firm said the study examines the state of digital finance transformation and how these efforts are impacted by the finance and IT functions.
Other barriers faced by companies in Malaysia include cybersecurity challenges, as well as cost and budget issues, it noted Additionally, the survey indicated that close to one in two finance leaders in Malaysia also said they are forced to make financial decisions based on gut instincts despite having the data they need. Workday noted that the ability to make data-driven decisions at speed is critical for businesses today.
This is despite 59% of Malaysian companies saying that they are under pressure to innovate finance technology despite limited financial literacy. This reveals an opportunity for greater cross-functional training and partnership between IT and finance.