Rimini Street CEO Seth Ravin joins Cheddar to discuss findings from the company’s sponsored global CFO survey. Ravin explains that in fielding the survey, Rimini Street wanted to understand the relationship between digital transformation and CFOs-CIOs, both pre-pandemic and during the pandemic.
Survey results indicate a very high correlation between a digital transformation focus and growth. Says Ravin:
“I think this was an important survey to get what we thought was already out there in terms of anecdotal, and now we have the data to back it up with 1,500 CIOs and CFOs.”
Ravin adds that digital transformation success happens at those touchpoints where companies interface with clients, consumers, or the public to improve experiences, not in upgrading back end systems of record. Funding transformation is key. Says Ravin:
“Everyone has a component in that competitive advantage that’s related to digital transformation. And those investments are critical, but they have to be funded. And you have to find a way to fund them within the existing budget structure.”
The positive results from the Rimini Street Q1 2021 earnings report are also discussed. Says Ravin:
“We’re growing (our business) because of the fact that companies are focused on digital transformation. And we’re providing the funding by reducing the back end costs on their ERP systems and allowing them to reinvest those funds back into the company and funding that digital transformation.”
Read more about digital transformation success in the research report, “2021 CFO Peer Insights: Digital Transformation and IT Spending Priorities.”
Read about the Rimini Street Q1 2021 financial results.