The European C-suite lacks the tools to measure the full return on investment of their outsourced business arrangements, despite spending millions of dollars on outsourcing business-critical operations each year, according to a research report by Cognizant, in association with Warwick Business School.

The research was conducted from April - July this year and is based on conversations with over 250 European CIOs and CFOs from the world's largest companies across a variety of sectors.

The survey showed that less than half of all CIOs and CFOs (43 percent) have attempted to calculate the financial impact of outsourcing to their bottom line, more than a third admit they do not try to measure the returns, while a further fifth do not know whether they have tried. Of those who have tried to calculate the full value of outsourced business arrangements they commission, less than one in five of them polled are very confident in their quantification.

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