The budding and blossoming relationship between the CFO and CIO is critical.
Having strong intrapersonal communication between the CFO & CIO is crucial to bottom line growth and competitive advantage.
Technology’s critical role in organisations in today’s world, the opportunities and risks of social media and the growing threat of cybersecurity are forcing CFO’s and CIO’s to work more closely and together than never before.
This relationship is necessary to build and, of utmost importance towards a better collaboration among all digital professionals in the digital world that is transforming at a rapid rate with really no chance of slowing down. In this changing digital environment, proper understanding and top notch information is key to growing the financial well-being of an enterprise.
CFO-CIO relationship is crucial to setting KPI’s that keep track of financial performance. Maureen O’Connell, Scholastic’s CFO, talks about reasons why CFOs and CIOs need to collaborate. This acts as a financial booster to the enterprise. The CFO’s involvement in IT can help boost morale as well as manage costs and come up with strategic decisions. This gives a new direction to the organisation and also a defined goal. This influences IT come up with new ideas and executable decisions. CFOs also will be able to uncover underutilised technologies or instances of duplication. Equipped with the knowledge and clear line of sight into IT consumption, CFOs can act more strategically and ensure they make the right investments that foster innovation – and, more importantly, resolve that struggle between good and evil.
The goal is to build on the momentum towards a collaboration among IT, finance and business leaders that are being driven by digital transformation.
This is all about bridging the gap between the CFO & CIO towards a unified understanding of goals and objectives amongst all internal and external platforms.