more strategic activities, according to 35%
of CFOs in a recent report from EY.
For both CIOs and CFOs, it can be a struggle
to have clear communication, which can
get in the way of forming a solid business
relationship with one another. The language
of technology is different from the language
of business, and the financial dialect varies
somewhat too.
As such, greater collaboration will benefit
both parties as well as the wider business.
CIOs can benefit from a closer working
relationship as the CFO is in a strong position
when it comes to helping prepare for major
IT investments. Additionally, support from
the CFO is a powerful voice and can lend
a hand when it comes to vouching for IT
project investments.
Build processes to support and push
for influence
The Financial Times’ report also revealed
that over two thirds (71%) of CFOs feel
CIOs are lacking in influencing skills and
that these need greater development to
deliver the change their business seeks.
CIOs also need to develop those same
communication skills within their teams, to
ensure the right people are equipped with
www.intelligentcio.com
“
WHILE IT’S
UNDERSTANDABLE
FOR THERE TO
BE TENSION
BETWEEN THE CIO
AND CFO, PULLING
THE ROPE IN
OPPOSITE
DIRECTIONS
ACCOMPLISHES
VERY LITTLE.
the right mixture of technical, business and
influencing abilities.
This will enable the CIO to show confidence
in the decisions the team is making, which is
much needed to demonstrate how important
technological decisions are being made and
evaluated. For example, cloud migration
processes are of course crucial to meeting
key Digital Transformation objectives but
concerns over aspects like governance in
adoption pose challenges. A total of 70%
of leaders, including CFOs, don’t have
confidence in the IT function’s ability to
manage cloud across the business, so greater
clarity is needed on tracking performance
through a strong network of communication.
Communicate each other’s areas
of expertise
Whether the role is either financial or
technological, there’s one key dependence
that both parties share; the responsibility for
risk and compliance in the organisation. It’s
that shared responsibility which extends to
the need for a complete understanding of
each other’s roles and the challenges they
face. CIOs should be familiar and aware of
the financial demands and processes, and
CFOs need to be well briefed on the plans for
technological development with a high-level
overview of what to expect.
The fluid and fast-moving nature of the
cloud adds further complexity to the CIO–
CFO relationship and as organisations
transition to the cloud, new and rapid shifts
in IT spending and budgeting processes
are more frequent than before – the IT
and finance teams have to learn how to
speak each other’s language. Research
from Forbes shows that just under a third
of CIOs found the CFO’s lack of expertise in
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