CIO opinion
“
A PRIMARY
STRAIN ON
THE CIO-CFO
RELATIONSHIP
REVOLVES
AROUND
BUDGETING AND
HOW COSTS ARE
CONTROLLED.
the other’s field the biggest barrier keeping
them working closer together, and vice versa,
emphasising the gaps in knowledge are
indeed present and how both sides would
benefit from learning about one another’s
roles and activities.
Have robust roll-out plans
A primary strain on the CIO–CFO relationship
revolves around budgeting and how costs
are controlled. Historically, these functional
roles speak a different language. The CIO’s
pet projects are often expensive and take
years to complete but that’s not much help
to CFOs dealing with quarterly pressures.
CIOs can sometimes struggle when
communicating the true ROI of IT projects,
as well as their impacts, activity priorities and
key financial details.
All of which are essential pieces of
information on the financial side, and with
CFOs’ sights set on ensuring and maintaining
the financial health of the organisation, they
expect CIOs to present a clear and detailed
business case for IT investments.
48
INTELLIGENTCIO
Lead with data
Though the two leaders do have their
differences in priorities and communications,
there’s one aspect both parties largely
depend on: data. Access to real-time
data gives CIOs the ability to assess their
investments in new technologies to help
make better business decisions and should
use this to their advantage.
The relationship between the CIO and
CFO can make or break an organisation’s
ability to grow, so it’s imperative that CFOs
understand and value the potential the CIO
and their IT team brings to the table – be
it access to vast datasets, benefits from
powerful analytical methods or the adoption
of new and applicable technologies. Using
these, the CIO and CFO can work together
to identify and track key KPIs, an entity they
can both understand and hone in on.
Achieving business success
As organisations continue on their Digital
Transformation journeys, CIOs and CFOs
are going to have to be on the same
page sooner rather than later, so CIOs
should aim to work in tandem with the
organisation’s financial leader. Instead of
leading with the plans they have and the
required investment, information officers
would see more success by speaking the
CFO’s language, putting the case forward
to them. What’s important is listening to
one another and putting each own’s side
forward in a matter that’s meaningful.
The CIO should aim to build their case as
a response to the needs of the business
as a whole. By appealing to the CFO’s
near-certain desire to ensure the spending
supports the strategy, the CIO can build
stronger and more valuable relationships
with the financial officer, while having a
positive impact on the wider business.
Bridging the gap in the relationship between
the two may require some extra time and
hard work, but the whole organisation
will benefit in the end. It is trust, positive
influence and a shared understanding that
contributes to an effective relationship. n
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