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W
hen it comes to maximising
the business benefits of IT, the
most successful projects always
share key attributes such as careful planning
against clear objectives and an appreciation
for the importance of people and process,
not just technology.
However, before this can happen, the CIO
needs to overcome the keen eye of the CFO.
The relationship between the two needs
to be closely aligned and this means going
beyond just agreeing on budgets. They have
to work together to ensure the organisation
meets the needs of all parties involved
– shareholders, partners, employees and
customers alike. While it’s understandable
for there to be tension between the CIO and
CFO, pulling the rope in opposite directions
accomplishes very little.
According to a report from Financial Times
Focus, the CIO is considered the C-suite
leader most able to drive change – but to do
so, they must be able to communicate with
the rest of the business and stakeholders
effectively, including the CFO.
So, here are some tips for CIOs on how to
communicate better and form efficient
relationships with their CFOs:
Ensure you’re speaking the
same language
While CIOs are most often the ones found
leading Digital Transformation projects, it’s
still a vast process made from many moving
parts and requires input from leaders across
the company. The CFO’s main contribution
to IT is still enforcing cost discipline as
opposed to 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
www.intelligentcio.com
“
Chris Pope, VP of Innovation at ServiceNow
WHILE IT’S
UNDERSTANDABLE
FOR THERE TO
BE TENSION
BETWEEN THE
CIO AND CFO,
PULLING THE
ROPE IN OPPOSITE
DIRECTIONS
ACCOMPLISHES
VERY LITTLE.
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
INTELLIGENTCIO
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