CFOs are taking on more responsibility for system decisions while CIOs are getting more involved in business and strategy decisions than ever before. With everything ‘moving to the cloud’, the role of both the CFO and the CIO are changing. Are you changing with it?
Are you falling prey to the stereotypical bad relationship between CFO and CIO? How is it impacting your organization?
We came across this great article from CFO recently that we thought exemplified the importance of creating a strong CFO-CIO relationship.
The author sums it up pretty clearly: “For many organizations, feelings of suspicion, competitiveness and a general misunderstanding of each other’s motives define the relationship between these two important leaders. But unfortunate stereotypes in the C-suite can have dire consequences. When the CIO underestimates the CFO, for example, or when the CFO doesn’t fully appreciate the role of the CIO, dysfunction can thwart what should otherwise be a collaborative and supportive relationship for the sake of the organization.”
So how do you break down those stereotypes and misunderstandings? The article offered up some valuable advice regarding how the CFO can bridge the gap:
- improve cost transparency
- ensure the planning process meets the needs of both IT and finance
- pick the right people
Read the article in full here: http://ww2.cfo.com/technology/2017/01/cfo-cio-bridging-gap/.
A strong CFO-CIO relationship will result in adaptability, ease of use, access to data, and effective platform selection instead of hardcore infrastructure ‘whose server is bigger’ discussions that don’t solve major problems.
Bridging the gap may require a little legwork, but in the end the organization as a whole will benefit.
At True Sky, we can help you open the lines of communication with corporate performance management software that meets the needs of both IT and finance. Call us today at 1 855 878 3759 or visit www.truesky.com for more information.