As a present-day CFO, you are not only responsible for financial planning and risk management, but also for a plethora of other functions like innovation and information technology. It is quite likely that the Chief Information Officer (CIO) of your organization reports to you and that you have the final say in matters related to investment in technology.
It is important for you to possess working knowledge and closely collaborate with your CIO in order to excel at your own job. This post discusses 3 reasons why IT and the CIO need your attention.
1. Sharing Knowledge
In this Age of Information, sharing knowledge is crucial across the board. Your finance team receives and gives important information that helps the organization to thrive. Technology can help the systematic sharing of this knowledge. For instance, company wikis are surfacing as smart, cost-effective and flexible solutions to exchange information and documents as well as manage content.
2. Providing Information for Decision-Making
As a CFO, you are responsible for providing relevant and timely information to the CEO. A dashboard can help you provide this information by:
- Focusing on goals
- Providing a summary of crucial performance metrics
- Highlighting and communicating important information in brief
- Drawing attention to both financial and non-financial aspects of performance
- Offering built-in or customizable reporting and analysis solutions
3. Reaping the Benefits of Cloud Technology
Cloud technology has the potential to boost speed and flexibility and lower costs of operations. It is essential to learn about this valuable resource and understand its business value from your CIO.
Thus, it is of prime importance for CFOs to view IT as supportive to their financial planning processes. It can help the organization increase efficiency, reduce overhead costs and gain a competitive edge. It is your job to gain awareness about both capital and operating expenses related to installing new technology. This could include vendor, migration, training and regulatory costs. But it is also your job to leverage the benefits of IT and help your organization realize its full potential.
The best approach to doing this is by developing a shared vision and creating a road-map to technology adoption in collaboration with the CIO. Together, you could work out a way to increase business efficiency and income through technology with minimum disruption and a flexible mindset about ROI.