News: 82% Of CFOs collaborating more with their firm's CIO

Technology

82% Of CFOs collaborating more with their firm's CIO

Research shows that technology investments and business systems changes are the top collaboration areas for CFOs and CIOs, followed closely by staff technology training and cybersecurity.
82% Of CFOs collaborating more with their firm's CIO

As the integration of technology solutions continues to reshape businesses, C-suite collaboration, increasingly, is standard procedure. A new survey from Robert Half reveals that 82% of CFOs collaborate with their company's CIO more now than three years ago.

The research shows that technology investments (56% of the response) and business systems changes (52%) are the top collaboration areas for CFOs and CIOs, followed closely by staff technology training and cybersecurity (both at 45%). Finance and tech leaders are also partnering on digital transformation efforts (39%) for their company.

"The adoption and implementation of new technologies like artificial intelligence and robotic process automation are no longer in their infancy," said Tim Hird, an executive vice president at Robert Half. "It's a business imperative for CFOs and CIOs to closely work together to consider the operational and financial issues of technology solutions."

“While a closer working relationship between CFOs and CIOs is essential, organizations derive further benefits from increased interaction between finance and IT staffs in general, says John Reed, an executive vice president for Robert Half.” "Providing opportunities for the teams to collaborate builds awareness of operational challenges and needs, which often leads to more astute insights on best practices and solutions."

There are three business advantages of a strong CFO-CIO relationship. One, digital transformation initiatives require a substantial allocation of resources and have an enormous impact on a company's future performance. The CIO can provide expert guidance on which technology can best achieve business goals and increase competitiveness, while the CFO offers financial and operational insights.

Two, with firms increasingly reliant on technology, the need to protect sensitive data has never been greater. The CFO and CIO must coordinate and develop measures to address the risks posed by cybercriminal activity and compliance demands. Three, a solid working relationship between C-level executives can produce the right combination of technologies and processes to extract the most accurate information for the business.

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Topics: Technology, #BusinessTransformation

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