Why CFOs Are Collaborating More With CIOs

By Dennis McCafferty  |  Posted 05-22-2015 Email

CFOs are increasingly collaborating with CIOs while playing a greater role in IT strategy overall, according to a recent survey from EY (formerly known as Ernst and Young). From a tech perspective, such involvement on the part of CFOs can help better manage costs while building business cases for new initiatives. From the CFO's perspective, a closer relationship can enable finance to acquire more useful and accessible data, improve analytics capabilities and gain a better understanding of the business value of IT. These efforts are apparently paying off too, as a significant share of organizations in which CFOs value the digitalization of functions are seeing considerable earnings growth. "In today's digital economy, the financial well-being of an enterprise is dependent on the health of the CFO-CIO relationship," said Julie Teigland, leader of the CFO program for EY's Europe, Middle East, India and Africa (EMEIA) practice. "In order to succeed, organizations must make bold technology investment decisions that are driven by corporate strategy, while managing a range of severe risks, such as cyber-security and data privacy concerns. This mission-critical convergence of technology, investment strategy and risk has elevated the CFO-CIO relationship to new levels of importance." More than 650 CFOs took part in the research.

Dennis McCafferty is a freelance writer for Baseline Magazine.


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