Why CFOs Are Collaborating More With CIOs

Why CFOs Are Collaborating More With CIOs

Why CFOs Are Collaborating More With CIOsWhy CFOs Are Collaborating More With CIOs

By Dennis McCafferty

Evolving PartnershipEvolving Partnership

61% of surveyed CFOs said they’ve increased collaboration with their CIO over the last three years, and 23% said they’ve done so to “a much greater extent.”

IT InfluencerIT Influencer

71% said they’ve gotten more involved with IT over the last three years, and 35% said this involvement has significantly increased.

Consensus AgreementConsensus Agreement

55% said they are either “significantly” or “completely” aligned with IT’s broader agenda on data.

Top Reasons Why CFOs Are Collaborating More With CIOsTop Reasons Why CFOs Are Collaborating More With CIOs

To obtain more accurate, available and accessible data: 32%, To improve business intelligence/analytics capabilities: 31%, To consolidate IT systems and infrastructure: 28%, To better understand the business value of IT: 25%, To shift to digital within the business: 24%

Biggest Contributions That CFOs Make to ITBiggest Contributions That CFOs Make to IT

Managing costs/profitability: 35%, Setting budgets/costs: 33%, Building business case for new initiatives: 28%

Biggest Barriers Within the CFO/CIO RelationshipBiggest Barriers Within the CFO/CIO Relationship

Insufficient understanding of IT issues among finance execs: 44%, Absence of a clear set of key performance indicators (KPIs) to link financial performance to the IT agenda: 42%, Incompatible processes and tools: 36%

Threat AwarenessThreat Awareness

66% of CFOs said cyber-security is a high or “very high” priority.

Data DeterminationData Determination

53% said they make either a significant or “very significant” contribution to determining where analytics efforts can add the most value.

ROI FactorROI Factor

50% of those who have highly prioritized the transitioning of the IT function to a digital world report earnings growth of 10% or greater over the last three years.

Dennis McCafferty
Dennis McCafferty is a contributor to CIO Insight. He covers topics such as IT leadership, IT strategy, collaboration, and IT for businesses.

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