Why CFOs Are Collaborating More With CIOs
Why CFOs Are Collaborating More With CIOs
By Dennis McCafferty
Evolving 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 Influencer
71% said they’ve gotten more involved with IT over the last three years, and 35% said this involvement has significantly increased.
Consensus 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 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 IT
Managing costs/profitability: 35%, Setting budgets/costs: 33%, Building business case for new initiatives: 28%
Biggest 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 Awareness
66% of CFOs said cyber-security is a high or “very high” priority.
Data Determination
53% said they make either a significant or “very significant” contribution to determining where analytics efforts can add the most value.
ROI 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.
