Season 3, Episode 5 : Why should a CFO partner more effectively with a CIO?

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We’ve discussed in this series how organisations are moving towards autonomous finance and that means finance leaders have a new level of responsibility for driving technology into their businesses. However, this opens the door to a whole new set of challenges which is where effective partnerships with your CIO or leaders of IT can be the make or break for transformation projects, but with only 30% of CIO’s reporting strong working relationships with their CFO’s, it may be time to address this. I’m Laura at Creative and this is Dynamics Unwrapped…

So, in order to lead a successful technology deployment and carry out effective transformations, finance teams often have to rely on consultants or IT teams to advance technology projects whilst still having to manage their own jobs to perform effectively. Not to mention these projects can be costly, time consuming, and disruptive.  

So, the wider the scope and the more digital projects finance leaders need to take on, the harder it is to find the capacity to address the needs of those projects and ensure they’re delivered effectively. By combining finance ownership of digital delivery and communicating with your CIO or IT leaders to drive transformation initiatives the likelihood of realising the expected benefits increases.  

By regularly discussing topics that drive valuable partnerships and align strategic objectives, businesses can exploit the various skillsets within their workforce to ensure productivity is maximised in order to execute digital initiatives successfully. By distributing key resources and enlisting your CIO for support finance leaders can lead digital transformation efforts whilst still having time to focus on their core tasks.  

And there you have it; another season comes to a close and hopefully we’ve helped provide insight into the changing role of a CFO and how it’s shifting from traditionally analysing financial data to leading digital transformation efforts. Although this may be daunting, utilising technologies like Business Central and partnering more effectively with CIO’s, you can drive your business towards optimal performance. And that is series 3 unwrapped.

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