The research shows that technology investments and business systems changes (both at 49%) are the top collaboration areas for CFOs and CIOs, followed closely by staff technology training (44%) and digital transformation (42%). Finance and tech leaders are also partnering on cybersecurity efforts (39%) for their company.
“Technology solutions and processes are now firmly integrated with, and vital to, the daily operations of today’s organizations ― particularly within the finance function, where areas such as data analysis, forecasting and compliance rely heavily on IT support,” said David King, senior district president of Robert Half. “Such an important, symbiotic relationship makes close communication and coordination between the CFO and CIO key to ensuring IT investments support the success of initiatives across the business.”
“A good working relationship between leaders at the top is often reflected in a more aligned and effective approach by teams at all levels,” added Deborah Bottineau, district president for Robert Half Technology. “Encouraging staff to seek input across departments builds greater awareness of challenges and helps establish a collaborative culture where goals and big-picture strategies are consistently insightful, innovative and successful.”
Following are three business advantages of a strong CFO-CIO relationship:
- Smarter IT investments — 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.
- Improved information security and compliance — 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.
- Actionable data analytics — 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.
About the Research
The online survey was developed by Robert Half and conducted by an independent research firm. It is based on responses from more than 300 CFOs at Canadian companies with 20 or more employees.