Finance News & Insights

How more time with IT can boost your company’s bottom line

Just how close are you and your company’s IT department? As technology continues to influence business, more CFOs are starting to get involved with their business’ tech sides. 

Sure there’s usually a respectful relationship between finance chiefs and IT, but they often have conflicting ideas about what their companies need, tech-wise. IT departments are usually eager to implement newer technology, but CFOs, always mindful of the bottom line, are more concerned with what the ROI on the new tech will be.

It’s easy to see how there might be some friction. But CFOs should be actively working with chief information officers (CIO) and the IT department because, as a team, you’ll be able to determine how to help your company achieve its goals by investing in various technology.

Think about it: Has cloud-based tech piqued your interest? IT can help you brainstorm how to use cloud technology to move your company forward and get the most bang for your buck.

Working together

It’s become more common for finance chiefs to work closely with their companies’ IT departments. In fact, 44% of CFOs reported that their influence over IT has noticeably increased over the last two years, according to the 2013 CFO Technology Study from Gartner FEI.

Additionally, 39% of finance chiefs said their companies’ IT departments report direct to them, allowing the CFOs to be part of the decision-making process when it comes to upgrading and exploring new tech.

Gartner advises CFOs to keep the big picture in mind while working with IT: Don’t think of it as an IT project, think of it as a business project that will affect your whole company.

IT staffers can also serve as great in-house advisors when it comes to hammering out Finance’s internal systems. They may already have ideas on how to make your A/R system more efficient, but haven’t been given the chance to share.

It might be tempting to put off meeting with the CIO or IT department in order to focus on more Finance-specific tasks, but keep in mind: CFOs who are uninterested in technological advances could miss out on opportunities for their businesses.

 

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