How CFO and CIO Collaboration Benefits Business08/07/2019
In today’s technologically infused workplace, it comes of no surprise that CFO and CIO collaboration is happening more often. This collaboration is yielding great results for businesses, and it is time that more people knew about it. Here are a few positive impacts that CFO and CIO collaboration is having on the work environment.
Management of IT Risks
CFOs can finally see a clear understanding of why it’s important to invest in IT project planning that reduces the risk of breaches. Not to mention, CIOs are more capable of handling the required mandates associated with IT security risks. This layered approach ensures that IT risks are lower, and companies have more protection because more eyes are focused on the issues.
Access to Big Data Insights
CIOs are responsible for evaluating which types of business intelligence will benefit the company the most as well as hiring the right people to work and manage those programs. However, it is the CFO that will determine which programs are the wisest investment that will yield the best turn around for the company as far as time and money go.
Stronger Partnership with Internal Audits
To make more strategic and cost-effective decisions, CFOs and CIOs can merge their discussions about internal audits. This allows both sides to work together to create the best plans moving forward while staying abreast of the latest IT risks.
Effective CFO and CIO Collaboration
While the collaboration between a CFO and CIO is certainly a good thing, it doesn’t come without some challenge. Streamline the process of working together by:
- Try to speak the same language by dropping jargon and acronyms that the other may not know or use.
- Communicate effectively about what your overall goals and challenges may be.
- Encourage each other to look at the issues from a bird’s eye view so that you can determine how each decision will impact the company as a whole
- Work with others who can help give both sides feedback about strengths and weaknesses and how to improve the collaboration overall.
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