Despite these challenges, modern organizations expect the CIO to innovate and provide tangible value quickly and with high responsiveness. Agility and responsiveness to business needs are primary for IT to maintain relevance in the enterprise.
With all this in mind, I read with interest a new study by Epicor that describes challenges facing Chief Financial Officers and their relationship with IT. The data explains what CFOs find lacking, which actually gives the CIO and IT a pointer toward future cooperation.
IT investment opportunities
The research presents a statement on the importance of technology to the CFO, a finding that opens the door to cooperation with the CIO and IT.
The research also highlights that almost a third of CFOs say their finance systems need updating.
Information technology needs to improve
The report explains that many CFOs don't have the data or tools they need to make sound decisions. Again, IT has an opportunity to fill that gap.
CIO relevance only comes when IT solves real problems for people working in lines of business and corporate functions. Although there is lots of discussion about the growth of technology budgets in marketing, finance is an upcoming opportunity forward-thinking CIOs.
The time is now for CIOs to bond tightly with finance to help the CFO solve data problems and adopt a "digital mindset."