New research reveals the importance of closer collaboration between senior finance and IT functions for driving business growth and availability.
96 per cent of UK C-level and senior decision maker finance officers questioned in new research agreed that the Chief Information Officer (CIO) is capable of driving business growth and enterprise availability, including developing mobile and flexible working (68%), new idea generation (70%) and go-to-market capabilities (70%).
However, only a third (32%) of finance offices said that they work very closely with the CIO to deliver business growth and availability, with 25 per cent stating that they don’t really engage with the department. Just 29 per cent of respondents said that their organisation breeds a culture where interdepartmental collaboration is openly encouraged.
Keith Tilley, EVP EMEA & APAC at Sungard Availability Services, the company that sponsored the research, comments on the findings: "Following Gartner’s prediction that by 2020 all businesses will be technology businesses, the IT department is increasingly the keystone in driving revenue growth.
"Therefore, it is alarming to see that only a third of finance officers are taking the opportunity to work more closely with the CIO and their team. The most successful CFOs and FDs will be the ones who recognise the potential value of investing in the IT department and the business benefit of encouraging closer collaboration."
Joe Peppard, Professor of Management at the European School of Management and Technology, has developed three key tips for closer collaboration with the CIO:
• Keep abreast of the capabilities of new technologies: harness the CIO’s unique position as a business leader and technologist who can deliver valuable ongoing insights.
• Partner with your CIO to map out the digital transformation agenda. Work together to identify tangible ways to further embed ICT in the business.
• Remember, the CIO spends money on behalf of the organisation for the achievement of benefits, so the budgeting process should reflect this.