Maintaining a Good CFO-CIO Relationship

The role played by the CFO is different from the one played by the CIO yet they need to work together so that they lead the business in the same direction. It is a common question that is asked by most that Why CFOs need to collaborate with CIOs? The answer is simple, for the interest of the company. However, still there remain differences and it becomes necessary to Bridge the gap between CFO & CIO.  

Technology and finance, both the backbone of the company

Technology has developed a lot and most business now depends upon the technology driven system to run smoothly. Similarly, the immense importance of finance can never be misjudged, whether it’s a multinational company or a startup.

Nowadays, when cyber security has become so important the role of technology is business has increased and the finance people too cannot work without proper co-operation and help from tech people.

Thus, the current situations are that a CIO is no more just an IT guy; he has a lot of important role to be played so that the business runs and functions smoothly. Thus, a CFO needs to collaborate with the CIO so that they can plan out the future of the business in a most efficient way.

Collaboration between CIO and CFO

Modern technology has made every business more vulnerable to their customers. Every customer can now directly contact with the business with the help of the website. Thus, it has become necessary for business to plan out things in such manner that they can fulfill the need of the customers and at the same time make their business safe.

The role of a CFO is to manage the risk of the business and the CIO ensures that the business is not meeting any cyber threat. Hence, both of them need to work together as they share the same interest that is growth of the business.

Although it is true that a CO can tale common interest in the job of a CIO and the same is applicable for CIO but something keeps them aloof. Like the lack of common language. A CIO is expert in technological jargons but do not understand the debits and the credits. Moreover, a CFO is always concerned about the cost and the CIOs complain that they hinder the IT implementations. Whatever is the situation it is necessary to Bridge the gap between CFO & CIO, so that the organizations can get benefitted from both.

You can also visit Maureen O’Connell, Scholastic‘s CFO’s video on the topic.