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Chief financial officers (CFOs) and chief information officers (CIOs) are beginning to work together on IT investment projects to guarantee stronger returns.
A new report based on a survey of almost 3,000 CFOs and CIOs – including 250 in Australia – has shown a strong trend of CFOs becoming more involved in IT purchasing decisions.
According to the C-suite Imperatives: Evolving IT and Enterprise Investments report – conducted by Censuswide at the request of software support firm Rimini Street – there is a growing demand for CIOs to invest in IT projects with a stronger return on investment, and close cooperation between CIOs and CFOs can lead to better results and company growth.
Ninety-four per cent of CIOs and CFOs in the ANZ region reported their working relationship had strengthened, though 90 per cent of CFOs did feel that CIOs could work on their business communications.
Perhaps unsurprisingly, 96 per cent of CIOs feel that their CFO partners should be more across technology uses and concerns.
The report also found CFOs were “taking a more assertive role in technology decisions”, with 60 per cent saying they’re willing to support increasing IT spending where needed, but only if projects were designed with clear, RIO-driven expectations.
AI is making its way into the mix, too, with 37 per cent of CIOs looking to the emerging technology to help resolve skills shortages in their organisations. They’re either already integrating AI into their companies or are planning to do it before year’s end.
The areas where Australian CFOs want to see their CIO’s focus are anything that aims to improve “risk management and compliance (34 per cent), customer success and engagement (33 per cent), and revenue-generating initiatives (33 per cent)”.
Rimini Street CFO Michael Perica said that the report revealed a pragmatic approach to IT management.
“Survey findings suggest that CFOs and CIOs in ANZ are working together to be pragmatic in their emerging technology decisions, and it is clear they are depending on guidance from one another more than ever to create a sustainable balance between innovation and business results,” Perica said in a statement.
“As a trusted outsourced support and managed services provider to leading organisations like Officeworks, NBN Co and MYOB, we help CIOs and CFOs on their IT roadmap journey, providing solutions and cost savings that fund innovation and growth.”
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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