A question for CFOs: do you work closely with your CIO?
If so, congratulations – but unfortunately, you’re likely to be in the minority. According to a recent Forbes report, only 30% of CIOs report strong working relationships with their counterparts in the finance department.
It may be unfortunate, but traditionally at least, it’s fair to say it’s a dynamic that’s not very surprising. Historically CFOs have tended to operate within the confines of their particular remit, while IT has been viewed as it’s own distinct function. This structural separation has meant opportunities for collaboration were few and far between, but this looks likely to change.
As the CFO’s responsibilities expand, and projects like implementing Microsoft Dynamics 365 Business Central become more complex, time-consuming and disruptive, the need for close cooperation becomes ever clearer. The truth is that technology is now such a fundamental dimension of any department, that merely casting it off to IT isn’t an option. This has been true for some time, and unsurprisingly the CFOs most prospering are those embracing the change, and proactively seeking opportunities to better align their activities with those of the CIO.
The key, as in any relationship, is regular and open communication. Making sure that both parties engage in transparent discussions around a shared project – such as implementing Business Central – is essential to creating the foundations that will help foster stronger, more effective partnerships between the two leaders.
As well as enabling both the CFO and CIO to be sure they are aligned when it comes to strategic objectives, this kind of regular contact should make it clear that they are better together than apart. Each will bring a unique skill set to the project, which when working in harmony together, will help their teams to maximise productivity. The benefits to the business are also obvious: both will bring the necessary knowledge, experience, and leadership required to make new digital initiatives a success – and fill in the gaps for one other.
Working together – and making sure both leaders have allocated the appropriate resources most efficiently – will also mean that the burden of responsibility is shared. The result will be that finance leaders in particular will be able to step up to drive digital transformation effectively, while also being able to get on with their day to day jobs.
This combination can work particularly when your CIO is well-versed in Microsoft products and their different functionalities. Building on their experience will ensure that the integration of Business Central becomes as smooth and efficient for your business as possible.
At Creative Computing, we regularly work with CFOs, CIOs and their teams to implement Business Central. We’d be very happy to discuss how we could support both business leaders and departments to ensure that your business is set up for success. Simply get in touch today and we’ll set up a free consultation.
