ONLY A THIRD OF FINANCE OFFICERS CLAIM TO WORK CLOSELY WITH THE CIO DESPITE RECOGNISING THE CIOS CAPABILITY TO DRIVE BUSINESS GROWTH, ACCORDING TO SUNGARD AVAILABILITY SERVICES RESEARCH
Research sponsored by Sungard Availability Services (Sungard AS), a leading provider of information availability through managed IT, cloud and recovery services, has revealed the importance of closer collaboration between senior finance and IT functions for driving business growth and availability. 96% of C-level and senior decision maker finance officers questioned in the UK 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% stating that they don’t really engage with the department. Only 29% of respondents said that their organisation breeds a culture where interdepartmental collaboration is openly encouraged.
Keith Tilley, EVP EMEA & APAC at Sungard Availability Services said: “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.”
For further details on how finance officers can collaborate more closely with the CIO, Sungard AS commissioned a report by Professor of Management, Joe Peppard from the European School of Management and Technology entitles ‘Digital Dynamics in the C-Suite’. Three key tips developed by Joe Peppard for closer collaboration with the CIO include:
- 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.
To download the report, please visit: http://www.all-time.co.uk/