CFOs and CIOs Find Common Ground

A recent article in CFO magazine discusses the critical partnership between corporate CFOs and CIOs.  As is often the case, these two executives have difficulty speaking the same language.  CFOs are certainly more focused on the financial and risk aspects of any major information technology undertaking.  On the other hand, CIOs tend to focus on the innovation and efficiencies that they can bring to the business through greater automation.  Here is what CFO magazine noted from a recent roundtable discussion with CFOs and CIOs.

If one trait of CIOs could be changed, the executive said bluntly, they would develop more appreciation for prudent risk-taking. “They’re always coming up with these very capital-intensive programs that are essentially faith-based initiatives. The projects are not well supported with metrics, the numbers don’t work, but they want to run off and take the risk.”  Similarly, one CFO at the table, who also asked not to be named, chimed in: “Stop saying that it’s going to produce 2,000% ROI. Nobody believes you.”  The first executive did allow, though, that there are two sides to the issue. Finance leaders, he acknowledged, often lose sight of the fact that “we have to have some vision, too.” Rather than being just numbers-driven, CFOs have to find room for belief in innovation and “understand the power of a better idea.”

To be truly successful, the two executives must find common ground.  Wheelhouse Advisors provides practical solutions to bridge the gap between CFOs and CIOs leading to stronger business results.  To learn more, visit www.WheelhouseAdvisors.com.

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About Wheelhouse Advisors
Wheelhouse Advisors LLC is the publisher of The ERM Current™, an online publication and blog dedicated to providing the latest updates on current trends in Enterprise Risk Management & Control. Wheelhouse Advisors provides cost-effective Enterprise Risk Management & Control solutions to both large and mid-size corporations. To learn more about Wheelhouse Advisors, please visit our web site at www.WheelhouseAdvisors.com.

One Response to CFOs and CIOs Find Common Ground

  1. plannetplc says:

    In fact, CFOs should listen to CIOs when they suggest the implementation of Best Practice in their IT strategy – how much money would that save the company? http://plannetplc.wordpress.com/2010/02/02/can-you-afford-not-to-invest-in-best-practice/

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