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3 Reasons Why CFOs Need

to Collaborate with CIOs

Maureen O Connell
Executive VP, CFO and CAO
Scholastic Corporation
Jan 23td, 2017
Note: The views expressed here are
my own.
Present-day CFOs, are not only responsible for
financial planning and risk management, but
also for a plethora of other functions like
innovation and Information Technology.
It is quite likely that the Chief Information
Officer (CIO) of an organization reports to the
CFO and that the CFO has the final say in
matters related to investment in technology.
It is important for CFOs to possess working
knowledge and closely collaborate with CIOs
in order to excel at your own job.

In this presentation, we will discuss 3 reasons


why IT and the CIO need your attention.
1. Sharing Knowledge

Sharing knowledge is crucial across the board.


Finance teams receive and give important
information that can help the organization to
thrive.
Technology can help the systematic sharing of
this knowledge. For instance, company wikis
are surfacing as smart, cost-effective and
flexible solutions to exchange information and
documents as well as manage content.
2. Information for Decision-
Making
CFOs are responsible for providing relevant and timely
information to the CEO. A dashboard can help you provide this
information by:
Focusing on goals
Providing a summary of crucial performance metrics
Highlighting and communicating important information in
brief
Drawing attention to both financial and non-financial aspects
of performance
Offering built-in or customizable reporting and analysis
solutions
3. Reaping the Benefits of
Cloud Technology
Cloud technology has the potential to
boost speed and flexibility and lower
costs of operations.
It is essential to learn about this
valuable resource and understand its
business value from the CIO.
Conclusion

it is of prime importance for CFOs to view IT as


supportive to their financial planning processes.
It can help the organization increase efficiency, reduce
overhead costs and gain a competitive edge.
It is your job to gain awareness about both capital and
operating expenses related to installing new technology.
This could include vendor, migration, training and
regulatory costs.
But it is also your job to leverage the benefits of IT and
help your organization realize its full potential.
The best approach to doing this is by
developing a shared vision and creating a
road-map to technology adoption in
collaboration with the CIO.
Together, you could work out a way to
increase business efficiency and income
through technology with minimum disruption
and a flexible mind-set about ROI.
Maureen O'Connell

Maureen OConnell is Executive VP, CFO and


CAO for Scholastic Corporation (NASDAQ:
SCHL). Finance and Accounting are her forte.

She also excels at Administrative Functions


such as Strategic Planning & Business
Development, Global Operations & IT and
Human Resources.

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