by Rob Joseph, Director, BeaconCFO Plus
In many organizations, the information technology (IT) and finance departments have long had a transactional relationship, handing off a task or project rather than working together.
You may even occasionally hear things like this:
“Finance just doesn’t get it.”
“IT has no idea how we operate.”
These statements are becoming a thing of the past as the digital shift across all industries has linked finance and IT like never before—and more organizations are simply realizing the potential that exists when those departments work together as one team, rather than as separate entities. Finance and IT are both at the strategic center of your organization: This is where you need ideas, knowledge, and expertise flowing freely.
Finance is often adept at identifying inefficiencies and areas of improvement while IT can dig into the complexities of a problem at a deeper level. When you have groups of individuals with these different capabilities and strengths working together to solve problems and drive strategy, your organization will be positioned to make change happen for the better.
These are just a few of the many reasons that collaboration between IT and finance matters.
- Shared Access to Data: When data is no longer siloed and can be easily accessed, your team can better take advantage of actionable data to inform their decision-making.
- Improved Data Security: Our organizations rely on data, and that data must be protected. Finance and IT have an opportunity to work together to protect sensitive data and prevent cybercriminal activity.
- An Opportunity to Share Knowledge: If a finance professional expresses genuine curiosity and a desire to understand the organization’s technology at a deeper level, most IT professionals are eager to teach—and the entire team will benefit.
- Stronger Return on Investment: You can’t get better, faster, or more agile as an organization without embracing change. Finance can help evaluate the cost-effectiveness of IT initiatives by asking hard questions, and make sure you are getting the best possible ROI from your technology.
- Ability to Scale Technology Use: It can traditionally take a long time to implement new technology in an organization and get all key players on board. When IT and finance work together, the process can be streamlined and executed much faster.
Our CFOs understand that your organization simply will not reach its full potential without a strong relationship between IT and finance. When we are a part of your team, our fractional CFOs help foster a collaborative working relationship between the two departments. Reach out to learn more about the outsourced CFO services we provide and schedule a complimentary consultation.