High-level management positions are well-respected jobs. However, they are often little understood by the majority of people. CEOs, CFOs, CIOs, and others have the difficult task of directing and managing the big picture issues facing a corporation. Most people only know what a CEO, the Chief Executive Officer, is. The head honcho is how they see it. But anyone in management knows that much of the top level works as a team, and this is becoming increasingly more typical.
CFOs are responsible for all things financial. They keep an eye on financial risks, provide reports, and essentially keep the financial house in order at a company. But increasingly they are being tasked with assisting CEOs and corporate strategy, especially as the global markets are unstable and unpredictable. In addition to this, companies are often utilizing their CIOs to get the “big data” business analytics to inform their decisions.
Business Analytics over the last few years has been growing. Gathering and examining lots of data about a company generally falls on the shoulders of the CIOs. But as CFOs have begun to expand their responsibilities, the work of the two management areas can overlap. This should be embraced, not resisted. Terry Sandiford has a great article about the two positions in Business Finance Mag. Why should it be embraced? Well as Terry says, getting the most out of big data “is not about having the right technology but the right strategy.”
More importantly, a CFO taking a broad picture approach to financial management is vital to getting the most out of this recent push into business analytics. Terry again writes that CFOs are achieving an “end-to-end view of each process [in a corporation]: order-to-cash, source-to-contract, procure-to-pay, quote-to-deliver, marketing campaign effectiveness,” and more. How? By including and “working closely with the CIO to take a centralized approach to enterprise.”
Together is Better
A company could of course have both their CFO and CIO working separately on what seems to be the same goal. But if you don’t have them working together, as Terry suggests, you will not get the most out of the data or your employees. By working together on common goals, the CFO and CIO can combine forces and insight to form a more complete strategy for the company. It also allows combined assets and additional employee interaction to work in favor of corporate goals. The more people addressing an issue, the better.
Be sure to check out the rest of Terry’s article. It’s an interesting read and one that is beneficial to any CFO or person in a similar position.