Tag Archives: CIO
“There are a number of steps that CFOs and CIOs can take to work better together, Rathindran said. For example, CIOs can have more empathy for the earnings targets that CFOs must hit, while CFOs could show more empathy for why an iterative approach to funding and executing digital projects is needed, he said.”
“The biggest issue with data is that there’s so much of it that companies have tremendous difficulty making sense of it. Data users can spend between 30 to 40 percent of their time searching for data and 20 to 30 percent on cleansing it. The result is often a kind of data drunkenness where companies chase after different ideas in an uncoordinated and disjointed fashion. In effect, they’re trying to manage the scale rather than extract the value.”
“Without quality-assuring governance, companies not only miss out on data-driven opportunities; they waste resources. Data processing and cleanup can consume more than half of an analytics team’s time, including that of highly paid data scientists, which limits scalability and frustrates employees. Indeed, the productivity of employees across the organization can suffer: respondents to our 2019 Global Data Transformation Survey reported that an average of 30 percent of their total enterprise time was spent on non-value-added tasks because of poor data quality and availability.”
“CIOs need to take a through-cycle view and stay committed to broader transformation goals they’ve been leading such as programs on data, cloud, and agile. Cloud migration provides the flexibility to manage the current spikes and changing employee and customer needs rapidly and cost effectively. The goal for CIOs is to emerge from this not having just “managed” the crisis but being stronger because of it.”
Businesses around the world are under intense pressure to invest in transformative technologies such as artificial intelligence, robotics, and cloud that will help them compete effectively in a world increasingly defined by digital innovation and disruption. This unique situation requires chief information officers (CIOs) to play a larger role in shaping and executing business strategy. Deloitte’s global cost management survey found that while cost management is a top priority for businesses, it is referred to as a “save to transform” initiative because many companies are using their cost savings to help fund investments in growth and transformation. CIOs and technology leaders operate at the intersection of all three save-to-transform aspects: cost reduction, growth and transformation.
Check out the interview with 3C Software President & CEO, Matthew Smith, where he discusses the importance of including a robust cost and profitability enterprise solution in your overall technology footprint.
In today’s business environment, one way companies look to cut costs and increase profits is by deploying a high impact analysis process that provides access to detailed cost results. These answers drive business decisions like setting prices for products and services, removing non-value-added activities or adjusting production plans. The continuous “data drown” that many finance and operations teams face creates challenges with consolidating and analyzing data. Organizations are constantly looking for a solution that can address their ability to access the data they need to make informed decisions.
You can read the entire article in the March Issue of CIOReview.
“CFOs and chief information officers don’t always see eye to eye, even on vital matters like risk management and cost control. But there may be more common ground between them than is typically thought.” This month, David McCann talks about the relationship between CFOs and CIOs and how there is much more common ground than one may think.
Read the article “Harmony in the C-Suite” here
What is the relationship between finance and technology leaders in your organization?