The impact of transforming accounts payable with digital technologies such as robotic process automation, artificial intelligence and machine learning goes well beyond the back-office.
Digital technologies are reshaping the C-suite.
Eighty-two percent of CFOs surveyed by Robert Half say that they are collaborating more closely with their company’s CIO compared to three years ago as a result of deploying digital technologies.
It turns out that digital transformation initiatives are the conduit for CFOs to CIOs to collaborate on:
- Technology investments (identified by 56 percent of the CFOs surveyed)
- Business systems changes (52 percent)
- Staff technology training (45 percent)
- Cybersecurity (45 percent)
- Digital transformation efforts (39 percent)
Robert Half Management Resources, Executive Director, Tim Hird isn’t surprised by the findings.
He explains that it’s a business imperative for CFOs and CIOs to work closely together to consider the operational and financial impact of technology solutions.
But close working relationships between CFOs and CIOs do more than help businesses achieve payback on their technology investments.
Strong CFO-CIO collaboration helps businesses:
1. Make smarter IT investments
- CIOs can provide expert guidance on where digital technologies can best achieve business goals and increase competitiveness. CFOs can offer insights on the financial and operational impact of digital transformation initiatives.
2. Improve agility
- Businesses need actionable insights to make fast and well-informed strategic decisions. Strong collaboration between CFOs and CIOs helps ensure that the business deploys the right technology to extract, manage and deliver the most accurate information.
3. Mitigate risk
- The need to protect sensitive data has never been greater. CFOs and CIOs can work together to develop measures to address fraud risks and compliance demands.
Business success depends on close working relationships between CFOs and CIOs.
See for yourself how Productivity Wrx℠ digital transformation platform from IPS can facilitate collaboration between your CFO and CIO. Arrange a no-obligation virtual demonstration with one of our digital transformation experts!