Two widespread misconceptions I hear on a regular basis are that the finance staff solely seems to be for tactics to scale back spending, and that we’re at all times saying “No” to new initiatives, like including new software program. Neither are true.
Whereas the finance staff ought to query finances requests and decide ROI, the principle focus must be to drive income, not essentially reduce prices. In the end, finance groups wish to approve sound investments that, when correctly structured, will assist the enterprise develop.
With this in thoughts, listed here are some recommendations for organizations and leaders to contemplate to enhance collaboration between their finance and IT groups to speed up enterprise success.
Empowering collaboration early within the planning course of
When the mandatory discussions round the associated fee and affect of recent software program occur too late within the course of, they don’t seem to be as strategic as they may very well be. As a substitute, they find yourself being task-oriented and organizations miss out on potential advantages as a result of they’re left with disrupted workflows, delays in total progress and wasted assets.
To energy productiveness and success, finance groups must be included within the early phases of planning and implementation for brand new software program. Together with your group’s CFO and key finance staff members early within the planning course of ensures they’ll begin pondering proactively concerning the affect this funding can have on the underside line for the enterprise.
For instance, you possibly can think about establishing checkpoints at every stage of the method to carry people accountable, afford leaders the chance to work by means of potential considerations or hurdles, and maintain groups aligned. Whereas IT possesses key information about software program integration, safety and total efficiency, the finance staff can present an extra perspective, and it’s important they’ve a seat on the desk.
CFOs could have expertise with a selected know-how themselves, or they could recommend extra detailed forecasting concerning the affect of particular software program, to assist paint a greater image of its future affect on whole income or value financial savings. This perception is equally useful and enhances the work your IT staff does in figuring out potential new know-how investments.
Reframing software program as a development driver, not a price
Within the digital period we’re dwelling in, companies can not underestimate the worth of disruptive know-how and will view it as a development driver, not simply one other value the group should incur. Like another potential development driver — like new worker headcount or M&A exercise, for instance — the time to implementation must be as fast as potential, and may solely be completed with cross staff cooperation.
Take this stat for instance: One in 40 organizations now suffers a ransomware assault each week. This demonstrates simply how vital it’s for companies to remain forward of threats as quickly as potential. When implementing new information safety software program, it must be thought of a proactive measure towards a probably catastrophic information breach, downtime or info loss — all of which might value tens of millions to get better from.
Equally, the implementation of a brand new gross sales enablement platform shouldn’t be thought of an expense, as a lot accurately thought of a option to enhance gross sales and total enterprise development.
When each groups are on the identical web page concerning the affect new options can have in your group’s operations and efficiency, finance and IT leaders can act as companions, not adversaries.
The capabilities of IT and finance groups are crucial to any group’s success, as they’re liable for steering technique and development. Remodeling this relationship into one that’s strategic, slightly than transactional, can empower dramatic long-term success.
By prioritizing the mixing of those groups, the CFO and the remainder of the finance staff can present strategic recommendation, and act as extra of a associate to IT and the enterprise as a complete. Encouraging cross-collaboration throughout your group not solely unlocks new concepts and powers productiveness, however bolsters safety, know-how investments and enterprise operations and ensures a profitable future on your group.
