Why CFOs need to work closely with CIOs

Business leaders increasingly require support from IT if they are to meet their strategic objectives, explains Nigel Taylor from e-commerce company GXS.

CFOs and CIOs should work especially closely together now electronic invoicing is becoming a mainstream financial activity and global invoice volumes have seen an increase of 20% in the last year alone. As e-invoicing gains ever greater importance for businesses to maintain an efficient supply chain, CFOs are being increasingly called upon to manage information and technology that would normally have been reserved for the CIO.

As these responsibilities collide, how can CFOs work with CIOs and IT to ensure that finance has the right electronic invoicing system in place for the benefit of the entire business?

Electronic invoicing offers multiple cost savings and process efficiencies for payables, receivables and treasury teams and is firmly on the finance team’s agenda. But in many cases, the finance department is unaware of other electronic transactions elsewhere within the business. Electronic data interchange (EDI) has been a staple of B2B transactions for more than 30 years, but when it comes to electronic invoicing, this proven model seems to be overlooked by finance.

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Comments

CFO/CIO meeting of the minds

Bill Sinnett | | Permalink

This article demonstrates the importance of good communication between CIOs and CFOs. In a recent survey done by Gartner, in conjunction with Financial Executive Research Foundation (FERF), we found that the CFO knows that business analytics needs technology improvement, but the CIO is often more interested in the technology infrastructure. The CIO needs to keep in mind that it is the bottom line, and not the technology, which will motivate the CFO. The results of the survey are available from FERF in “What CFOs Want from IT.”

Bill Sinnett

Senior Director, Research

Financial Executives Research Foundation (FERF)

www.ferf.org