Enhance collaboration between finance and IT to drive development

Two widespread misconceptions I hear on a regular basis are that the finance workforce solely appears for methods to scale back spending, and that we’re all the time saying “no” to new initiatives, like including new software program. Neither are true. 

Whereas the finance workforce ought to query funds requests and decide ROI, the principle focus ought to be to drive income, not essentially minimize prices. In the end, finance groups need to approve sound investments that, when correctly structured, will assist the enterprise develop.  

With this in thoughts, listed below are some ideas 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 fee and influence of recent software program occur too late within the course of, they don’t seem to be as strategic as they might be. As a substitute, they find yourself being job 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 ought to be included within the early phases of planning and implementation for brand new software program. Together with your group’s CFO and key finance workforce members early within the planning course of ensures they will begin considering proactively in regards to the influence this funding can have on the underside line for the enterprise. 

For instance, you’ll be able to contemplate establishing checkpoints at every stage of the method to carry people accountable, afford leaders the chance to work by potential considerations or hurdles, and preserve groups aligned. Whereas IT possesses key knowledge about software program integration, safety and total efficiency, the finance workforce can present a further perspective, and it’s important they’ve a seat on the desk.

CFOs might have expertise with a selected expertise themselves, or they might counsel extra detailed forecasting relating to the influence of particular software program, to assist paint a greater image of its future influence on complete income or value financial savings. This perception is equally beneficial and enhances the work your IT workforce does in figuring out potential new expertise investments.

Reframing software program as a development driver, not a value

Within the digital period we’re dwelling in, companies can’t underestimate the worth of disruptive expertise and will view it as a development driver, not simply one other value the group should incur. Like some other potential development driver — like new worker headcount or M&A exercise, for instance — the time to implementation ought to be as fast as potential, and might solely be achieved with cross workforce cooperation. 

Take this stat for instance: One in 40 organizations now suffers a ransomware assault each week. This demonstrates simply how necessary it’s for companies to remain forward of threats as quickly as potential. When implementing new knowledge safety software program, it ought to be thought of a proactive measure towards a doubtlessly catastrophic knowledge breach, downtime or data loss — all of which may value hundreds of thousands to get well from. 

Equally, the implementation of a brand new gross sales enablement platform shouldn’t be thought of an expense, as a lot appropriately thought of a strategy to increase gross sales and total enterprise development.

When each groups are on the identical web page in regards to the influence 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, fairly than transactional, can empower dramatic long-term success. 

By prioritizing the mixing of those groups, the CFO and the remainder of the finance workforce can present strategic recommendation, and act as extra of a companion to IT and the enterprise as an entire. Encouraging cross-collaboration throughout your group not solely unlocks new concepts and powers productiveness, however bolsters safety, expertise investments and enterprise operations and ensures a profitable future in your group.