Relationship between CIOs and CFOs more important than ever

Technology shifts and expanding digital capabilities has meant that closer collaboration between the CFO and CIO, who head up two of the most important departments in the company, is now paramount.

Traditionally, the CFO and CIO have sometimes butted heads, as the CFO has worked to reduce risk and avoid overspending, while the CIO has worked to wring as much as possible out of technology assets.

“Culturally, I think it’s a good thing if CIOs and CFOs butt heads,” said Richard Jackson, COO, TASC. “The CIO should be aligned to driving business forward and the CFO needs to be supportive of the company vision. So, I think that tension between the two brings the best out of both parties. If you’ve got a dominant CFO, it’s unlikely that you’ll put technology at the forefront of your business.”

How does the CIO help the CFO build relationships? “They should focus on alignment,” said Ameena Raheem, Head of IT, Engineering Office. “The tech has to be aligned with the strategy of the organisation. ChatGPT is a good example, everyone is talking about it, but does it add value to the business?”

According to Ramesh Subramanian, Chief Financial Officer, RAKEZ: “The CFO was seen as a transactional back-office guy crunching numbers, those days are over with automation. The role of the CFO is clear - to partner with the business and be a strategic partner with all the C-suite executives.”

On the topic of the evolving dynamic between CIOs and CFOs, Ahmad Al Mulla, former chairman & board member of CIO Majlis, said: “I think the role of finance would be more forward-looking, more advisory, more partnership with business – that’s how the dynamics of CIO-CFO relationship is changing today.”