Technology is transforming the CFO-CIO partnership, driving business outcomes and operational efficiency.
34% of eMEACIOs are using AI to improve operational efficiency.
The EMEA CFO-CIO Relationship: A Growing Partnership
A Shift in Focus
The relationship between CFOs and CIOs in the European, Middle Eastern, and African (EMEA) region has undergone a significant transformation in recent years. A survey conducted by a leading industry publication revealed that over 86% of EMEA CFOs and CIOs reported that their relationship has strengthened. This shift in focus is a result of the increasing importance of technology in driving business outcomes.
Business Outcomes and Technology
The survey found that 43% of CFOs attribute the strengthening of their relationship to improved business outcomes. This is not surprising, given the growing recognition of the critical role that technology plays in driving business success.
The survey, conducted by EY-PPQ, found that 92% of CFOs and 90% of CIOs reported an improvement in their relationship with their CEOs.
85% of CFOs believe that the lack of transparency in financial reporting is a major obstacle to effective decision-making.
Article Title: The CFO/CIO Relationship: A Key to Unlocking Business Success
The State of CFO/CIO Relationships
The relationship between a Chief Financial Officer (CFO) and a Chief Information Officer (CIO) is a crucial one in today’s fast-paced business landscape. A harmonious and effective partnership between these two leaders can have a significant impact on a company’s overall success. In fact, a recent survey revealed that 43% of CFOs believe that the positive CFO/CIO relationship was the reason for improved business outcomes.
Communication Breakdowns
Despite the importance of their relationship, CFOs and CIOs often struggle to communicate effectively. A staggering 85% of CFOs believe that their CIO counterpart needs to be more business savvy in order to better understand their needs and concerns. This lack of business acumen can lead to misunderstandings and miscommunications, ultimately hindering the ability of the CFO and CIO to work together seamlessly.
Technology Savvy
Another area of concern is the level of technology savvity among finance colleagues. A whopping 87% of CFOs believe that their finance colleagues need to be more technology savvy in order to effectively support the business. This is particularly true in the Middle East, where the percentage increases to 94%. In today’s digital age, having a strong understanding of technology is essential for finance professionals to provide accurate and timely financial insights.
Transparency in Financial Reporting
Finally, CFOs are concerned about the lack of transparency in financial reporting.
The Rise of Emerging Technologies in EMEA
The European, Middle Eastern, and African (EMEA) region is witnessing a significant shift in the way technology is being adopted and implemented. According to recent surveys, EMEA CIOs are increasingly investing in emerging technologies, with 42% of respondents indicating that they are allocating more resources to these areas.
Key Trends and Drivers
The State of EMEA CFOs and Technology Investments
The European, Middle Eastern, and African (EMEA) region is home to a diverse range of industries, each with its unique set of challenges and opportunities. As a result, the role of the Chief Financial Officer (CFO) in this region is multifaceted and demanding. One area where CFOs in EMEA are often faced with significant challenges is in their technology investments.
The Challenges of Technology Investments
The Shift in CFO Technology Budgeting
The traditional role of the Chief Financial Officer (CFO) has undergone significant changes in recent years. One of the most notable shifts is the increasing involvement of CFOs in setting technology budget levels. According to a recent survey, 73% of CFO respondents now take the lead in determining technology budget allocations. This shift is a result of the growing importance of technology in driving business success.
The Rise of CFO Technology Leadership
The CFO’s role has expanded to encompass not only financial management but also strategic decision-making. With the increasing reliance on technology to drive business growth, CFOs are now expected to play a key role in setting technology budgets. This shift is driven by the need for businesses to stay competitive in the digital age.
Key Drivers of the Shift
Several factors have contributed to the CFO’s increased involvement in technology budgeting.
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