According to our survey, CFOs and CIOs are becoming increasingly connected. Sixty-one percent of CFOs say that their collaboration with the CIO has increased over the past three years (see Chart 1).
Chart 1: Over the past three years, what change has there been in the extent to which you collaborate with the CIO?
Similarly, 71% of CFOs say that there has been an increase in their involvement in IT over the past three years (see Chart 2).
Although the relationship has grown closer, there are two concerns for the future of this union.
First, CFOs continue to struggle with balancing their responsibility to maintain cost discipline with more strategic ambitions, such as setting the agenda for change (see Chart 3).
Chart 3: In which of the following areas do you consider your contribution to IT to be most valuable? (Please select up to three)
Second, lack of understanding between these two C-suite peers is an all-too-common problem. CFOs point to insufficient understanding of IT issues among finance executives as the main relationship barrier (see Chart 4).