News from the tech frontier, as indicated by the recent research by Rimini Street, highlights that blending financial and technological expertise is the new trend in corporate decision making. And guess what? This move might actually save some big bucks on IT budgets.
Unpacking the New Trend
In a nutshell, the Chief Financial Officers (CFOs) are increasingly joining minds with the Chief Information Officers (CIOs) in about 60% of technology-related business decisions this year. That’s a big jump, considering the historically separated roles of these two.
Who’s on the Team?
Traditionally, CIOs overlook the company’s technology and information needs, while CFOs handle the company’s financial health. But, it seems like these two powerhouse roles are teaming up more often now. They’re sitting at the same table, discussing and making decisions about technology that could shape the company’s future. Pretty exciting stuff, huh?
Collaboration Has its Perks
But what does this new practice mean for the company? According to the new Rimini Street research, this collaboration could potentially benefit the company’s IT budget. You know, the money set aside for all things tech in the company, like software, hardware, and anything else related to information technology.
What’s Behind the Change?
So, you might be wondering why this change is happening. Technological advancements move at an unbelievable pace. To stay competitive, companies have to maintain a quicker reaction time and strategic forward-thinking. Who’s better to make financial decisions about new tech than the guys who know money and the ones who know tech? It’s like having the best of both worlds, right?
Benefits Uncovered
By having both the CFO and CIO sit in on tech decisions, companies are more likely to make financially sound choices regarding tech investments. It’s the perfect blend of understanding what technology is needed and how it can be financed. This collaboration could potentially lead to more efficient use of the IT budget, meaning companies could get more bang for their buck.
Room for Improvement
Although this collaboration seems like a great idea, it’s not yet a universal practice. Remember, the stat says 60%, which means there’s still 40% of companies not doing this. There’s definitely room for more companies to get on board with this approach.
The Future Looks Bright
Moving forward, this collaboration between CFOs and CIOs could become the standard way of making tech decisions in business. It just makes sense. It leads to better budgeting, smarter tech investments, and possibly a more competitive business. As this trend gains momentum, it could bring some promising changes to the way businesses operate.
So there you have it! The traditional divide between money and technology in companies is getting a makeover. And this new method of CFOs and CIOs teaming up for tech decisions could be a winning strategy for many businesses.