Way back in February 2011, CFO research services in collaboration with KPMG published a report entitled, "A New Role for New Times," which sought to identify "Opportunities and Obstacles for the Expanding Finance Function."
For some reason, I found this report again as I was sorting through my holiday reading and I took it home to re-read. Although, you might accuse me of being the guy with a hammer to whom everything looks like a nail, my recent IT-CMF certification caused me to read this report in a whole new light. The report concludes that, "In the years ahead, finance executives will seek to further improve heir abilities to support the highest-value activities that lead ultimately to better business performance."
OK - no specific mention of IT in this but surely a warning shot across the bows of IT departments and CIO's who are cannot be considered "highest-value activities." Finance executives surveyed for the report claim that, "... technology is the most formidable barrier ... IT systems are out-of-date, inflexible, or unable to support new requirements."
KPMG, as sponsors of the report, highlighted the state of the relationship between finance and IT as a particular concern. This is where CIO's should be proactive, get a simple introductory presentation on IT-CMF (with some basic understanding) and take it to their CFO's. The CFO's cannot fail to be at least interested in a framework whose four macro capabilities are:
- Managing IT like a business
- Managing the IT budget
- Managing the IT capability
- ManagingÂ IT for business value
KPMG's comments continue that, in the survey, only 39% of CFO's cite their relationship with the IT function as a strength. Wake up CIO's - these are the guys who control the money!