What CFOs want from IT.

• Author: Van Decker, John E.
• Position: TECH STRATEGY - Chief financial officers - Information technology - Survey

The chief financial officer is increasingly becoming a top technology investment decision-maker in many organizations. The 2012 Technology Issues for Financial Executives survey shows that the CFO's role in technology decisions has increased year over year, resulting in more oversight and control of the IT function.

CFOs are involved in information technology investment decisions in many ways. According to the survey, conducted jointly by Financial Executives Research Foundation (the research affiliate of Financial Executives International) and technology research provider Gartner, 41 percent were the actual leaders of groups responsible for IT investment.

Another 41 percent were part of a group responsible for that function, and 16 percent provide advice. Only 2 percent said they were the sole decision-maker. One reason CFOs are important stakeholders is that they control IT funding.

Though CFOs don't strictly decide who receives the money, they are powerful influencers and strict enforcers of policies and decisions. CFOs often have greater access to, and involvement with, senior business governance groups, and usually have strong influence and credibility with the CEO and board.

BUSINESS ANALYTICS NEEDS TECHNOLOGY IMPROVEMENT

Business Intelligence (BI), analytics and performance management are the top areas for CFOs' IT investment interest, according to survey respondents. Most technology constraints are a result of a lack of business insight and the inability to leverage the IT platform for process efficiency.

Philip Roush, vice president of governance, risk and controls for Cisco Systems Inc., explains that "implementing effective and cost efficient IT systems that convert the wealth of data available into timely business intelligence is a key differentiator for business today."

Layer in a proactive process on governance, he adds, "and it will help mitigate the risks to the business. We look at the partnership and collaboration with our IT teams as a key leverage point for Finance."

Survey respondents were asked to rate the importance of 19 different business processes that might need improvement. Results reveal that 15 of the top 19 business processes that require improved technology support are addressed largely by Bl.

The top business process area that needs technology investment is facilitating analysis and decision-making (57 percent), followed by collaboration and knowledge management (52 percent). Unlike chief information...