26 October 2016 / Blog
CFOs, CIOs Must Work Together to Master the Wild World of Innovation
By: Keith Angell
I read two interesting articles of note over the weekend. One was from the NYTimes Travel section, where the writer highlighted the Boundary Waters in northern Minnesota, where our SVP Innovation Paul Mockenhaupt, SVP Infor & Healthcare Lines of Business Chance Veasey and Innovation leader Tom Kremer have been telling me for 15 months I must investigate. Well done, gentlemen - this is now on my bucket list!!
(Image courtesy New York Times)
Related to this adventuring - involving risk and reward - was the second article.
The second was an well-written editorial in Digitalist Magazine about today’s CFO.
There were three main points made in the article; I will expand on them and connect them to our evolving business paradigm:
Today’s CFO faces a quickly evolving paradigm shift, as finance and IT intersect at an ever increasing rate. Expanding financial risks and regulations have created a new normal for standards across the industry, requiring CFOs to provide unparalleled transparency to internal and external stakeholders. To do that, CFOs must have a seamless connection and understanding of Big Data elements of their operations and be even more closely aligned to their IT teams. In the end, CFOs will need to have a double major in Finance and IT.
This pressure to continuously modernize and reimagine traditional business models makes it crucial for today’s CFO to be actively involved in the modernization of their firm’s IT infrastructure and business applications which help carve out complexity and run simple. Further, the related paradigm shift related to FinTech, which recognizes the world’s move to asset-light, platform-driven, analytics-based, is resulting in high demand for innovation and transformation in the C-Suite. CFOs and CIOs must now work together in a business outcome focused process to drive innovation.
Lastly, these factors and the company’s responses are becoming critical for the enterprise’s overall health. Innovative actions create an exciting company culture. An exciting culture creates employee motivation and enhances retention. Attracting and retaining top employees is much easier in an environment where the very best are increasingly enticed by technologically advanced companies that embrace the ability to make real-time, information-based decisions. So, the opportunity exists for leading enterprises to take an even greater step forward in their overall competitive position, by bringing CFOs and CIOs together in responding to these market issues.
All of these play right into Velocity’s vision to be the leading software defined (platform-driven) cloud application management company. Let’s work with our customers’ and prospects’ CFOs AND CIOs to help them make this critical transformative step!