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inance teams are embracing This has been true in some form since department has a very structured planning
new technology, from the days of mainframes and punch cards. process, the CFO must learn what’s
automation to analytics, but But the scope and frequency of today’s expected at each stage, especially when
they can’t do it without projects — such as implementing cloud making the business case for a project.
Fhelp. As they undertake services or pulling in new data sources —
broad digital transformations, they’re requires closer collaboration. Keep an open mind and win IT’s trust
working closely with their companies’ “Today, if you look at any major Another important factor in making IT a
IT teams to connect data sources, transformation project, it does involve business partner is to bring the
streamline processes, secure digital technology,” said Keren Stephen, FCMA, department in early when working on a
information, and more. CGMA, CPA (Canada), the vice-president of major project, according to Helen
This collaboration has spurred a finance and decision support for the MacPhee, a UK-based chartered
change in the relationship between Human Resources Professionals accountant and vice-president for global
finance and technology teams — one that Association (HRPA) in Canada and a board financial services for pharmaceutical
could determine both groups’ success or member for the Association of company AstraZeneca.
failure in the age of innovation. International Certified Professional For any tech-heavy project, she
“I think the relationship between Accountants. “The head of technology is suggested bringing “a sense of direction
finance and IT has always been a very often tasked with the technology strategy but not a defined path” to the technology
productive relationship. However, [the for the organisation. So, if finance plays a department and asking for their advice on
two functions have] always been very big part of that overall transformation how to complete those goals.
separate,” said Todd Bialick, CPA, a partner strategy, it’s just so logical that you need to “It’s always an insult to the intelligence
with PwC overseeing digital assurance and work very closely with the head of of whoever you’re talking to to assume
transparency in the US. technology.” you know better,” MacPhee said. “Keep an
In the past, Bialick said, technology It’s incumbent on the CFO to take the open-minded outlook on how the project
departments were often viewed as service initiative in developing these gets done. Start with a big hopper [of
organisations that would respond to relationships, Stephen said. ideas] and narrow it down.”
finance’s problems in a “transactional” When she began her current job at Stephen described the approach of
fashion. “Today, it’s much different,” he HRPA, Stephen knew she wanted to work asking for help on achieving specific
said. with the chief information officer on the goals.
Finance and their tech colleagues are organisation’s transformation effort. But “We have to show that finance is very
now working together far more frequently she also knew that the CIO was vested in the project,” she said. “We are not
to plan and execute significant new “exceptionally busy” with the HRPA’s core saying, ‘You do the job.’ We are saying, ‘We
projects, especially those based on data infrastructure and security needs. want to do it, and we need your help.’”
extraction and analysis. In some cases, She made a point of meeting with him The relationship should extend
finance is taking on new responsibilities and understanding his world. She also did through the lifecycle of a project, MacPhee
for managing cloud-based tech tools. And her own research on potential approaches and Stephen said. In some companies,
some organisations have even unified to the challenges ahead, bringing ideas finance and IT leaders are paired on
their technology and finance teams under and suggestions about vendors to the CIO. steering committees for major projects,
a single leader, Bialick said. That helped cement the relationship making decisions together all along the
To make the most of this changing because it showed finance’s initiative and way.
relationship, finance leaders provided interest while still respecting the CIO’s “Both sides need to be involved — not
these four tips: authority, she said. just to make the final decisions, but they
“Evaluate the situation, understand the need to be involved the entire way,” Bialick
Develop a relationship with tech challenges of the CIO, and then come up said.
leaders with the best way you can build a win-win And when projects succeed, the
The capacity of finance to implement new partnership,” Stephen said. “Get to know relationship grows stronger.
technologies begins with the CFO’s IT, get to know how they work, get to know “They’re beginning to see the success,
relationship with the company’s how their processes work.” which is reflected on them as well,”
technology leader. For example, she said, if a company’s IT Stephen said. At her previous job, she said,

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