The Evolving CIO-CFO Relationship in the Digital Age

A Breakdown of the CIO-CFO Relationship

Explore how the relationship between CIOs and CFOs is transforming in the digital age, with insights from industry leaders at The Studio highlighting the importance of collaboration and strategies for aligning IT and financial priorities.

In today's digital landscape, collaboration between Chief Information Officers (CIOs) and Chief Financial Officers (CFOs) is essential for organisations underpinned by technology and targeting sustainable growth in an unsteady economy. 

In this panel session, CIOs, CFOs and a Soldo spokesperson discussed how the CIO-CFO relationship has evolved over time, the digitisation of a data-rich finance function and why the two parties must come together to balance cost optimisation, culture and sustainable business growth.

CIO-CFO collaboration: meet the panellists

With Sasha Qadri moderating, the roundtable panellists included:

• Sanjay Patel, Former CIO, Tate & Lyle
• Mark Settle, Consultant, ITForReal
• Vicky Higgin, Chief Digital and Information Officer & Executive Director, CityFibre
• Helen Ashton, CEO, Shapebeyond
• Brandon Till, Head of Transformation, Soldo

Watch the full roundtable for 'CIOs, CFOs and Building Profitable Futures'

The CIO-CFO relationship: overview

• Sanjay Patel argued that, historically, IT costs have been scrutinised, and the value added by IT projects has always been questioned. Upon becoming CIO, Sanjay aimed to change the narrative surrounding IT to highlight the business value it brings. “It's become a joint conversation because then jointly, The CFO and the CIO at the exec level, at the board level, can have a very different conversation about mitigating risk for cyber, for example, or generative AI.”

• Vicky Higgin commented on her own experiences of the CIO-CFO relationship: “the relationships I've had with CFOs have always been very positive when you can demonstrate the business value.” She highlighted the shift from IT being a back-office function to being integral to the business. By focusing on the broader impact of IT initiatives, CIOs can shift budget discussions from cost-cutting to strategic investment.

• The relationship between the CIO and CFO depends on the type of business you’re in according to Helen Ashton. She commented that over the past decade, technology has transformed from being seen as a cost to becoming a key enabler of business value, giving the CTO a more prominent seat at the table. “The role of the CTO has massively changed and thinking about the more senior people in organisations — the CTO is often right up there now with the CFO in the way it wasn't before. It was definitely a sub-function.”

• Mark Settle argued that reporting to the CFO can align technology initiatives with financial priorities in the company—”If you are trying to introduce new technology or some form of innovation, you can be like St. John the Baptist wandering in the desert, but if the CFO is over your shoulder and you have a common agenda, that's really what comes down to at the end of the day.”

• Brandon Till shared his insights on aligning language and strategy when engaging with CFOs, emphasising the need to articulate strategies in a way that resonates with financial considerations and business outcomes. He views these interactions as opportunities for learning, bridging the gap between technology and finance. “Do people know how to ask from IT to the CFO… how do we ask to make these changes and how do we prove value?”

Watch the full roundtable video for “CIOs, CFOs and Building Profitable Futures” to discover more insights from the panel on the CIO-CFO relationship.