RKL eSolutions Blog Trends and Insights

The Growing Need for CFO and CIO Collaboration

Written by: Versapay

Business decisions are a collaborative process involving multiple stakeholders and competing priorities. More than ever, CIOs and CFOs must work together to drive efficiency, enhance the customer experience, and ultimately grow revenue.

The traditional decision-making process, however, is rife with challenges. Most pressing—insofar as the digitization and
transformation of accounts receivable (AR) is concerned—is a notable misalignment among key stakeholders over the value of automating AR, the prioritization of AR as a key driver in influencing customer experience, and the timing of implementation and deployment.

Pulse and Versapay surveyed 500 IT and finance leaders to understand their perception of how important collaboration between the CFO and the CIO is, as well as determine which members of the C-Suite view digital transformation of AR as a crucial business driver.

Data collection: January 26, 2022 - February 19, 2022 Respondents: 500 IT and Finance leaders

Leaders agree that collaboration between the CFO and CIO is critical to the success of digital transformation

Almost all respondents (97%) are in complete agreement that there is a need for collaboration between the CFO and the CIO.

Similarly, most leaders (96%) agree that the CFO/CIO relationship is critical to identifying future business needs.

While IT and finance collaboration is critical to the success of digital transformation in AR, there is still much work to be done in achieving alignment

93% of leaders agree that the collaboration between technical and finance teams is important when it comes to the digital transformation of AR.

Acknowledging the need for collaboration, however, is as far as many executives get. Despite recognizing the importance of collaboration between both parties, respondents reported that the finance department struggles with cross-team collaboration and alignment.

Additionally, over half (60%) of the respondents say that they loop in IT only after a transformation project’s been started, highlighting the disconnect between the two teams.

However, those who highly value cross-team collaboration are genuinely committed to it. 70% of those who responded that collaboration between technical and finance teams is very important (n=102) say they loop in the IT leader at the very start of the project–offering a glimpse of a more collaborative process.

Delivering an excellent customer experience across all areas of the business is a key driver of digital transformation in AR.

Customer satisfaction remains one of the top three problems organizations are looking to solve
with the digital transformation of AR.

Overwhelmingly, respondents recognize that finance has a substantive impact on the overall customer experience.

Automation of process (60%) and improvement of customer experience (45%) are cited as the top two motivations for the digital transformation of AR.


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