Julio Herrera Velutini | UK companies are more focused on IT-Finance collaboration, why?
The results of our first-ever analysis of company spending management were stunning. One of them was the finding that organizations in the UK are the most enthusiastic in Europe about fostering cooperation between finance and IT. In this article, Julio Herrera Velutini, the creator of Bancredito, will discuss some advantages of tight collaboration between finance and IT as well as ways to promote cross-team collaboration.
The benefits of collaboration between Finance and IT
It is now essential to comprehend the issues and opportunities that our coworkers are confronting.
Teams must collaborate more than ever to achieve organizational goals since doing so has genuine economic rewards. If your firm doesn’t promote cooperation, you can expect that your rivals will.
Having a direct line to IT allows the finance team to collaborate with the department to guarantee a smooth adoption process while implementing new systems and digitizing their job.
It’s crucial that finance collaborates with IT when seeking to deploy new technologies in order to take advantage of the specialized expertise they can bring to the table and to alert the CIO that internal resources might be needed for the project.
Understanding how the IT department works from a financial perspective will help you better grasp the ROI of certain initiatives and, more significantly, the hidden value they contribute.
Understanding why server costs have grown or the capital investment required for a new roll-out is helpful, but if the finance team can have access to that kind of information beforehand, forecasting is made much simpler and more accurate.
The fact is that finance does need to keep an eye on costs, and knowing where there may be fat to be removed is essential. This is true even though finance is sometimes perceived as the gatekeeper to the funds needed to introduce goods and the policeman of business spending. But saying “no” is obviously not the only option.
CIOs frequently lament their inability to communicate in financial terms and the difficulty of presenting their case in business terms. According to Julio M Herera Velutini’s point of view, greater communication across IT departments enables them to enlist a potent ally in the battle for financing for significant development projects and to receive early notification of any new system developments that finance is preparing. Collaboration also has ‘soft’ advantages, as the term is referred to.
Sharing of information and collaborative problem-solving increase significantly when there is an open and sincere two-way interaction between the departments. This encourages cooperation and promotes the growth of a cooperative culture.
