IT Brief, New Zealand: Cognizant’s Vice President of Consulting Shares Tips on Selling Technology to the CFO

“In today’s world of tighter margins and focus on cash control, value for money is at the forefront of every CFO’s mind,” writes Bruce McDonald. “While this makes selling a technology proposition to CFOs an arduous task, CIOs and IT leaders must do so, perhaps more than ever before, considering how organizations are faced with dramatically compressed innovation cycles and must simultaneously focus on both efficiency improvement and transformation to stay relevant in the marketplace.” Excerpts:

“With an ever increasing need to speak the same language as the CFO team, here are five tips CIOs should consider before issuing a business case.

Sell the ‘I’ not just the ‘T’: In this age, where data is the new oil, it is increasingly important to sell the improved insight, analysis or knowledge that will be gained and not just the speed, efficiency or reach of any technology investment.

Link to business strategy: This is not just a tenuous link to company strategy but a detailed demonstration of how strategy will be specifically supported or satisfied via the investment.

Involve finance in the IT strategy development process: Make Finance a part of the strategy development and investment prioritization process.

Clearly show the value: Your proposal must have a quantifiable value proposition. Demonstrating the positive impact on the business rather than just discussing IT effectiveness will strengthen your case.

Build strong relationships through engagement: The best way is to regularly communicate with CFOs and their teams. In particular, avoid waiting till everything is more than complete before sharing it with the CFOs, particularly where there might be ‘surprises’.

The challenge for CIOs is to be aware and empathetic to the relationship between Finance and the rest of the business and work accordingly. Cost-competitiveness and innovation need not be mutually exclusive.”

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