The Final Installment of Our CIO Dinner Party Series

CIO Dinner Party

CFO and LoB Get Their Desserts

CIO Dinner Party, Part 5 - The CFO and Line of Business Get Their Just Desserts

After our conversation with the Chief Compliance Officer (CCO) regarding risk management in terms of the software portfolio it is now time to turn our attention to both the Chief Financial Officer (CFO) and the Line of Business (LoB) units.

Traditionally, the CFO has focused on the bottom line, keeping the budget in check, and ensuring revenue is going up. Today, however, there is a shift as the CFO starts to have a voice in the overall company strategy – including the deployment of new technologies and how those can impact the digital transformation of the organization. A recent study by Robert Half of over 200 senior finance executives in the UK found that nearly 40% of the respondents placed “implementing new technologies” as a priority on their to-do lists for the next calendar year. This was right up there with 41% saying “increasing profitability” and 39% finding “driving company growth” as top focus areas. CFOs are realizing that they need to not only support changes in technology as it relates to improving the digital transformation strategy of the organization, but also have a voice in how that happens.

To this end the CFO is uniquely positioned because he does have a direct view into the software spend and costs of each business unit – giving him the knowledge of how to best manage the software needs moving forward.

On the other end of the spectrum is the Line of Business (LoB), which at first glance might seem in direct competition with the CFO. Typically the LoB is perceived as wanting new technology immediately and demanding it, or simply going out and purchasing it without the proper requirements in place. The LoB looks to establish changes in software and technology quickly and efficiently without always taking into consideration the longer term ramifications of the business. However, as lines of responsibility blur, shift, and evolve, much as organizations do to keep up with the changing times, the LoB is also shifting priorities to better align with the overall digital transformation strategy of the organization. A myopic approach to software investment often ends in failure – or at the very least underutilized software – and with more applications moving to the cloud, a holistic view (no matter the role in the organization) is necessary.

If we take a step back over the course of our dinner party it is interesting to see that no matter the role – CIO, procurement, risk – everyone is working towards a common goal: leveraging existing software investments to the fullest, better understanding the cloud environment and how to take advantage of the benefits that the cloud provides, as well as how to maximize those investments while maintaining a secure environment.

PyraCloud platform is not directed at the C-suite, or IT, or the LoB – but instead to all of those parties and the organization as a whole. It takes into consideration the entire software portfolio no matter your responsibility in the organization, and provides the information necessary to take a proactive approach to your software spend – in the cloud or otherwise.

Think of PyraCloud as the icing on your cake. Cake by itself is dry and not very appetizing and no one really wants it. However, you add icing and suddenly it’s a whole new dessert. Your applications and data (on-premises or in the cloud) do the job and take care of the day to day. However, to truly stand out and ensure your organization is using its software to the maximum potential, (this is difficult to assess once data moves to the cloud) PyraCloud provides the data needed to proactively determine who is using the software assets and cloud resources, why, and to what extent. This type of information can inform the organization of how to better service customers, as well as provide more efficient, timely and robust data to make decisions that move the business forward.

In other words, PyraCloud lets you have your cake (with icing!) and eat it too.

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Thank you for joining us on our dinner party adventure. If you're now ready for PyraCloud and interested in how we can help you on your Digital Transformation journey, visit our website.

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