Is your CFO not convinced about your IT investment?
One of the most critical stakeholders in any major IT investment, such as Oracle database upgrades, is the CFO. What does it take to convince him/her that the technology decisions you make are essential for the company's success?
Here's our top tips from our very own Finance Director - Tuhel Alom …
Demonstrate the value and alignment of IT initiative with the overall strategy. Lack of alignment is probably one of the most popular reason why IT investment is rejected or delayed . Your CFO will be completely aligned to the corporate strategy so if your investment fits with that strategy, then you may find the CFO will become your champion and in fact help you move the initiative forward.
Demonstrate the cost impact of not investing today. For example, if you are proposing a Microsoft SQL Server upgrade, then what will be the impact on the business's finances if you don't upgrade? The reality is, if you can't connect your IT investments to bottom line it's just not going to be relevant for the Finance team. This does not mean you use scare tactics e.g, the business will stop running if you don't invest. Approach your pitch in a slightly less dramatic fashion and simply highlight the risks and benefits.
If your FD/CFO does not think the investment is a priority then he/she probably isn't getting the full story - or sadly speaking, the investment may genuinely not be a priority.
On all occasions, get a robust proposal together so he/she can become the champion for your vision and help you incorporate it into the top level company strategy.
Next week we will provide some tips on how to put a proposal together for your CFO.