Get your CFO to buy into IT projects

If you can convince your chief financial officer that your IT project can make money, you will have a worthy advocate in your corner. A new survey from CFO Research Services and Micro Focus finds that CFOs and IT executives are working together to prepare for economic recovery. So don't ignore the important role of the CFO in your organization.

The report surveyed 198 senior financial executives from around the world. It was no surprise that it found that companies remain under pressure to cut costs even as they emerge from the worst recession in decades. And companies look to IT as a way out of the recession, to improve efficiency and provide a competitive advantage, according to the survey. Nearly three-quarters of respondents believe that IT is absolutely essential to their competitive positioning as the economy returns to strength, the survey found.

There was other surprising news. More than half of the respondents said their companies remained committed to most IT projects approved before the downturn. Only 2 percent of respondents say their organizations are stopping IT projects without any expectation of restarting them.

Respondents had very specific ideas about the future, too. When asked what IT investments would prove most valuable as the economy improves, respondents cited improvements in administrative efficiencies as well as solutions that boost employee productivity. One key to their thinking: When deciding to move forward on a project, survey results indicate that finance is partial to projects that will produce a swift and positive return on investment.

Nearly two-thirds, 64 percent, said they are likely to consider how long it would take a project to realize ROI before making IT investments.

For more on the CFO and IT:
- see this channel.insider.com article [1]
- see this press release [2]

Related Articles:
Don't forget about your IT budget [3]
Forrester: IT budget cuts impact staff and salaries [4]
Are bigger IT budgets coming next year? [5]
Recession increases IT project failures [6]
IT skills that see pay hikes in spite of the downturn [7]
Seven new ideas to cut your IT costs [8]