For IT providers, the finance director has always been an important influencer but recent research suggests the role of the CFO is more critical than ever. In fact he or she is now the primary decision maker, with 42% of IT directors reporting to the CFO. This trend will continue as over half of CFOs want to implement a similar reporting structure in the future. This information is vitally important for technical PRs and their clients to take into consideration when developing marketing communications and pr campaigns.
Understanding what makes the CFO tick is therefore essential for successful marketing communications and achieving subsequent sales. Messaging needs to be even more business benefit orientated and directly demonstrate how the business’ long term goals can be achieved.
Getting the communications balance right presents both an opportunity and threat to potential technology suppliers. Overall, in 75% of organisations, the CFO plays a vital role in determining IT investment
One thing PRs will be familiar with is boundary spanning and the need to represent the interests of multiple stakeholders when communicating. IT providers now need to adopt a similar approach and getting CFOs on side is easier if, as a supplier, you are able to play a ‘boundary spanning’ role, negotiating the needs of both IT and finance as primary key stakeholders.
Befriending the CFO – key do’s and don’ts for IT providers to remember
| Do’s | Don’ts |
| Demonstrate business drivers and economic impacts | Let projects over-run on time or cost |
| Communicate well and often | Tolerate slack project management |
| Promote cutting edge technologies | Allow poor planning and forecasting |
| Help to foster good relationships between IT and CFO |
It is essential to win the endorsement of the CFO for a particular technology solution and understanding how to reach this individual and communicate in a meaningful way is critical for sales success.