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Perspectives

iTTi Gloss: CFTO (Chief Financial and Technology Officer)

Thursday, 13 March 2014 iTTi, Innovation & Technology Trends Institute Posted in iTTi Gloss

"CFOs are at the forefront of this exciting business transformation. Like any other business transformation, CFOs need to take a balanced approach that includes technology enablement for information delivery, risk management, internal controls, fraud/cyber security, and ethical concerns to help lead organizations successfully into the future.” 

Source: CFOs Must Tackle Technology in the New Year”. Imaleadership, January 23, 2014. 

 

"Driven by the increased reliance on cloud and mobile technologies and Big Data, the CFTO has emerged as a valuable player in ensuring that businesses properly address the challenges and opportunities that come with these new technologies. To that end, this hybrid professional will likely be responsible for managing both finance and information technology and ensuring that organizations are properly managing Big Data assets to enhance profitability and economic value."

Source: Rise of Chief Financial Technology Officer. Kforce, January 28, 2014. 

 

"Trained to gather and analyze structured and unstructured data and to model and benchmark information, accountants and the finance function can provide a new and business-critical service to senior management and boards: making big data smaller, distilling information into the insights that improve decision making and transform organizations."

Source: Big data: its power and perils. ACCA and IMA by The Futures Company, November, 2013. 

 

iTTi’s comment

CFTO or CTFO? Shall the CFO have technological skills? Or it's the CTO / CIO who shall have financial skills?

The IT have pervaded all company realms and they are used as a tool or means to enable the the company to develop business. Does that mean that we should add a “T” or an “F” to all members of the C-suite? 

Wouldn't it be more adequate to have the Board make all corporate governance of IT decisions? Decisions leading to set organizational structures to implement the IT-enabled business strategy.

Both the CIO and the CFO are part of the company and they could be the ones implementing said strategy. Would the CIO have sufficient financial skills? Would the CFO have sufficient technological skills?

When the matter is to combine skills / competencies very apart from each other, what makes sense is a committee not a rare exceptionally gifted hybrid. 

 

Related perspective(-s):

1.- iTTi Gloss: Corporate Governance of IT

2.- iTTi Gloss: CIO (Chief Information Officer) 

3.- Nueva sección, nuevos tiempos para el GCTI 

4.- Origen y evolución del concepto "Gobierno Corporativo de TI"

 

 

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