COVID-19 pandemic has affected the entire world in every way and has crashed the economy of even powerful countries of the globe. People have accepted this new world with numerous compromises to be made just to survive in the crisis and grow as well. The world is agonizing in various ways like loss of human lives, economical crash, and financial crisis.
Until the vaccine is introduced for ending this pandemic, it is going to take a long time to make the world to embellish again. IT sector has played an imperative role in the lockdown by continuing its business through work from home policy. It has inspired the business world to move towards digitalization which has noticeable benefits like business endurance, flexible working hours, and intensified teamwork.
The time has come to make the entire earth digital. Technological innovation is bringing a revolution in the businesses and efforts are made for discomforting cyber threats. Issues for happening cybercrime arises after open access and teamwork is the mainstream at the moment.
The Covid-19 pandemic has brought digital modernization to grow in India. A rapid increase is predicted predominantly in the IT sector. In the future, IT operations are going to become customary for all businesses making it mandatory to bring digital solutions.
Each CIO is making high efforts for fetching maximum growth out of a constrained budget. Businesses are struggling to perform more with much fewer resources available. Also, they are moving on the path of ‘do it now’.
Though CFO possesses proficiency in assessing costs, managing the balance sheets, and controlling the finance. But, in this dark period of the pandemic, analyzing own capacities and establishing their business above the technological trend prevailing will require collaboration with CIO.
The COVID-19 has persuaded all CFOs to keep an eye on the company’s each expense in detail. Today, data play an inevitable role in the economy. To analyze the company’s actual financial position, data plays an imperative role. Predicting the right actions out of large information is tough.
IT has come to the forefront of gathering indispensable data to form business strategies. CFO’s work is to analyze the data received and improve their strategic solutions. Now is the time for CFOs and CIOs to interact more than ever. Powerful IT solutions are there to provide the most relevant data for CFOs to get more insight into their business scenario and make authentic financial decisions.
Usually, CFOs are unmindful about technical discrepancies for an individual company. Pandemic has come along with unmatched financial threats and excessive pressure to work with financial constraints wisely. This challenging phase of crisis can be simplified just by establishing synchronization between CIOs with CFOs. CIOs can provide CFOs a viewpoint regarding what tech costs to consider and what to ignore.
Currently, businesses are focusing majorly on their cash flows and expenses. Most of them are adjourning their outlays just to prevent capital expenses until the situation becomes normal again. Reduction in the IT costs is possible for CFOs only after courteous communication with CIO.
There is a need to review all ad hoc expenses occurring inside the company and CFOs and CIO’s unified efforts for shortlisting technology items in the essential and non-essential categories are going to work in such a crisis. This entire procedure requires CIO’s authentic data and proficiency as well.
Creating Trustworthy Relationship
It is not easy for CFOs to keep in tune with CIOs. Evolution in the IT sector can be felt quite rapid and needs enough knowledge and skills. When it comes to technological development, non-technical employees are always left behind. A CFO’s work is limited to just cost analysis while CIOs let the organization know its capacities and follow the latest tech trends.
At the time of bringing technological insurgence, a CIO of business has to focus on financial of the projects. This collaboration will make the CIO use their technical knowledge to move along with the technological shift within the financial budget available.
Swaying Role of ITs in Businesses
ITs are responsible for business advancement by offering frequent technical solutions and allow some keen benefits like expanding income opportunities, escalating business productivity, and eradicating surplus costs. CIOs and CFOs collaboration will result in effective implementation of the progressions discovered. Businesses are now going to be most efficient than ever.
Few key benefits of this alliance are better hardware deployment, easier hardware and software expenses observation, measuring the accurate value of projects, cost reduction prospects, genuine financial decisions, and allowing financial benefits for a prolonged duration, etc. The pandemic has brought several other advancements along with the crisis.