Show me the data!

In years past, the CFO or FD was the person the CEO trusted to know the whole business. Mostly because they managed the money and the money was and still is key to how a business operates. The CFO’s the one who spends time with the business unit heads discussing how and what they’ll be doing, agreeing budget and spend, making sure things provide value for money. Of all the Exec/SMT members, the CFO always seemed to have an omni-knowledge of the business; if you knew what the money was doing, you knew what the business is doing.

There’s still a lot of that about, but things have changed; following the money doesn’t give you the whole picture, not anymore.

That’s simply because significant change can be made without spending a lot of money. For just a few pounds anyone can take advantage of technologies that years ago would have cost hundreds of thousands to procure, configure, set up and manage. We’ve all seen shadow IT develop as departments take advantage of those Freemium and SaaS models with the simple flex of the Director’s credit card and it’s all swept into expenses, completely hidden from view.

What does this mean? In my opinion, the money is no longer the smart thing to follow, instead it’s the data. All systems get implemented to create, manage, control, sift, analyse, manipulate and report on data; there’s not one that doesn’t consume and create data, whether that’s outward-facing or completely internal; they all produce data. That data in turn will end up proving valuable to other departments and systems so what data flows through the organisation and how that data flows gives you a better understanding of the business than the money.

If it’s now the data, and it is, the one person in the business who should have a good, if not better understanding of the whole business must be the CIO. Certainly, the CFO still knows a lot from the money, but it’s much harder. Instead, it’s now the CIO that should have complete awareness of the business; how it works, who’s doing what and why, the systems & processes along with the outcomes and also what departments are trying to achieve. And that’s all by following the data.

Fortunately for departmental heads, every CIO I’ve ever met loves data, gets the value of it and is keen to ensure data is the powerful tool it should be for the business; it’s in their “Wheelhouse”. Sure, any decent CIO will need to ensure the data’s clean, has a single source of truth and can be moved around the company without human intervention, but we’re also naturally interested in how that data is used, can be used, managed and reported on. It’s a natural fit and one that should be used to grow relationships across the business.

What I don’t think all CIOs understand is that with this change they now have the capability to be a company-wide influencer and leader. We should take ownership of this new responsibility, understand it and make sure it’s used to drive business growth and revenue. If we don’t take on this new mantle, we’re doing our businesses a disservice and growth won’t be what it should be.

CIOs must embrace this new paradigm and revel in the fact that it is now they who know the business inside out and they whom departmental heads seek out for advice and guidance because they’re simply no longer at the behest of a CFO. It’s no longer about the money, it’s about the data.

As a final thought, I’m not suggesting the CFO is no longer the power behind the throne, more suggesting that the CIO has joined the CEO and the CFO to make up a triumvirate who know the business inside out and lead from the front. Enjoy the new world, it’s here to stay!

If you’re lacking senior IT Leadership in your organisation and require help streamlining your business processes then a Freeman Clarke Principal can help, for more information visit?www.freemanclarke.com.

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