When the CIO is also the CFO

By Mary K. Pratt, Computerworld |  IT Management, CFO role, CIO role

The IT department was able to keep the computers humming, but it didn't have the wherewithal to focus on strategy. "There was no one who could look at a three- or five-year business plan and say, 'These are the IT resources I think we should include in our projects,'" says Box.

So Joe Money's leaders created the CIO job, and Box took on that position's duties in addition to his existing CFO responsibilities. Box and other company leaders decided that a combined role was the right choice because the company is small (about 70 employees) and has limited financial resources, which can decline during the winter months when construction work slows down.

As Box explains it, Joe Money Machinery needed the strategic thinking that a CIO brings but it didn't need someone doing that full time.

Executive summary

The dual CIO-CFO: Benefits and drawbacks in a nutshell

Box had studied computer engineering while earning a bachelor's degree in business, and he had some experience with technology, but he admits that he still faced a learning curve.

To overcome that, he says, "I set about training myself to become a CIO as if that were my only job."

That training included a good deal of independent study -- reading up on IT management and technology trends in newsletters, books and magazines -- as well as work toward certifications, such as the American Institute of Certified Public Accountants' Certified Information Technology Professional (CITP) credential. His goal? To be able to completely understand any IT project before he approved money for it.

Today, Box has six IT staffers who report directly to him; one is the IT manager who ran operations prior to the creation of the CIO job. The wide-angle view of the company afforded by his dual role helps him craft better solutions, he says.

As CFO, he had been frustrated that his company was unable to recoup costs of rental equipment that was broken when customers returned it, because there was no way to prove that the customer was responsible for the damage. As CIO, Box was able to implement a document-retention system that stores before and after photos of rental equipment along with details about the equipment's condition. The system provides a time stamp that's admissible in court.

The dual CIO-CFO position: Benefits and drawbacks

Benefits

* No more arguments over funding. Jack Wilhelm, the CIO and CFO at Emerson Hospital, says there's never enough money to fund everything on the wish list. But as CIO he's able to prioritize what's needed and as CFO he's able to fund it -- without debate.


Originally published on Computerworld |  Click here to read the original story.
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