Efficient Digital Strategies
Once upon a time there was a business legend which was consisting of the boss (the board) was in charge of ‘what to do’ and the CEO ‘how to do’.
Because of appearing a lot of very qualified and entrepreneur minded professionals in business life and also changing the paradigm by dynamic digital atmosphere, they started to take over the responsibility of both ‘what to do’ and ‘how to do’. ‘They’ includes CEO, CFO and CIO of company. These successful developing companies also named themselves as a technology company even if they have activities in e.g. logistics, automotive etc. sectors.
Nowadays the rising star of the companies are CIOs and they are creating a lot of projects contains new digital business products & models with their team and ecosystem elements. But most of the new projects are going to garbage because of presenting package of the project which of them seriously does not meet the business, financial forecasts.
When a start up’s entrepreneur created a product with his/her sources, naturally taking consideration of financial projections of it as one of the two main elements. But when it happen in a company, the return of financial sources becoming less important issue for CIOs. Maybe because of living in comfort zone or depending on company’s ‘limitless’ sources!
The CIOs had better feel themselves as a business partner, an entrepreneur and having strategic approach on the project. They are not just a technical executive, they are ‘one of the new boss’ of the company like CFOs.
The function of the CFO – even if the company has enough sources for the new project can not be pumping up money to the project or playing ‘no’. First of all, (s)he must understand the project, then believe in it and feel appetite on it having external investor’s insight. For this reason, previous commercial experience is becoming as a vital specialty of a CFO.
The cooperation nature of a CIO and CFO during developing a new project consists of a cohesive characteristics in successful companies. If a company catch this level, the CEO of the company can make an easier decision to go or not to go with the project.
Bulent Hasanefendioglu – Head of Consultancy