With the transformative impact of new technologies and big data, the need for seamless communication and a unified vision between you and your CFO has never been more critical. We believe the 3 most fundamental strategies to creating this invaluable alignment and, ultimately, securing funding for your BI strategy includes: Finding Common Ground, Doing Your Homework and Establishing Yourself As a Trusted Advisor.
In this two-part blog I will discuss:
Do you walk out of your executive strategy meetings thinking it's Ground Hog Day? Does your CFO nod in agreement that you need a BI strategy yet say, 'no' when it comes to funding it? If so, your days of frustration may soon be over. According to a recent Gartner study, BI/Analytics technology is top of mind for CFOs, which is good news if you're in the process of selling your CFO a BI strategy. In fact,
As your organization's primary technology advisor you're up to speed on the latest and greatest BI solutions, but do you know how to articulate their value from a CFO's perspective? What really matters to your CFO and why?
Just think about it, what are the two top priorities you and your CFO have in common? The answer is actually quite simple. When you boil it down it's really all about risk and performance. The variables may differ, but the desired outcome is the same; minimizing risk and ensuring peak performance.
To bridge the gap between 'yes' to a strategy and 'no' to funding, anticipate your CFO's questions and objections. This may seem obvious, but many individuals and organizations struggle with effective communication. In fact, Gartner found that 70% to 80% of BI projects fail because of "poor communication and not asking the right questions". As of CFO's influence over IT investment continues to grow, it's critical to ensure you and your CFO speak the same language. Arm yourself with a thorough understanding of the initial cash outflow and expected cash inflow of the investment before approaching your CFO.
To learn more about the 3 Fundamental Strategies to Convince the CFO to Fund Your BI Solution, download our eBook.