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CFO Tech Champion

It’s always been important for the C-suite to understand the cost benefits and value associated with technology projects, but today’s complex infrastructure needs are requiring greater levels of input from financial executives, in particular. Technology spends are increasing dramatically, and there’s a need to balance the shorter-term benefits of specific tactics with the long-term strategies that will help move the organization forward. The days of technology teams making do with the funding that they are allowed are over, as technology becomes more tightly intertwined with business strategy. It is crucial that the big dollars invested in technology and innovation are tied to true business value in a way that can be communicated throughout the organization — making the CFO an integral part of the decision-making when it comes to determining the IT spend.

Funding Sustainable Growth

Technology is advancing at an unbelievable rate, with new software applications and methods of reaching customers coming at breakneck speed. Making several poor decisions around technology can create a miasma of problems that can take years to resolve, but that risk is mitigated when financial leaders work closely with technology teams to ensure that there are adequate measures and milestones in place. CFOs must ensure that the organization has the funds available to budget for items that are critical for continued business operations that support corporate strategy and sustainable growth initiatives. This has to be balanced with the additional risk that can be assumed by waiting for “something better” (an application, a way of controlling data or reduced legislation) to come along. According to Gartner, worldwide IT spending is set to reach $3.8 trillion this year, with ongoing increases in spending attributed to IoT, shifting on-premise computing to the cloud, software applications and maintenance fees. With this shift comes a fundamental change in the way technology dollars are budgeted: from capital expenditures to a SaaS model that is billed as an operating expense.

Aligning Technology Spend with Strategic Initiatives

Starting with the strategic initiatives of the business and slotting in technology where needed may be the way CIOs and CTOs are familiar with budgeting, but the new paradigm requires additional work. The risk potential of having business systems vulnerable to a cyberattack is an ongoing concern and one that can require a significant amount of spending in any given year. Data silos are being broken down and consolidated as older legacy systems reach their sunset years. This tension between supporting an often-aging infrastructure and providing a stable base for the future creates a need for creative budgeting throughout the organization. Having the CFO work with technology executives can help bring greater visibility to the IT needs of the organization and how they align with specific strategic initiatives.

Constantly Examining Technology ROI

Part of the budgeting process involves being intentional about determining business ROI for the various technology initiatives and being unafraid to boldly cut or fund projects based on the changing needs of the business. New threats occur on a regular basis — as well as new opportunities to seize dominance in a particular market. Having the flexibility to pivot and create revenue may require a continual review of the various projects as well as a fundamentally different approach to what have traditionally been multi-year IT projects. Vigorously defending projects that no longer provide business ROI can put a major drain on limited organizational resources, especially in light of changing features and functionality for even the most stable business platforms.

Now more than ever, CFOs must have a solid understanding of the business value that IT projects plan to deliver and a solid review of milestones. This shared responsibility with CIOs and CTOs creates not only a greater accord in financial decisions but also a deeper understanding of the value that various projects have for the entire business.

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Elizabeth Mitrani
Elizabeth Mitrani
17:23 06 Aug 19
Palindrome Consulting was key in establishing my business and helps me keep it running. They are the consummate... professionals, incredibly knowledgeable and are always available to help. They have gone above and beyond to ensure that I was up and running quickly and that any issues that may arise on my end or dealt with immediately. I highly recommend Palindrome Consulting.read more
Moshe Rubinstein
Moshe Rubinstein
14:57 28 Jun 19
They are there every step of the way. Responsive and timely. The full service mentality mixed with the problem solving... abilities, is what makes them an easy choice.read more
Benjamin Wainberg
Benjamin Wainberg
14:09 28 Jun 19
Palindrome Consulting is customer centric. For Palindrome Data Safety is paramount; they keep their and our systems... updated with the newest technologies and are not shy at changing to better alternatives. Their platforms are always running and in the odd case there is an event, their technical team has an awesome response time.read more
Copier Man
Copier Man
13:56 28 Jun 19
We have been using Palindrome since 2005. They make my company feel like we are #1 all the time. Expert staff are... always available to help all my users all around the country.read more
Martin Feldman
Martin Feldman
16:43 26 Jun 19
As a partner in Fischer & Feldman, P.A. we have utilized Palindrome Consulting as our IT experts for many years. In... addition to keeping our server up and running, they are available to consult on the everchanging cloud and web landscape. We could not function as a successful law firm without their constant care, attention and almost IMMEDIATE RESPONSE TIME.read more
Rebecca Fischer
Rebecca Fischer
16:39 26 Jun 19
Palindrome has been my IT company for more than 15 years. We have been through four server and computer replacements... over the years all of which went smoothly. As technology has changed Palindrome has kept us current in their recommendations and are extremely responsive when we run into a software or hardware problem. We have been through hurricanes with Palindrome and felt confident they would have us up and running as quickly as possible and despite the fact we are probably a smaller client, they have treated us as one of their most important clients. I highly recommend Palindrome and have complete confidence in their capabilities and service. They have even gone the extra mile when we wanted to donate our old computers to a children's special needs school and delivered the computers, set them up and provided service for the same. Ilan Sredni is the consummate professional and has surrounded himself with top professionals and skilled technicians.read more
Nelson T
Nelson T
20:32 25 Jun 19
Palindrome Consulting has proven itself time and time again to be the epitome of professionalism and technical... expertise. They take the time to listen to your needs and then apply their wealth of technical knowledge to create truly innovative and robust solutions. They truly deliver piece of mind.read more
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