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Are CFO’s the new CTO in construction?

CFO CTO Construction
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Are CFO’s the new CTO in construction?

Ok, I’m going to offend some CFO’s here. But bear with me. 

You’ve been known as the roadblock. The person the sales teams with incoming products can’t penetrate through. 

I believe this can be a little bit of an unfair reputation. You are tasked with steering the financial ship of your business towards profitability: highlighting areas where you can unload spending and highlighting areas where the belt needs to be tightened. 

It is no surprise that you have to dial in the excitement of team members to achieve the overall vision. 

The construction CFO

In construction. This is no different. 

Sometimes the CFO has a say in areas of the business they aren’t traditionally trained or familiar with. They have to pull rank on operational investments, new pathways and opportunities.

It can be seen as a kill-joy…sorry! But please know, we empathise with you.

With the emergence of the CTO having more and more clout in board meetings, there’s also a new dynamic at play. 

But, could the CFO be the new CTO? Is there a reason why their objectives can’t be aligned into one role? 

It’s no secret; technology is sweeping into our lives at a rapid pace. Whilst traditionally, construction has lagged behind other industries in tech adoption, there is an upward trend in how construction teams are integrating new tools into their workflow.

But it needs to happen faster.

The perfect person to oversee technology

The CFO is in the perfect position to benefit the most from new technology adoptions. One of the most remarkable outcomes innovative software gives us is better visibility and access to information. 

So, if data is the friend of the financial department, and technology is the tool to capture better data…why arent they intertwined more?

It comes down to the differentiation of roles. The CTO is often off executing a project whilst the CFO is trying to turn a strategy into something that can be rolled out. 

If the CFO was able to work alongside tech teams to align a vision with an execution plan, you could better intertwine the goals and objectives of the business. 

The CFO needs to start looking at technology as the single most powerful tool they have in their arsenal. They need to know that technology will give them more visibility, reduce error, minimise leakages, and even allow them to predict the future. 

By starting to move away from just being the strategic and purse-string operator, the CFO can merge into a CTO role that also focuses on accelerating the position of the business. 

Building open and ongoing lines of communication between the IT and finance functions to work cohesively together can ensure all actions and investments are aligned to the company’s strategic goals.

So, what is the CFO to do?

Take an open approach to becoming the technology champion. Understand its power in helping you push the vision of the company forward. 

It enables the finance department to make quicker decisions with a less analytical approach. It allows you to achieve milestones faster by better access to information and a more proactive approach to accurate decision making. 

Contact thrive today.

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