Both CFOs and CIOs are taking an active role in driving innovation and modernization programs for today’s enterprises. Grant Thornton’s recent 2019 CIO Survey revealed that 80 percent of CIOs believe it is their imperative to help build an innovative culture. Working together, the CFO and CIO are collaborating to create a culture that embraces smart risk-taking.
“The purpose of innovation is to push the edges of comfort and the adoption cycle and try new things,” Chris Stephenson, Grant Thornton principal, Business Consulting, said. “CFOs have to lead the business in trying new things that may or may not work while also supporting their teams when they do try things and fail.”
LaVerne Council, Grant Thornton national managing principal, Enterprise Technology Strategy and Innovation, suggested that most organizations are not prepared for failure. “Sometimes innovation gets stalled because the business is afraid to try something new because no one wants to be accountable when it doesn’t work.”
The way in which today’s companies approach risk-taking as they work to implement new technologies is especially critical if they are to address key challenges including data governance and cybersecurity.
Listen to Chris and LaVerne discuss the importance of smart risk-taking as CFOs and CIOs navigate the digital transformation journey and address critical enterprise challenges including data governance and cybersecurity.