CFOs and CIOs Unite on Finance as a Service

In the current business landscape, the synergy between the chief financial officer (CFO) and the chief information officer (CIO) has never been more crucial. These two roles, while traditionally seen as distinct functions within an organization, are now pivotal in driving forward the financial modernization agenda. The CFO brings a wealth of knowledge in driving value and ensuring compliance, while the CIO is responsible for leveraging disruptive technologies and fostering innovation across the enterprise. Their collaborative input can spell the difference between stagnation and significant growth.

Finance teams today grapple with the imperative to control costs, ensure compliance, optimize strategic investments, and provide actionable insights. This multifaceted mandate necessitates the integration of cutting-edge technologies such as artificial intelligence (AI) and generative AI to streamline finance operations. However, the convergence of technology and talent poses substantial hurdles. By forging a closer partnership with CIOs, CFOs can ensure that the adopted technologies align with business goals and are harnessed effectively to bolster business performance.

In a recent survey conducted by KPMG LLP (KPMG),¹ 100 CFOs and CIOs were queried to glean insights into the level of collaboration between their roles and to identify both opportunities and barriers to optimal collaboration. An overwhelming majority acknowledged that their partnership significantly influences business outcomes, particularly in terms of innovation, adaptability, and operational efficiency. Notably, 92 percent of respondents affirm a collaborative relationship with their C-suite counterpart, including 58 percent who describe it as “very collaborative.” Even more telling, 98 percent concurred that CFOs and CIOs share a unified vision regarding the role of technology in advancing the business strategy.

CFOs were significantly more optimistic about the impact of collaboration, with many feeling that collaborative efforts markedly influenced business outcomes. Specifically, CFOs were 20% more likely to believe that collaboration had a substantial impact on operational efficiency. Additionally, CFOs felt much more positive about risk management when working closely with their CIO counterparts.

Despite this optimism, certain areas of contention persist. A key area where CIOs find the collaboration most contentious is in the assessment of return on investment (ROI). CIOs often see discrepancies in how investment returns on new technologies are evaluated. On the other hand, CFOs frequently identify a gap in understanding the capabilities of technology as the most contentious aspect of their relationship with CIOs. They believe that enhancing this understanding is crucial for aligning on business strategies and maximizing the potential benefits of new technologies.

One immediate opportunity for CFO and CIO collaboration is the deployment of advanced technology solutions within the finance team. These solutions empower the finance function to manage daily operations with agility, ensure timely close of books, and support faster and more accurate financial planning and analysis. Increasingly, organizations are turning to outside providers for specific capabilities, including FaaS.

FaaS offers an end-to-end, fully managed approach that provides rapid access to advanced technology and highly skilled personnel. This model mitigates the strain on internal technology and finance teams as they work to revolutionize finance operations. By integrating AI, cloud technology, data analytics, and other transformative tools, FaaS provides a robust solution supported by experts in both finance and technology. This can alleviate budget pressures faced by CFOs and provide short term ROI assessments through pilots to alleviate tech ROI concerns.

Companies adopting FaaS can quickly realize several key benefits:

• Enhanced Productivity: By streamlining and automating labor-intensive processes, FaaS promotes operational excellence and efficiency.
• Increased Profitability: Dynamic commercial strategies and agile operational models reduce technology costs and overhead.
• Improved Experiences: FaaS fosters the creation of superior customer and employee experiences by standardizing and optimizing workflows.
• Accelerated Growth: By facilitating more agile and informed investment decisions, FaaS can significantly accelerate organizational growth.

Recognizing the Shared Goals of CFOs and CIOs

CFOs and CIOs are united by their pursuit of efficiencies, quantifiable ROI, and sustainable growth. KPMG professionals are adept at working with both functions to help ensure they achieve their collective objectives. Leveraging our extensive experience across finance and technology domains, coupled with our leading capabilities in AI, cloud solutions, data analytics, and more, we deliver tailored FaaS solutions to meet the nuanced needs of modern finance organizations.

Our FaaS offering is not just about technology; it’s about a customized delivery that meets companies where they are in their digital transformation journey. We apply our experience to drive innovation and business improvements cost-effectively. By understanding the needs of both roles, we help organizations drive innovation and business improvement at a reasonable cost.

Elevating Financial Performance Through Strategic Technology Integration

By embracing these advanced strategies, CFOs can transform their finance departments into hubs of innovation and strategic insight. Partnering with CIOs and leveraging powerful technologies like AI, blockchain, and cloud computing, CFOs can drive operational excellence, enhance transparency, and achieve sustainable growth. 

Footnote:

¹ CIO-CFO Survey 2025