Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/478549
22 March 2015 • www.CPAPracticeAdvisor.com BRIDGING THE GAP By Jim Boomer, CPA.CITP The 7 Critical Skills of an Effective CIO 7 Critical Skills At Boomer Consulting, we've devel- oped a list of critical CIO skills, which are outlined below. • BUSINESS SAVVY - Te ability to bridge the gap between IT and the frm's economic engine. Tis is a skill that frankly many technical CPAs do not possess or at least not at a level to manage or lead a major frm or busi- ness. Tey have great technical skills, which are important, but ofen have not had adequate sof skill training and/or inadequate understanding of technology. • MARKETING & SALES – Develop messaging that effec- tively outlines the advantages of new technology and educates partners and managers on how they can leverage technology as a strategic asset rather than viewing IT as overhead. This generally involves some con- vincing and the ability to manage change. Not all that diferent from what we do in our traditional marketing/sales of services to clients. • COMMUNICATIONS – Amazing mes- saging and education goes nowhere without efective communication skills. A good CIO can communicate through a variety of channels (face-to-face, email, video, etc.) and puts the time in up-front to understand his audience's preferences for receiving the message. Tey understand that a one-size-fts-all communication strategy is not enough. • HUMAN RESOURCES – Great CIOs build a team of IT professionals to deliver resources to the frm (internal and external sources). Tey identify and assist in the development of IT training requirements at all levels of the frm. Recruiting, hiring and managing a team of top level talent requires at least a baseline understanding of human resources and personnel development. • PROJECT MANAGEMENT – Manage priority projects to insure success, on time completion and within budget. IT professionals tend to be highly skilled in this area already and should be leveraged to train the frm's staf, managers and partners on project management basics. • BUDGETING & CASH FLOW – Te ability to step back and see the big picture for the frm in terms of fnance is important to establishing priorities, budgeting and projecting cash fow. Tis requires that the CIO be trusted with access to fnancial information beyond simply the technology budget. • STRATEGY & PLANNING – CIOs need to understand and use a formalized strategic planning process around technology and be responsible for IT planning and budgeting. Te process should integrate the frm's technology plan with the frm's overall strategic plan. To do so effectively, the CIO should be involved in the development process for both plans. Many will look at this list and say, "We don't have anyone who is highly skilled in all those areas, let alone an IT professional." W hile this may be t r ue, you don't necessa r i ly need someone who is already at an "expert" level in all areas. You need someone who has potential and drive. Do they show a willingness to learn new skills and a desire to develop beyond their current position? If the answer is yes, you likely have the right person and need to invest in development and training programs. What CIOs Bring to the Table Tere are a number of benefts to including your CIO on the management team. Here are fve o f t h e t o p r e a s o n s i n o u r opinion. • CIOs bring a diferent perspective to the table than most partners. • CIOs understand how tech- nology can improve efficiency and efectiveness and can provide innovative insights. • The firms with the best tech- nolog y are those firms w ith strong IT leadership. Having a strong CIO on your team who supports the frm's vision and integrates technology is a stra- tegic advantage. • CIOs have project management skills essential to the success of the frm. • A quality CIO can leadership and management in developing new ser- vices and revenue streams. Over the past several years we have conducted the Boomer Technology Circles and Te CIO Advantage and I can assure you that these leaders e x i s t t o d a y i n f i r m s a c r o s s t he countr y. Many have recognized a shif in the role of the IT leader and are already developing their skills for the future. Ensure your frm is also preparing for the f uture by devel- oping your CIO in the areas that will allow you to leverage technology to its full potential. 2 2 M a r c h 2 0 1 5 • w w w . C P A P r a c t i c Jim Boomer is a shareholder and the CIO for Boomer Consulting , Inc. He is the director of the Boomer Technology Circles™ and an expert on managing technology within an accounting frm. He also serves as a strategic planning and technology consultant and frm adviser in the areas of performance and risk management. In addition, Jim is leading a new program, Te Producer Circle, in collaboration with CPA2BIZ and the AICPA. jim.boomer@cpapracticeadvisor.com A well-qualifed CIO can and should be a key member of your management team, yet few frms are taking full advantage of this strategic resource. By well-qualifed CIO, I am referring to those IT professionals who display both acumen and potential in a variety of leadership and management skills beyond technology. While technology savviness is important, IT professionals also need the opportunity to develop and practice the skills necessary to elevate to a more strategic level within the frm.