Editor’s note: This article draws on insights from an Oct. 30 CIO Dive and CFO Dive live virtual event. You can watch the sessions on-demand.
Executing transformative digital initiatives at the enterprise level calls for solid employee buy in and support from leadership. But before projects get underway, technology and finance leaders need to agree on the top priorities.
Trust sits at the core of Principal Financial Group's C-suite dynamics, according to Ryan Downing, the company's VP and CIO of enterprise business solutions.
"We've spent a lot of time over the years really, really working to understand each other's space, understanding the different capabilities we collectively bring to the table," Downing said, speaking Wednesday during a CIO Dive and CFO Dive live virtual event.
The company has worked to align its cloud and IT infrastructure to address key industry pain points and help improve digital experiences for customers.
Though finance functions have long shown resistance to large technology investments, many are coming around to the virtues of driving up tech spend, lured by potential customer experience improvements and productivity upsides.
At Principal, it's often the finance department pushing digital investments forward, according to Downing.
"Our finance leaders are right at the top of the list of seeing the opportunity across the business," said Downing. Enthusiasm for tech reaches internally, too, with leaders using technology to drive finance processes.
Business value in mind
Enterprise investments into technology must be intentional. Success often depends on CIOs and CFOs sharing a vision of what role tech-enabled processes can play for the broader organization.
"As technology leaders and professionals, we can get really excited about what's new with technology and how we might be able to apply that," said Downing. "But our ability to frame that conversation in how it can help support our customers and support our business is ultimately where we can add the most value."
Focusing on outcomes helps organizations shape their approach to two critical enterprise technologies: cloud and AI. Investments in both of these areas can help trim costs or boost productivity, but often requires foundational investments.
"Value shouldn't just be measured in dollars and cents," Downing said. "We have to think about value as it relates to customer experience, as it relates to managing risk, and certainly those financial outcomes that we're trying to achieve."
Correction: This article has been updated to reflect Ryan Downing is VP and CIO of enterprise business solutions at Principal Financial Group.
