How to Improve the Relationship Between Technology and Finance

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Be Budget and Cost Conscious

Finance is a balancing act – they’re working with one budget for the whole company. By proactively suggesting changes that could be made to reduce costs elsewhere, you’ll not only provide a roster of what is outdated, but also indicate your awareness of the company’s financial needs.

When compiling this section, make sure that the changes you suggest are ones that the company will be willing to make, and that they will not be hurtful to other departments. A well-done section on possible trades in services will do wonders for the effectiveness of your proposal, as they effectively reduce the cost of the project.

Growing a technology company isn’t only about raising new capital – it’s about wisely spending the resources you already have. No company of any size is immune to this principle, not even Google, as evidenced by its hire of all-star, Wall Street vetted CFO Ruth Porat, to rein in the behemoth company’s spending.

Porat’s hire this year indicates that the technology industry’s spending practices are maturing. It’s no longer only about funding and the fireworks of innovation. It’s time to plan for sustainability and long-term growth, and prepare for the financial needs of the company for decades to come.

As finance re-establishes its role in today’s maturing businesses, it’s time for the technology team to make some new friends. That friendship relies on learning how to consider projects from the perspective of asset allocation. The conversation starts with the project pitch, but will also rely on the relationship you’ve built with the department. In this slideshow, Henner Schliebs, vice president, Head of Global Finance Audience Marketing at SAP, has outlined what will be on finance leaders' minds while they review your proposal.

 

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