When the CIO is also the CFO

Is it smart management or a recipe for disaster when one executive is both CIO and CFO?

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So Joe Money's leaders created the CIO job, and Box took on that position's duties in addition to his existing CFO responsibilities. Box and other company leaders decided that a combined role was the right choice because the company is small (about 70 employees) and has limited financial resources, which can decline during the winter months when construction work slows down.

As Box explains it, Joe Money Machinery needed the strategic thinking that a CIO brings but it didn't need someone doing that full time.

Box had studied computer engineering while earning a bachelor's degree in business, and he had some experience with technology, but he admits that he still faced a learning curve.

To overcome that, he says, "I set about training myself to become a CIO as if that were my only job."

That training included a good deal of independent study -- reading up on IT management and technology trends in newsletters, books and magazines -- as well as work toward certifications, such as the American Institute of Certified Public Accountants' Certified Information Technology Professional (CITP) credential. His goal? To be able to completely understand any IT project before he approved money for it.

Today, Box has six IT staffers who report directly to him; one is the IT manager who ran operations prior to the creation of the CIO job. The wide-angle view of the company afforded by his dual role helps him craft better solutions, he says.

As CFO, he had been frustrated that his company was unable to recoup costs of rental equipment that was broken when customers returned it, because there was no way to prove that the customer was responsible for the damage. As CIO, Box was able to implement a document-retention system that stores before and after photos of rental equipment along with details about the equipment's condition. The system provides a time stamp that's admissible in court. (Article continues on next page.)

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