Financial Statement Carl Williams (CEO)

Financial Statement

Carl Williams (CEO)

IT Contribution to Business

In the past, your organization did not view the IT department in a business sense. IT is generally viewed in a more technical light, but it should be understood that it is a viable and necessary part of any organization. The IT Department here at IVK is an important and valuable part of the business. In order for the firm to grow into the financial services direction it is headed in, the IT Department should be seen as more than just the department that recommend what computers and software the organization should invest in. In order to maintain pace with the growing business, IVK must hire someone to manage the department that has a keen sense of business in order to forecast technical trends and identify areas of opportunity and growth.

DATA/ANALYSIS

Once an individual has been identified to lead IVK's IT Department, it should be understood that he or she does not need to possess a degree in technology, but he should have a working knowledge of it. What is more important is that this person possesses a keen business sense as well as superb communication skills to be able to deal effectively with the heads of all departments reporting to the CEO. The organization failed before in this area by hiring someone who had the technical know-how, but lacked the necessary business skills to move the department and organization forward.

This person should stay on top of current and emerging trends in the technology field by utilizing lifelong learning in the form of seminars and classes. He or she should be a natural leader and be able to bring fresh ideas to the table that will benefit the entire organization.

III. RECOMMENDATION

The financial statements of IVK should be closely examined to determine how to increase revenues while decreasing expenses. Concerning the IT Department, the new manager needs to hire a good mix of people with various skills. There will, of course need to be staff members with exceptional technical skills that can develop new technologies to keep the firm growing at the steady rate that it did a few years ago. However, the department should not be saturated with technical staff. The new manager will need to hire individuals who have a strong business sense and are experienced in the fields of accounting, finance as well as other business areas. This is necessary because the technical staff person may favor a technology that seems to be best for the company because of its capabilities, but the person with a good sense of business can evaluate the technology to determine if it will help the firm's bottom line.