Saturday, December 3, 2022

Five Business Concepts IT Leaders Must Understand

By Vishal Muktewar - May 24, 2022 3 Mins Read

To embrace their role and influence the board of directors in decision-making, IT leaders must champion the critical business concept.

With digital transformation becoming a center of the business, the role of IT leaders has become more critical than ever before. This has left CIOs with no choice but to get out of their silos to become everyday contributors to the overall decisions and direction. With the opportunity to influence the decision-making process, CIOs should also thoroughly understand the business concepts. They should understand all the potential outcomes before implementing any IT project while simultaneously communicating their ideas to fellow tech leaders and business executives.

Here are five business concepts IT leaders should understand to influence the decision-making while driving strategic growth initiatives:

The ongoing state of IT

With IT becoming an integral part of driving the business growth and operations, IT leaders must communicate with CFOs once a year to discuss the “state of IT.” The discussion should include factors such as budget planning and execution alongside the strategic business necessities. Additionally, the state of IT can also help IT leaders convey how effectively they can deploy new investments. Not only that, but the current state of IT also allows organizations to identify what risks the organizations are facing and are likely to encounter. These details are vital data for the CFO and the rest of the C-suite.

Also Read: Six Ways IT Leaders Can Recession-Proof their IT Career

Financial markets

IT leaders have always been encouraged to understand the organization’s financial landscape. They are expected to know how the organization makes money, speak the business language and measure the cost of IT in terms of monetary investment. However, with the uncertainty still present in the global economy, IT leaders should strive to gain knowledge of financing, financial markets, and the global economy. Having an in-depth understanding of the economic landscape of organizations, IT leaders will be in a much better position to understand how it impacts other issues, whether it is dynamic pricing or ROIs.

Asynchronous communication

IT leaders should have a firm grasp of asynchronous communication and written concepts. It has never been more crucial for IT leaders to successfully communicate their vision and discuss strategy while assigning tasks through text. Depending on virtual platforms or relying on meetings to express their ideas is not always feasible. Having asynchronous, precise communication is critical.

Also Read: Top Three Practices for IT Leadership to Bolster Today’s Teams

Customer requirements

Before embarking on a new IT project initiative, IT Leaders should understand the customer needs. They should collaborate with their counterparts and communicate how technology can help them meet these needs while driving business goals. They should precisely underline how technology can help meet customers’ needs across the customer lifecycle, from purchase to adoption to renewal. This will help them to create value at every stage along the way.

Business priorities and drivers

In today’s business environment, IT leaders should understand the business drivers and priorities. They should develop the ability to articulate in their messages in business terms how technology, as well as its accelerated development, can impact the overall business goals.

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Vishal Muktewar

Vishal Muktewar is a Senior Correspondent at On Dot Media. He reports news that focuses on the latest trends and innovations happening in the B2B industry. An IT engineer by profession, Vishal has worked at Insights Success before joining Ondot. His love for stories has driven him to take up a career in enterprise journalism. He effectively uses his knowledge of technology and flair for writing, for crafting features, articles and interactions for technology enterprise media platforms.

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