As digital technologies pervade almost every part of business, CIOs need to evolve into a more strategic role that unites the C-suite behind the digital and corporate strategy. It promotes change across the organization and innovates and drives agility via the use of new and established technologies.
According to IDC, 60% of CIOs will be judged on their competence to co-create innovative business models and outcomes through substantial corporate and ecosystem cooperation by 2023.
To succeed in the age of dynamic and disruptive digital marketplaces, a company must build the appropriate technology and IT strategy. The following are three stages businesses must go through to develop a stronger IT strategy.
Create a foundation of digital knowledge
To achieve significant agreement among chief executives on digital strategy, they must first share a fundamental grasp of critical business data and analytics. CIOs can assist their colleagues to build a knowledge foundation by instilling a shared vision among top executives about what data means in their specific business context and where that data places the organization for the future.
It doesn’t matter how much data a CIO provides to the C-suite; if they can’t contextualize it and help others make some sense of it, their digital strategy will stagnate.
Collaboration with the business
There is no sector or enterprise that is unaffected by technological advancements. Furthermore, no sector of the organization can accomplish its plans without the use of technology. As a result, it’s critical that IT contacts the rest of the company’s management early enough to define the plans.
Talking about the future with executives outside of IT is the greatest approach to engage them. Remember that the discussions don’t have to be about technology – it’s just the “how” or “means” of reaching the destination. It’s more crucial to start with the “what.” If at all feasible, IT should encourage department heads to use a single framework to ensure that strategic plans are consistent in terms of transparency and granularity. Each department plan may be analyzed using a similar framework, and the organization’s IT staff will be able to discover common themes and recommend single solutions.
Don’t go with the conventional
The traditional view of the CIO is no longer valid. In the Industry 4.0 era, a function that was formerly considered a cost center and limited to cloud, data centers, networks, and device management has now become accountable for propelling businesses ahead.
The contemporary CIO is responsible for more than just wearing hats; they are also in charge of business innovation on a much larger scale, as well as investment planning and prioritization. Because of the significant expenditures on technology and the implications for corporate strategy, CIOs must collaborate with the CFO and provide investment planning and prioritization leadership.
CIOs should also acquire business knowledge outside of their typical job description and comfort zone. Staying competitive demands new skills and a better awareness of a wide range of evolving technologies, as savvy CIOs recognize.
This isn’t something that happens by accident. Thinking outside of the box allows experts to discover innovative ideas that have yet to be implemented. Are there any developments in other sectors that may be useful in this situation? Is there an area of the business that hasn’t experienced much innovation in a long time (even if it’s traditionally been thought of as “digitally immature”)?
The CIO will only discover new methods to utilize digital transformation (DX) to build new goods and services and better engage with consumers if they push the limits.