CIOs in the spotlight
A mindset shift is underway. Evolving from a technology-enabled business to one with technology at its core is an in-road to digital business models for CIOs.
Recently, a common investment dilemma has challenged CIOs. Fierce market competition shrinks overall IT budgets and monolithic IT systems have high operating and modernization costs. Furthermore, technology-centric innovation keeps an organization competitive and, also, requires significant investments. As part of this shift towards technology-enabled businesses, it is now a CIO’s responsibility to define a steadfast business case for allocating financial resources. Only by doing so can they pave the way for reinvesting in the company’s future.
Laggards vs. leaders
When it comes to tuning an organization for the future, the difference between a laggard and a leader is acuity for digital innovation at scale. For instance, a leader will recognize the value in deploying a company-wide data strategy, designing seamless customer experiences, and orchestrating technology-enabled strategies. They should also be able to think outside the box in terms of organizational boundaries and build an effective ecosystem.
COVID-19: The catalyst
The pandemic accelerated the separation of leaders and laggards. It has highlighted a demand for foolproof digital capabilities which can be adapted to reflect fluctuating market conditions. Many leading companies proved that technological foundation was decisive in providing remote work setups, in maintaining operations, and continuing the digital journey.
Given our approach outlined in the report, integrating technology into a company’s core enables true digital innovation: Our digital teams harnessed digital capabilities and worked fluidly to create a reliable contact-tracing app. An MVP was released after just 21 days and over 600,000 downloads were made in the first weeks after going live.
The plan of action
To truly deliver innovation and to enable faster time-to-market, financial flexibility to invest in new technologies and services, and a sustainable company transformation, CIOs should focus on the following five key capabilities.
The power is in their hands
In this ever-changing business landscape, it is imperative that CIOs adopt skills, tools, and the mindset to enable a company’s IT transformation. In doing so, not only can they propel the organization above the competition – they can position themselves as genuine digital leaders as well.