New Role of the Cio
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Business strategy and IT strategy used to be separate entities, but now they are fusing.
IT is joining finance and marketing as the third function driving profitability. With IT being a more central part of generating revenue and managing costs, a company’s approach to IT is inextricably linked to the wider objectives of business development. Today, IT is required to provide conventional technical services consistently, as well as innovate in a faster, more agile manner to stay ahead of the game.
With the IT landscape undergoing profound changes, the role of the CIO has evolve from traditional IT roles to become a partner in overall business strategy and innovation. How can the CIO cope up with these changes?
Recommendations:
The CIO must now fulfil the role of business leader. This means a shift from running an IT department to running IT like a business. Given the extent to which technology platforms are now shaping and measuring customer demand, it also means a seat at the table when it comes to overall business strategy. The CIOs role must now include:
1.) Facilitating whole of business strategy.
2.) Enabling collaboration between IT, finance, and business partners.
3.) Driving alignment between technology supply and business demand.
4.) Guiding and demonstrating the value of technology to business partners.
Also, the shift to running IT like a business means new skills and capabilities are required beyond the usual responsibility of technology team members. To deliver the strategic success the current business landscape demands, the CIO need to hire and build teams that understand both technology and business and that are skilled in cross-functional capabilities.