Opinion by Thought Leaders
Read the latest opinions from tech & business pros across the globe.

Why CIOs Need to Prioritize Their Resources for the Business

 

Priority alignment: this should be a focus of any CIO looking to grow a business. Indeed, the adaptive CIO must set clearly-defined roles for each branch of the department, especially important as it pertains to the role of CIO vs. IT manager. In essence, CIOs need to be focused on helping the CEO with the company's strategy and let their IT managers handle the back-office work.   As CIO puts it, the IT department has to help the business make more money; as CIO, you must remained focused on the business rather than concerning yourself with providing the computer, the network or the server. This is what the IT Manager's role is, and you're paying him/her handsomely to do that. By clearly defining those roles and sticking to them: this is the only effective way to grow a business. Otherwise, resources are wasted, not to mention time and money.

The Path to Alignment

Sure, digital transformation has begun placing more and more demands on the CIO position -- a role that has undergone am impactful shift over the years from maintaining a stable portfolio of back-office technology to crafting ways that technology can bring in more money for the company's bottom line. But progress has been slow.   For many years, CIOs worked toward a goal of closely coordinating IT projects and overall strategy with business processes, with a recent Public CIO survey saying that executives still report IT-business alignment as their #1 IT management concern.   A shift is afoot. Another survey -- Deloitte's 2019 Global CIO Survey -- revealed that the two top expectations for CIOs are, in this order, to:

  • Align with the business
  • Transform business processes
  • Achieve IT operational excellence

Based on these findings, experts say the two kinds of CIOs needed in the future include a “business co-creator” CIO who devotes a majority of his or her time to driving business strategy or encouraging change, and a "change instigator" who acts as a leader in technology-enabled business transformation.

Still, the CIO is always at a perpetual inflection point, spinning plates in the air, as they face opposing functional and strategic priorities. On one hand, CIOs are called upon to be more active in all business decisions, as competition demands more transformative, innovative solutions for clients and customers. On the other hand, IT is responsible for maintaining most of the functional yet essential aspects of tech strategy, such as security and data management. Just one wrong step, like a data breach, and it's game over.

The plates the CIOs are spinning are getting greater in number yet faster and smaller in size. How can CIOs and IT manager stay in their respective lanes in order to properly grow the business?

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Building Your Entrepreneurship Digitally

 

Jean-Baptiste Say provided a definition for the concept of an entrepreneurs, which stated that they, “shift economic resources out of an area of lower and into an area of higher productivity and greater yield.”  Entrepreneurship is the process of running and designing a new business venture with all of the financial risks. In today’s digital economy there is about 46% of businesses who are still waiting to make their first digital footprints. It is hard to imagine being a business that has no online presence, so it is still important to map out what exactly these digital entrepreneurs are doing to be successful. 

According to Entrepreneur.com, they surveyed over 350 small businesses, which had 10 employees and less than 1 million in revenue and found that 32% of businesses decided to not have a website is because they claimed it was not pertinent to their industry. The second most popular reason, at 30%, is that the companies did not have the financial ability to take their business online and they didn’t have the technical know-how to maintain the upkeep of the website.  Furthermore, and 12% of companies were using social media as an alternative to building their own website to get themselves out digitally. 

Who is a Digital Entrepreneur?

The word “entrepreneur” first appeared in the French language in the 17th century and was first was used to denote the meaning of an adventurer (Bhanudas, 2013). Not every entrepreneur is considered a “digital entrepreneur” and that’s because they don’t utilize the digital environment in their business plan or strategy. Digital entrepreneurs focus their work solely in the online space and work on digital commerce, which is the main focus of their businesses. 

Examples of individuals who are using the internet as a place of business are people who are selling digital products like eBooks, online education, membership sites, downloadable software, web hosting, software as a service, and of course selling eCommerce products. People in the industry are the purest form of entrepreneurs in today’s economy because the internet environment is still currently in an infancy stage.

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CEOs Must Invest in Digital Transformation

 

Does your company have a digital boss? What we mean by that is, do you have a leader on board who can easily leverage new technology advancements in order to grow your business? In today's business climate, this "luxury" is no longer an option. In fact. Raconteur says that "data is the new oil." They both generate substantial wealth and power global economies, but one crucial way in which they differ is their longevity. Oil is a finite fossil fuel, meaning it will come to an end at some point. Data, by contrast, is infinite. Just take this example: within the next couple of years, 40 zettabytes of new information will be created, translating to four million years of HD video.

So, then, it's a no-brainer that CEOs must make significant investments in digital transformation. Indeed, it's a strategic imperative for any business that wants to surge ahead rather than just limp along. Digital resources are taking on a new importance, making them serious contenders as asset classes that are well worth the investment. The big challenge, then, is to blend the strengths of the old with the opportunities of the new, requiring tech-savvy CIOs to dive into and own the data themselves to interpret, analyze and align.

A Climate of Exponential Digital Growth

Think the Industrial Revolution was a frenzied pace of advancements and breakthroughs? Well, it was -- then. But it pales in comparison to the exponential pace of digital transformation now. The next decade alone will bring furious growth into many sectors, from 3D printing and neuroscience to digital telepresence and cryptocurrency, points out New Scientist. Therefore, it's not really a choice to embrace technology enablement; rather, it's mission-critical to the survival of every company. CIOs and CEOs don't necessarily have to be tech experts themselves; however, they must have a clear appreciation of how technological advancements will redefine their business models, operational processes and customer experience engagement, says CIO.

How Industries are Evolving

From retail and banking to media and healthcare, new technologies are injecting themselves into all sectors -- in many cases, pushing out traditional companies through the leveraging of digital advancements. There is no more room for ignorance. Just look at the Blockbusters and Borders of the world that failed to migrate into new territory as smoothly as icons like Netflix, Amazon, Google, Airbnb and Zappos.

So, what are these relatively new entrants into traditional industries doing right? They have been able to build market share fast by:

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