There are far larger, business-oriented responsibilities on the horizon IT should take, and there is also vertical permeation IT needs to make for accelerating business performance.
In today’s digital business ecosystem with the exponential growth of information and ever-evolving digital technologies, Information Management is a key differentiator between high-performing organizations and mediocre companies.
The key to reinventing IT is about engaging the whole organization in knowing and understanding the direction and strategic planning of the business, handling concurrency, creating business synergy, and generating differentiated business value.
Divide strategic goals into business objectives that Information Technology can address with little or no investment, but create remarkable value for the business: The business management evolves IT to deal with investigations of innovative business solutions to crucial problems that could have a big business impact and create significant value. IT has a limited budget, and many IT organizations have been perceived as a cost center. Thus, to reinvent IT as a value generator, it’s important to make sound business justification with quantitative ROIs.
CIOs need to be in touch with their customer/partner/stakeholder base in a continuous fashion to head off the bigger issues. Without the effective cost of ownership and line of returns, often an IT investment falls into more of a risk prevention model than to driving profitability. To keep it relevant, IT needs to build a trustful relationship with the business, identify their pain point and innovation hot spots, reduce the number of "prioritized business initiatives" and clearly delineate the really critical ones. It aids in removing silo thinking, calculating ROIs and risks, and making wise investments continually.
Business initiatives in stakeholder’s language and tentative system solutions along with the laid down process and timelines: Information Technology is the means to end, the end is to achieve the business value or customer delight. Every IT project should be a business initiative. The pitfall is that many IT specialists do not have enough knowledge or lack an in-depth understanding of their businesses or customers. Very few IT staff know their business’s strategy and can’t map their daily tasks to the business’s strategic goal. Sometimes, instead of solving problems, IT becomes a complex piece of problems, instead of simplifying, it turns out to be over-complicated to the already tangled process and create more issues later on.
The next logical step for a CIO should be to evolve the IT department into a co-operation-wide recognized body that provides solutions for a variety of business opportunities. To bridge the IT-business gap, tt's important to translate IT-enabled business initiatives in a stakeholder’s language; it needs to have knowledge and skills for interpreting important business issues into technology-enabled solutions and leverage necessary resources to solve them systematically. To run IT as a structural solutionary or a systematic business value generator, calculates the potential value of IT on a normal/best/worst scenario in the near/mid/long future and creates a multidimensional prioritization roadmap. It helps IT leaders sustain the technological vision, enable business strategy, and take commitment and discipline to stay focused on the real priorities of the business instead of being distracted by what seems to be more urgent at any given moment.
Proactively evolve emerging changes, get well ahead of the business’s learning curve and seamlessly drive the organizational transformation: IT needs to shift from “fixing things broken” in a reactive way to “building business capabilities” proactively. With the increasing pace of changes, IT shouldn’t just react to change, they need to ride the learning curve ahead of the rest of the company, and ultimately become the change department of the business.
There are far larger, business-oriented responsibilities on the horizon IT should take, and there is also vertical permeation IT needs to make for accelerating business performance. Contemporary CIOs have to deal with constant ambiguity, the unprecedented level of uncertainty, overwhelming information, interdisciplinary management manners, and multi-generational workforce to generate tangible value such as cost-saving, efficiency, or revenue growth, etc, as well as intangibles such as brand equity, sales enablement, etc, components of value, and ultimately become a systematic business value generator.
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