According to the KPMG 2020 CIO survey, 61% of the CIO experienced an enhancement in their role as CIO. The pandemic revamped their influence over the business. Technology as a tool for business enhancement is now a universally accepted reality. Along with technology, the chief information officers (CIO) also were placed on top of the hierarchy.
Few insights to prioritize in 2021
§ Focus on Data
§ Accelerate Digital Innovation
§ People Management
§ Leverage IOT
§ Customer Engagement
Focus on Data
Data holds a very relevant status in any business. Prioritizing data is synonymous to prioritizing your customers and business. According to the business horizon, data can effect leveraging the audience, customer satisfaction, and innovation of new services, business models and opportunities.
Covid — 19 pandemics has revolutionized the data world. Relevance and usage of data advanced. Predictive data gained more importance than the historical data. Its time to consider and accelerate AI and ML computations and usage into your business horizon. The need to devise for an unpredictable future was a realization to the business world.
As the quote “Airline needed fuel to keep flying, now it needs both data and fuel” define, data is now the nucleus of the companies. Every sect of a business like a customer engagement, business operations, business projections is impacted by this growing importance of data. Modernization of the data management strategy by the CIO’s if done ideally can boost your business. Revamping of the dashboard with ML is also of prime importance.
Accelerate Digital Innovation
The success of industries with the support of technology-aided innovations reinforced the aspect of information technology in business. As claimed by recent executive studies, the CEO’s define digital innovations as the pivotal factor in shaping the future of their enterprise.
In the past, the role of IT heads was limited to developing related to support back — end systems and processes. The IT heads now contribute to every realm of the business. The IT leaders now are not limited to innovating new concepts but also identifying the strategic inefficiencies by interacting with the business leaders. The application of current trends and technology, identifying the scope of resource enabled innovation, HRMS and e-learning tools, employee engagement and satisfaction etc. are also executed by the CIO’s. They also expose the business to new experiences, unique selling points that can boost your growth.
In the realm of rapidly changing technology, unusual talents are of high demand. The inadequacy of talented team members can risk the growth and success of the business. According to KPMG 2020 survey, talent risk falls into top threats to growth and success of the digital transformation. CIO’s have to prioritize in enticing tech workers, maintaining internal talents, scope and challenges of remote work environment etc. A successful team can be shaped by training, productive working environment, team empowerment etc. The responsibility of achieving a talent scout is of the CIO.
A buzzword for many years, it is only now the benefits of the Internet of Things for business have the potential to fulfil its game-changing promise. According to the estimation, the total of connected devices will be around 75.4 billion by 2025. Recently IoT devices are being produced for individuals, companies, homes and small businesses. The integration of IoT technology into the business process or its products has resulted in increased benefits.
Selection of ideal and cost-effective methodology and is very crucial since it determines the growth of the business transformation. While integrating, reduction of operating costs, comprehension of customer behaviour, the identification of factors improving customer experience are taken into account.
Customer experience is more valuable than price, service or even the product. The CIO has a pivotal role in enhancing the customer experience. The utilization of applications, IoT, data, website or any other digital channel or tools can achieve more customers. The involvement of CIO’s in customer interactions is very crucial since it guides them in comprehending the business and an idea about the future influence of technology in customer engagement. Rapid problem solving, confidence building, intelligent interactions are some key methods to improve customer engagement.
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Liven VARGHESE (www.livenvarghese.com)