The role of IT and the CIO is constantly evolving and growing into a new beast. Technology is progressing at a rate that is enabling more time and opportunity for the CIO to delve into IT strategies. In an article for CIO Dive, Justine Brown elaborates on how CIOs’ new focus on strategy will benefit the entire business.
Harvey Nash and KPMG released a survey that revealed more than half of CEOs are requesting their CIO to focus more on projects that create revenue rather than ones that save money. Sixty-three percent of the 3,352 surveyed CIOs said that making money was the priority, and a mere 37 percent were cited as stating saving money was the most important.
According to Brown: “Many enterprisers were founded on the premise of using Big Data to help other companies improve their revenue.” For example, at First Insight, they utilize big data to include customer response in the design of new products. CIOs even have the opportunity to create a new business within the walls of their existing organization. Brown states that it is ultimately the “proliferation of data” that will be the primary force behind the revenue-generating CIO.
This new title of “revenue-generating CIO” is greatly influenced by the fact that the CIO is no longer merely a paper pusher for mundane numbers; rather, they are big players in the business’s success. CIOs can and should utilize data across the business to better their approach.
Having the right technology is not the only facet to creating revenue. CIOs must keep in mind the implications of these services and how they will in actuality work in the organization. Additionally, no CIO should be left entirely alone in creating revenue. The CIO is part of the business, and inspiring innovation in the effort of creating revenue is just one way the CIO can be further involved in the business.
You can read the original article here: http://www.ciodive.com/news/the-rise-of-the-revenue-generating-cio/421323/