CIODigital Disruption

7 Sure-Shot Ways to Earn Good Revenues from IT

IT is no longer regarded as a team that performs back-office support or tweaks your computer hardware. It has become an ingredient for success in this digital era. In this article at CIO.com, Stacy Collett discusses 7 sure-shot ways to earn good revenues from IT.

Getting Tangible Benefits from IT

A Gartner Research VP David Lovelock observes that the majority of products and services are heavily dependent on IT. The CIO role too has changed from being a ‘strategy participant’ to a ‘strategy enabler’. You are responsible for generating revenue from new products and services. You also must fare well in terms of customer satisfaction, innovation, and IT-business alignment. Below are the ways you can earn good revenues from IT:

Earn Credibility Among Top Executives: CIOs must ensure that their teams are at the top of their performance. Introduce new ideas that would bring IT to the limelight. Always talk about the new team capabilities that can bring value to the company as well as clients.

Be a Part of the Strategy Game: You should participate in those strategic meetings with senior leaders to understand company goals. You can then align your team’s skills with organizational strategies and initiatives.

Develop Based on Customer Needs: 55 percent of the CIOs in the State of the CIO survey rely on customer feedback for their development process. TGI Fridays chief experience officer Sherif Mityas encourages his team to consider customer data, feedback, etc. and produce customer-centric deliverables.

Build a Good Rapport with the Vendors: Vendors know about the market like the tip of their hands. Keeping a close relationship with them allows you to earn revenue earlier and dominate the market. Partnering with startups also makes you knowledgeable about pioneering initiatives.

Reinvent the Image: Many top leaders still believe that IT is an expense and hardly support digital initiatives. Build use cases to let them know how the department is an investment and can generate massive revenues.

Fail Fast But Adopt Early: It is important to adopt new technologies before your competitors do. No matter how many times you fail during the implementation, learn your lessons and move ahead. Constantly experiment with new technologies to stay on top of your game.

Build Capabilities and Train New Talents: Companies are finding it hard to hire and retain talents that can handle emerging technologies. Once you get a good talent pool, train them more and create an innovative culture.

To view the original article in full, visit the following link: https://www.cio.com/article/3387959/7-steps-to-revenue-driven-it.html

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