Communication is necessary for CIOs to collaborate with their teams. It helps them engage their peers and the board members to execute the best technology plans.
In this article at CIO, Clint Boulton suggests that IT leaders can efficiently communicate the business value of technology by adopting the business jargon used by their stakeholders.
Beware of Business Concepts
You can use popular management concepts and business tips to deliver, monitor, and reiterate IT operations. It also helps you in offering improved customer experience (CX). Follow these business terms to strengthen your position in the company:
Digital Business KPIs
With organizations forming new business models to complement digital transformation, tracking digital business KPIs has become critical. According to a Gartner research, two essential KPIs are evaluating the progress in the digitalized business model and new revenue sources it creates.
KPI creation is significant, but its discussion with the board is equally pivotal for the CIOs. You must know how to explain it to your C-suite peers. Communicate what the digital KPIs measure and why they are critical for the venture.
Customer Journey Map
You cannot ignore the customer journey map because your competitors leverage technology too. They also aim to offer the best customer experience. By observing the customer’s journey, you can identify the gaps between your brand expectations and the deliveries. So, you can determine the roadblocks and bridge the gap to improve the prospects of customer satisfaction.
Learn to operate in a lean startup model that involves iterative testing, constant learning, and product improvement. The key to working in lean startup mode is pairing technology with your business model to offer a reliable solution. Be ready to fail as you initiate matching speed with the fast-emerging transformations, break norms, and iterate to get the desired outcome.
Reverse Income Statement
The reverse income statement helps you determine the reliable source of revenue and profits for your business. Envision the unknown and estimate ROI in terms of customer adoption.
The real options help you identify and undertake critical business initiatives. If implemented in the technology business, real options entail running a startup with a reliable leader or initiating innovative experiments.
Data Balance Sheet
The data balance sheet offers an overview of data stored by an organization and a significant channel between technology and business leaders. It also covers data usage, information flow, data operations, and significant risk management procedures. A well-structured data balance sheet can help you protect sophisticated data and boost your business value. The IT leaders must put their vision into action to draw meaningful and relevant results. Click on the following link to read the original article: https://www.cio.com/article/3529425/6-business-concepts-it-leaders-should-master.html