A recent Harvey Nash survey reveals that 64 percent of CIOs were asked by CEOs to lead IT in making money rather than saving it. To make this possible, an organization must reevaluate itself in terms of corporate culture, infrastructure, employment, etc. Abbie Lundberg asked 15 CIOs about revenue strategies. Out of these CIOs, Lundberg had a panel discussion with 3 IT leaders at Red Hat’s Open Innovation Labs. In this article at the Enterprisers Project, Laurianne McLaughlin shares the 3 areas you should focus on.
The 3-Pronged Approach
“Revenue-Generating CIOs: Smart Strategies to Grow the Business” is a year-long research report that talks about revenue strategies that IT leaders took up. Jim Fowler, CIO of GE, Mojgan Lefebvre, CIO of Global Specialty at Liberty Mutual, and Jack Clare, Chief Information and Strategy Officer of Dunkin’ Brands insisted that you focus on three main areas to address the challenges of digital transformation.
Inculcate a Product Mindset
Your IT team should deal with a software solution like a product. Liberty Mutual adopted agile methodology. Now, they take full ownership of a project from start to finish—from vision and development to end user support. Each project has a product manager that acts as a stakeholder with a clear vision. These agile teams consist of 8 to 12 technology experts that guide the manager. So, though a project ends, the products stay. There are no two minds about project funding and planning as the teams have strong capabilities.
Cross-Functional Teams: A Goodwill Deal Between IT and Business
Fowler came up with FastWorks, a new version of agile, and used it in a cross-functional team strategy. The teams consist of 10 to 15 experts that look at all aspects of a product—from development to marketing. Clare explains that it puts more responsibilities on a single person and needs all to proactively improve their coordination and communication abilities. His CEO lays importance on understanding consumers and their transactional behavior to ideate revenue plans. To operate directly as a cross-functional member of the team, the business analyst role at Liberty Mutual was shifted to IT.
Change Is the Only Constant
With the advent of digital transformation, CIOs must be innovative with their visions. Lefebvre bets on IoT and analytics. Today, companies make surveys, one-to-one sessions, workshops, etc. to understand end user demands. In the future, this very data can be acquired through connected networks or partnering with data providers. Data analysis will also be automatic and simpler. With the invasion of robotics and AI, she believes it is not too far when call centers are run by chatbots. As for retail, Clare notes that consumers prefer buying products online from the comfort of their home. By automating processes, the general populace does not have to go through a human interaction to get on-time delivery of the desired services or products.
To view the original article in full, visit the following link: https://enterprisersproject.com/article/2018/1/3-realities-driving-revenue-ge-dunkin-brands-liberty-mutual-cios-speak