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How CIOs Can Lead CEOs to Business Growth
Companies across various industries have turned to big data to improve performance and overall business processes. To achieve this, they have to rely on CIOs or the Chief Information Officers. CIOs are responsible for directing and organising the company's big data investment priorities, which could mean engaging customers and identifying challenges while attracting the best clients. CIOs help companies in using data and analytics to their advantage.
Here are some ways CIOs can lead CEOs to business growth.
1. Manages Data and Analytics
Businesses that are data-driven are more efficient and resilient. But to get there, CEOs need the help of CIOs who manage data and analytics. CIOs can rely on enterprise-wide data to streamline business processes. They will look into critical data sets useful for the business and eliminate those that are not beneficial for the company.
Data analytics is essential for CEOs as it helps them optimise their performances. Implementing analytics into the business allows them to reduce costs by identifying a more practical way of doing things. CEOs can also benefit from data analytics by making better business decisions and analysing client trends and satisfaction, resulting in newer and better products and services. Several industries are now relying on data analytics, including the travel and hospitality industry, where there's often a quick turnaround.
CEOs of various industries can collect customer data to identify problems and create solutions. Healthcare is another industry that relies on data analytics to make quick decisions. In the same way, the retail industry also uses an enormous amount of data to address the ever-changing demands of consumers.
Data analytics consists of four categories - descriptive, diagnostic, predictive, and prescriptive analytics. Descriptive describes what happened at a certain time, while diagnostic focuses on why things happened. Meanwhile, predictive is foreseeing what will happen in the future, while prescriptive is suggesting a course of action.
2. Leads and Supports IT Team
Another way CIOs support the CEO is by managing teams in the business, including essential things like providing business compliance training and other IT-related training. Given the rapid shift to digital business models, companies also require the workforce to adapt. One thing that prevents CIOs from engaging the rest of the organisations on new digital initiatives is the lack of digital culture in the organisation. Integrating new technologies requires behavioural changes and a shift of mindset, especially for technologies requiring the workforce to collaborate and connect innovatively.
Both the CEOs and their staff can benefit from the training and employee development programs. They offer the means for IT professionals to upskill while helping CIOs address skill gaps. More importantly, these training programs can help to improve employee engagement and retention. According to surveys, technical and high-skills training are the top reasons employees will choose to stay in the company.
For most IT professionals, having access to high-quality and cost-effective training is a big boost for their careers. It's also an essential factor for employee engagement and retention. Having an effective training program in place also allows organisations to upskill staff quicky, which is important in today's era where digital strategies and technologies are evolving at a fast pace. Training programs also help create a culture of continuous learning and self-motivation.
CIOs can focus more closely on technology innovation within the business. Effective CIOs constantly develop advocates within the organisation who are fully aware of how technology can drive innovation. They understand the organisation's desire for innovation.
With their knowledge and expertise in technology, CIOs can indulge their organisation's appetite for innovation. CIOs know what the organisation needs from them to drive business growth. In most cases, they will look into the organisation's key areas before effectively implementing innovation. CIOs can educate CEOs on the potential of innovation. Sometimes, this would require partnering with other business leaders to share ideas and business cases for innovation.
The ability to facilitate innovation in the organisation will also depend upon the CIOs themselves. Every CIO has a unique set of expertise and point of view. Clearly, the role of the CIO can differ depending on the maturity of the CIO and how open the organisation is to innovation. It varies from one organisation to another. In some organisations, the CIO can work as the instigator, but in others, as a co-creator. In addition, there are various organisations with multiple leaders driving innovation. When this occurs, the CIOs must focus on co-creating and ensuring that the most promising opportunities will receive the resources they need.
The Internet of Things (IoT) continues to receive praises for its ability to reinvent relevant areas in business, such as supply chain management. But for companies to keep up with IoT at an enterprise level, they need to step up their game, and that's when CIO can step in. The most effective CIOs of today are driving digital transformation across various areas of the company, including their supply chain.
CIOs have unique roles in the organisation since they understand how to convert data into value to benefit the organisation and help them step up their game. The data that CIOs can collect through IoT is evolving constantly. In addition, new connectivity solutions allow for the collection of vast amounts of data derived from the more remote locations and can generate a reasonable return on investment. Thanks to IoT, CIOs are now getting smarter in identifying the type of data that can be real game changers.
As IT leaders, no other individuals in the company are better equipped to leverage data collected through IoT than CIOs. They know how to create value from the data collected by IoT and combines it with the capabilities of cloud-driven data collection to maximise the next wave of data-driven value.
To help CIOs process IoT data, companies should consider hiring IoT specialists. Recruitment agencies that specialise in IoT recruitment can help organisations in recruiting competent IoT specialists that can work with CIO in processing data to achieve business growth.