The Growing Role of the CIO
The 5 Rs to Accelerte Transformation
- 1 Resilience
- 2 Restructuring
- 3 Reinvention
- 4 Reskilling
- 5 Reduction
Technology is no longer just a support function; it has become critical to—and even responsible for—driving corporate strategy and protecting its success. That’s why it’s time for the CIO to take their place in the spotlight, as the champion of technology transformation and business change.
WorkMagic's initiatives to address the five R’s
The common ground that will help CIOs address the five R’s is cloud. Most companies are moving from migrating to the cloud, which was about standardization—i.e., digitizing business and adopting software-as-a-service—to what we call living in the cloud, which is all about differentiation and operating unconstrained from the old way of doing things. Enabled by a new technology foundation, they are now able to think, act and operate in previously unimaginable ways to reap the full benefits and value of their cloud investment.
CIOs must help transform the way their companies work—not only with technology, but with each other, by helping the entire workforce become more technology-literate. As a result, the role of the IT department will shift drastically, from one of providing technology support and maintenance to one of innovation.
Even though most companies are already migrating to the cloud, many still have some antiquated applications and data architecture. Updating legacy systems will take time and effort, but it needs to be a sustained effort for CIOs to put the past of their IT departments behind them and lead toward innovation and differentiation.
CIOs need to become savvy at what we call “mastering cloud economics," because as IT costs continue to rise, CFOs are challenging that increased spend. They're pushing CIOs to get more efficiency out of their IT budgets and make sure that they're achieving greater value. Should the company be spending more? Should they be spending less? The CIO needs to be able to speak to these issues and provide solutions that maximize the value the company gets from their IT spend.
The C-suite and other business runners want more and better information, and data/analytics is key to enabling data-driven decision-making. CIOs must therefore be the catalyst for becoming data-driven. By combining cloud and applied intelligence initiatives and scaling advanced analytics and artificial intelligence and machine learning capabilities, they can help derive greater value from data—enabling the company to provide differentiated experiences and solutions.