GROWING NEED FOR CIO TO SPEND MORE TIME ON
Surveys conducted by major analysts of multiple industries have identified roadblocks for CIO in the path to innovation. These challenges include lack of resources, lack of technological expertise, and insufficient funding for IT initiatives (most of which are not well defined). The surveys indicate CIOs spend 70% – 80% of their time on tactical issues. They have little time for conceptualizing and driving innovation.
The Chief Innovation Officer is expected to provide a new technological vision, developing and executing the business technological roadmap and driving change within the organization.
This new role consists of:
- Being a part of strategic business roadmap creation and corresponding IT implementation
- Persuading the CFO and CMO of the tangible business benefits of an IT implementation and securing funding
- Providing insights on the technological implications of new developments and acting expeditiously enough to get the full benefits of new technology
- Thinking beyond simple business decisions and being a part of product and service developments that drive tangible business benefits
- Building a strong team of technology and trend-focused officers
- Maximizing the benefits of contract and vendor management
- Managing and re-engineering finances to optimize allocated budget
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