As technology continues advancing relentlessly, it is more important than ever to review the essential role of technology in business success and set goals and frameworks for effective digital transformation. There may have been a time when technology was somewhat mysterious and the domain of the “IT guys”, but that time has long passed and in today’s fast-paced environment everyone from the CEO down needs to be on board with the digital age.
According to McKinsey*, based on their extensive work with CEOs and top executives at large companies, three concepts define today’s most effective IT functions:
- A new role that calls for collaboration with the business on strategy and operations;
- an updated resource model offering the talent, methods, and tools to accelerate innovation; and
- a future-proof technology foundation of flexible, scalable systems that speed releases of IT products.
*Next-gen technology transformation in financial services.pdf
CEOs are uniquely in the position to bring about the organisational and cultural changes necessary to successfully implement digital transformation in their organisations. Traditionally, the CIO may not have been included in sessions where business strategy was developed and agreed on, and were instead presented with the strategy and had to make it work. This lack of communication and collaboration between the CEO and CIO may have resulted in resources being used ineffectively or sometimes not at all. This has changed as CEOs are increasingly recognising the value of close collaboration with key personnel who are up-to-date on what technology can deliver to enhance business efficiency. There is a move toward including CIOs in business strategy discussions, liaising on implementation of required technology and monitoring outcomes in achieving objectives.
Using the Raykis platform, CoAcumen works with you to collaborate and construct the alignment and common context between the business IT on shaping strategy, defining targeted technology investments, thus streamlining operational initiatives.
“How do we track and maximize the value produced by our major technology investments?”
This includes a collaborative platform for priority matching, continued CIO alignment and understanding of strategic initiatives and instantiates the ongoing challenge:
“How are we making key technology decisions at all levels of the company?”
There is proof that CEOs who have heightened efforts to guide the technology function have paid off, because so many of their companies’ strategic priorities now depend on technology capabilities. CEOs can’t, and shouldn’t, take over the CIO’s job, but they can use their unique influence to assist with the most valuable aspects of a technology transformation. Setting priorities is key: CEOs and their leadership teams should focus the CEO’s efforts on tech-transformation activities that the CEO is best positioned to lead — particularly, the organizational changes required to promote better collaboration between IT and the business, and to deliver innovative IT products.
An effective platform like Raykis will involve not only defining this context, but also measuring the outcome results or payback from technology investments, as well as instantiate frequent assessment for reallocating capital to promising innovations or opportunities.