A winning strategy based on differentiating capabilities supported by technology is essential to creating and sustaining long-term value.
Technology has accelerated business growth to the degree that business priorities and goals are unachievable without it. As a result, technology executives must evolve from being just technological leaders to business drivers, engaging themselves in new businesses, innovative approaches, and new sources of revenue.
Technology is transforming customer expectations and shaping new market dynamics. Technology executives must collaborate with business leaders in shaping an organization's vision and guide business strategy development and execution, strategic decision-making, and value creation. It involves new ways of solving problems, opening new possibilities, creating unique experiences, and accelerating business performance through technology.
The traditional ill-suited strategy development and execution processes are obsolete, where CIO and the team were the followers, and the creation of strategy was an annual, rigid, and box-checking exercise. Organizations need to transform strategic decision-making and elevate CIOs beyond simply managing IT operations to leveraging technology to create business value. It involves agility, fundamentally reimagining the strategy development and execution processes, reinventing how organizations work, and rethinking how to solve problems more collaboratively and effectively.
The CIO's responsibility is not limited to delivering tactics in response to pre-existing business requirements. The technology leaders (Chief Information Officer, Chief Digital Officer, Chief Data Officer, and the team) must become innovators and build new business capabilities that provide the company a competitive edge. Since they are already in charge of high-growth initiatives like data monetization and digital transformation, technology leaders are well-positioned to redefine value proposition and fuel their growth.
Better strategic guidance on how technology could assist organizations in achieving their vision and goals is required.