For some, New Year’s resolutions recall promises to exercise more, eat healthier, or learn a new hobby. For a CIO, these resolutions represent an opportunity to become a more proficient digital business leader, and being a digital leader means driving the company’s digital transformation strategy. According to a November 2017 IDC report, worldwide spending on digital transformation will reach $1.7 trillion by 2019. However, most of the companies surveyed were still in the early stages of change. As organizations adopt digital technologies to improve productivity, efficiency, and revenue, a well-thought-out set of resolutions is necessary. Only then will CIOs be able to move ahead with their 2018 digital transformation efforts successfully.
Here are five resolutions for CIOs to become more effective leaders in the upcoming year: .
Define the True Meaning of Digital Transformation for Your Company
Most organizations set out a digital transformation plan that does not align with their overall vision or makes sense for their employees. Many business professionals, including C-suite executives, think that digital transformation involves adopting digital technologies. They fail to connect digital transformation to more extensive company processes such as factory automation that uses IoT or supply chain items tracked with smart labels. It is up to the CIO to educate everyone on how technology can define the company’s overall strategy. The definition of a successful strategy includes reshaping the business, guiding the mindsets of employees, and bringing together new insights to capitalize on upcoming market opportunities.
Create a Strategic Plan and Execute Through Digital Transformation Projects
CIOs should take charge of developing a formal company-wide digital transformation plan that outlines how business operations can be streamlined and automated for enhanced performance. This plan should go beyond simply digitizing documents. A complete strategic plan will provide a framework of the digital technologies you aim to implement, set critical timelines, outline detailed investment plans, and define the business values the plan will deliver. Other C-level executives and key business influencers should review the overall layout for their valued input and buy-in. The final strategy should then be broken out into separate projects that 1) support the overall strategic corporate plan and 2) have assigned and agreed upon priorities. All digital transformation projects should be kept centralized to prevent interference and hindrance from other departments and systems.
Bridge the Technical and Business Gap
CIOs must keep all lines of communication between IT and other departments open. Doing so will help in breaking down existing silos and improving workplace efficiency. It is the primary responsibility of a CIO to exhibit openness and inclusiveness to achieve company-wide goals. To do so, CIOs should maintain regular check-ins with IT staff, department heads, and project leads. This ensures a higher level of productivity and efficiency, which can increase revenues and decrease costs.
Take Account of Data-driven Insights
To make informed decisions, CIO’s must capture and analyze information effectively. By implementing a tracking system across the value chain, the CIO can accurately measure people, places, processes, and products. Matching this information with pre-tested business scenarios will empower CIOs to prioritize and direct resources, decrease wasted effort, streamline processes, upgrade workplace safety, strengthen customer relationships, and improve revenue.
Learn how you can harness the power of visual AI to ensure workplace safety.
Get Closer to CMOs
Undoubtedly, CMOs play a critical role in the digital world. However, studies have shown that many times the CIO-CMO relationship is the weakest. In 2018, CIOs should collaborate with CMOs and work together productively to usher in digital transformation. A lack of collaboration between the two often leads to shallow digital deployments, which hinders the revenue generation potential.
Learn about our Digital Transformation Consulting Services.
Looking for more recent content? Check out 5 Digital Transformation Resolutions CIOs Need to Keep in 2021.