CIOs need to replan their digital roadmaps, according to experts, as the line between business and IT grows blurrier than ever.
Speaking at the virtual Gartner Symposium conference, Gartner vice-president John Lovelock warned that organisations that fail to digitise and reckon with the changing role of the CIO will be left behind.
“Formerly, a CIO's career has been about providing stability and supporting necessary services. Now, it’s argued IT needs to be utilised by businesses to generate revenue.”
How to generate this revenue? Well, according to Gartner’s other vice-president Daryl Plummer, CIOs need to take a “more expansive view of the role technology plays” in creating value for their business.
This means being aware of the reality that long-term IT integration is key to an organisation’s success. Businesses are having to adapt to a post-pandemic reality where a return to pre-Covid working patterns is unlikely. Using technological tools to develop sophisticated collaboration and communication strategies will be paramount in creating greater productivity, growth and development.
However, the current productivity gap organisations are facing in the UK is not just because they are failing to adapt to new technologies quickly enough. It is also because when they have these technologies they are not utilising them in a way that best benefits their business.
Organisations must not according to Lovelock, do “old processes with new technology”, meaning the process of digitisation should also be one of self-evaluation, where the risks, opportunities and weaknesses of a company are accurately assessed.
Organisations need to focus more on how and where IT is financed, in contrast to how much according to experts at the conference. Spending on technology must shift from a focus on administration, selling and general operations to one of revenue and cost of goods sold.
Therefore it’s critical for organisations according to Lovelock to think about where their IT can bring in revenue instead of efficiency savings. “ Instead of saving a dollar here and there through efficiency gains” he said “If you can earn the business a dollar, everything changes.”
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