CIO OPINION
The biggest CIO challenge : Innovation versus efficiency
IT is undoubtedly a crucial enabler of innovation , which in turn plays an important role in growth and emerging business opportunities . But IT also remains a major cost – at a time where cost pressure is already high on the CIO agenda . For many , improving cost efficiencies can have a direct and positive impact on innovation but how do CIOs achieve the right balance between keeping the ‘ lights on ’ and innovation just as any rockstar needs to keep their existing fans happy while also enticing new audiences ?
Cloud is one area of innovation that holds huge potential for businesses as it can offer significant cost savings if used effectively . While many financial institutions already use cloud-based software for business processes such as CRM , HR and financial accounting , the opportunity for cloud within core activities such as consumer payments , credit scoring , statements and billing is endless . There is expected to be a significant increase in the number of organisations adopting cloud to promote innovation with global spending on public cloud services expected to come close to US $ 500 billion this year .
Unleashing the power of the CIO
Now more than ever , CIOs have greater responsibility and accountability to their organisations . As businesses increasingly become digital , corporate leaders are beginning to realise that technology expertise is a powerful asset to their business . They no longer view IT as a maintenance and support function , but as a valuable asset helping business leaders to manage their enterprise with increased accuracy and visibility across various departments and multiple projects .
The latest Digital Transformation initiatives and demands of today ’ s customer expectations have completely changed C-suite dynamics , which means CIOs and CFOs need to work collaboratively .
Technology spending is an expense that typically represents a significant portion of company expenditure , yet most organisations have minimal visibility into how IT is linked to the business strategy and return on investment . ITFM solutions give CIOs and other executives a way to identify and manage the cost , quality and value of the technology services operating across an organisation . In order to achieve and maintain the rockstar status , CIOs need to utilise their expertise and embrace a holistic view of the business to lead their band , i . e . the organisation , to future success . p
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