Why is CIO not just Chief Information Officer anymore?
Jul 17

Why is CIO not just Chief Information Officer anymore?

According to a Gartner survey, IT budgets have not increased beyond their previous levels in recent times, and budget represents one of the significant roadblocks to the implementation of the latest technologies. It also revealed that the critical concern of the CIOs is not just emerging technology but the rate of technological change along with the ability to pay for the change.

Technological advancements in the past few years changed customers’ IT expectations. This digital evolution directly affects the consumer market, and Chief Information Officers have realized the need to accelerate digital business transformation.

Recent surveys identified several roadblocks for CIOs to establish leadership and innovation. Lack of resources, limited IT expertise, ill-defined IT initiatives, and insufficient funds are some of the crucial challenges faced by them. Those challenges can be resolved once CIO is redefined as Chief Innovation Officers. CIO advisory is critical to enterprise digital transformation and paves a seamless way for future innovation. CIOs must utilize innovative financial models that amortize costs and simplifies technology initiation costs to achieve budget flexibility to unleash transformation opportunities that innovation brings.

The survey also indicates that CIOs spend 70%-80% of their time on tactical issues. They devote limited time to conceptualize and drive innovation. Hence it is evident that there is a growing need for CIOs to spend more time on innovation.

IT digital transformation is at a fast pace in the dawn of enterprise innovation. And CIO being a significant digital transformation enabler, needs to make decisions that sustain advantage in the long run.

ShapeIt is essential to build a futuristic business ecosystem and find ways to invest in technology adequately. This requires CIOs to transform as “Chief Innovation Officer” from Chief Information Officer. The new role of CIO will no longer be confined only to infrastructure support and business enablement but will have a technological vision that successfully drives organizations through digital disruption.

ShapeSuneraTech, with decades of transformational IT implementations and IT consulting experience, defined Self-Funded Transformation, a robust framework to efficiently drive innovation.

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“Self-Funded Business Transformation” with the help of innovative financial models is one of the best ways to address the concerns of CIOs and, in turn businesses.

Self-funded transformation (SfT) enables CIOs to attain the desired outcomes in terms of enterprise digital transformation and drives innovation across the organization. It is powered by pre-built solution accelerators and tailored financial models.

The SfT approach ensures the following benefits:

  • Cost minimization and the best utilization of allocated budget
  • Allows IT to focus on the core business
  • Financial flexibility for enabling innovation

The ‘Innovation Lab accelerates IT digital transformation and fuels the CIO office. The CIO initiates innovation though the lab to build futuristic organizations.

The Innovation Lab constitutes of:

  • Innovation Council
  • Innovation Solutions
  • Innovation Platform

The Innovation Platform is the key component to lock savings from the S f T implementation as the innovation fund. This platform enables pilot projects or the prototyping of innovative IT initiatives.

In the eBook authored by Ravi Reddy, CEO, SuneraTech, gain valuable insights that cover:

  • Need for CIOs to take up the new role of Chief Innovation Officer
  • Self-Funded Business Transformation to ensure cost minimization, financial flexibility to enable innovation, and core business focus
  • Innovation lab to ensure CIO success and SfT optimization
  • Case study on SfT implementation to a sizeable US-based enterprise technology company where 20% savings per year in application support is achieved

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