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.
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.
- 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.
- 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.
- 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