Now that every company in any industry is a technology company; so the Information Technology (IT) organization plays a vastly different role. It has to be understood here that IT enables competitive advantage for the businesses. However, IT indeed requires an important person to live up to this new mandate and that person is definitely ‘A revenue-generating CIO’.
Smart tips from revenue generating CIO
In its recent research, Harvard Business Review Analytic Services interviewed 15 leading CIOs in order to find out an answer to a complex question. The question was ‘How do IT leaders deliver success making money for the business?’ The research was named as ‘Revenue Generating CIOs: Smart Strategies To Grow The Business’.
In addition to uncovering the 4 common practices, these revenue generators CIOs shared; the research report also offered firsthand advice for IT leaders that is based on what they are doing in their own organizations.
So explore these 7 quotes from the research report and learn tips so as to turn IT into a revenue-generating powerhouse for your business.
1.‘Tie innovation efforts to driving business growth or customer outcomes’, Clay Jonhson, Enterprise CIO & EVP, global business services, Walmart.
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2. ‘Be clear about your goals and align metrics directly to those goals. If your company is planning to grow by 200 percent in the next two years, cutting costs is not the right metric’, Mike Macrie, CIO, Land O’Lakes.
3. ‘Stay on top of what’s going on in the world of technology. Meet with others in and outside of your industry, including VCs and technology companies. Take your business partners along’, Mojgan Lefebvre, CIO, global specialty business unit, Liberty Mutual.
4. ‘Tie performance metrics to business outcomes and adjust compensation to reflect shared accountability’, Martha Heller, CEO, Heller Search Associates, Author, ‘Be the Business: CIOs in the new era of IT’.
5. ‘Recruit world-class talent’, Lynden Tennison, CIO, Union Pacific.
6. ‘Work closely with customers and learn everything you can about the business and how to add value’, Stephen Gold, CIO, CVS Health.
7. ‘Start small, work in pieces, show tangible results, and go from there’, Michael Gabriel, former EVP & CIO, HBO GO.
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Date: June 21, 2017