CIO refers to the Chief Information Officer, a company executive responsible for managing and implementing information and computer technologies. The use of technologies has been rapidly increasing these past few years, changing the landscape of many industries. As a result, the role of the CIO has become more important than ever. The CIO is responsible for analysing how certain technologies could benefit the company and looking for ways to improve an existing business process.
Here are some ways CIOs can affect business growth.
- Make Analytics a Priority
CIOs can link transformative technologies with company goals and objectives through analytics. A recent survey shows that less than half of the world’s executives consider themselves experts at data and analytics. The survey received responses from executives of various industries, from finances to technology, healthcare, and telecommunications.
One way CIOs can positively impact business growth is by making data and analytics a top priority for the company. Many companies today are already focusing on digital transformation. Research shows that digital transformation is a priority for many companies. They are especially focused on how to make investments that can benefit the company in the long run. Aside from focusing on data and analytics, these companies have considered new technologies their top investment priorities.
Unfortunately, some companies are still lagging in data and analytics capabilities. However, this will change in the coming years as these organisations are catching up with their competitors. Just like fine wine, data improves in value as time goes by. The more data the organisation can collect and analyse over a longer time – the sharper its insights will turn out.
When it comes to data analytics, all functions of Information Technology that support business operation should work smoothly. Otherwise, the organisation cannot achieve the transformational change they need. To ensure smooth business operation, companies need the information and intelligence of CIOs.
- Online, Interactive Training
Another way CIOs can contribute to business growth is by championing digital business strategies in the organisation. They can offer training and introduce collaborative tools and self-service portals to minimise the cost of human capital. The training is done online and is fully interactive, significant to employee development. They can rely on online training courses that are free when it comes to this.
CIOs will also educate the board of directors, CEOs, and other company executives regarding opportunities and disruptive trends. Senior leaders should not only be capable of leading the organisation. They also have an essential role in accelerating changes across the organisation. To drive a transformation across the organisation, CIOs should reimagine their role and encourage everyone to see them as leaders of an information business. Like any chief executive, they should drive vision and direction to the data investment of the company.
As technology and businesses continue to interlink, the role of CIOs will become increasingly important across various industries. Technology is the driving force behind strategic initiatives. Therefore, there should be a good leader behind them, and that’s one of the roles of the CIO. The role is essential in running a business and catapulting it to the next level. CIOs can help find paths to innovation that could lead the company to success.
- Help People to Grow
By implementing tech and interactive technologies, CIOs are helping employees to develop in their roles, allowing them to be more confident and satisfied with their jobs. Retaining and developing the workforce is a number one priority of most companies, as it’s the key to growth, and CIOs are a big help when it comes to this.
CIOs help with employee development by introducing agile learning into the organisation and investing time and resources to help people develop and grow. The Covid-19 pandemic has further accelerated the speed of technological innovation. Such speed has made employee upskilling even more necessary, as it helps ensure that workforces are more prepared to adapt to the constantly changing data-sharing methods. Leaving employees to learn on their own will only put the organisation at higher risk for data breaches or potential workflow inefficiencies.
When it comes to upskilling employees, CIOs can be a big help. Upskilling for workforce development is not a mere “one and done” situation. Organisations must be able to continuously provide workforce development training programs for emerging software and technologies, allowing them to stay ahead of their competitors and thwart cyber threats. This is very useful for the company from a growth standpoint since it helps employees learn new solutions to optimise the business and teaches them how to avoid ransomware and other potential threats to the system.
- FinTech
CIOs are well-positioned to encourage and champion digital fluency in the organisation. Digital fluency refers to the ability to understand technological innovation and the role it serves the company. One aspect of digital technology that companies should teach their employees, especially HR, is fintech or financial technology.
At its core, fintech helps companies and business owners better manage their financial resources, operations, and processes using specialised algorithms and software. For instance, fintech has allowed for the development of payroll technology that helps businesses develop and grow. The technology operates via a cloud-based solution designed to manage and automate the payment of salaries to employees. These systems also help businesses comply with financial regulations and tax laws while reducing operational costs.
To ensure that payroll tech works for the company’s benefit, they must recruit employees well-adept in financial technologies. When it comes to this, specialist recruitment agencies like the JGA Recruitment Group can help. They are UK’s leading payroll agency, assisting clients with payroll recruitment support across all industries.
Aside from payroll technology, fintech can also help improve the efficiency and productivity of various organisations, especially financial institutions. By providing better and more innovative services, client retention rates will significantly improve, and this further leads to increased revenues. In addition, using innovative financial technologies could reduce overall costs in the long run. The main aspect financial technologies work in favour of businesses is the convenience they provide to their clients and customers.
