Today's CIO's are seeking to partners
The role of the chief information officer (CIO) is to successfully grow profits for the business by - Driving technology initiatives, increasing the return on investment (ROI) in information technology (IT), expanding the business impact of IT, and ensure information is secured.
However, the CIO's goals and responsibilities are not fully addressed for some organizations. Company's run the risks of using ineffective IT products, expensive IT services, potential loss of information, or compromised company or customer information. These issues will result in poor business performance, low customer retention, and violating compliance requirements for the business.
Modern CIOs are becoming more effective in their roles by taking a collaborative approach with external technology experts to build a better environment for their company. Compared to the '90s, CIOs need a more detailed understanding of how technology will impact the business and rely on the experts to implement and support the solutions required.
How can CIOs leverage partners and deliver value?
Using partners who have implemented proven technology will create fewer surprises that affect business continuity resulting from internal IT and security issues. Expertise from industry partners can improve regulatory compliance through higher quality operations.
Having an integrated approach to managing a broader spectrum of solutions across the entire business goes beyond responding to IT and security problems to proactively preventing them. It addresses hazards and financial risks to encompass all aspects of an organization, i.e., strategy, reputation, and human resources.
Through a well-managed network of partners, the CIO can drive the use of an organization-wide structured process to identify and manage risks, consequences, and opportunities. The approach goes beyond a perceptive understanding of the IT security setup to the actual enhancing shareholder and stakeholder's value.
Opportunity Indicators to the CIO to expand Technology Partnerships
- Frequent IT and security crisis management situations
- Desire to protect corporate reputation
- Board/stakeholder/regulator pressure to understand the full IT and security risks and capabilities of the organization
- A need for a bottom-up approach to change and improve business capabilities
- Lack of management from audits, controls, and monitoring of IT systems and services
- No common understanding of the IT and security set up throughout the organization
- Lack of a common language and management of IT and security competencies
- IT system monitoring is only performed through financial audits
- Cost of Risk is not understood or captured as a financial consideration
- Risk communication is likely only after a loss or negative press to the company
- Few processes are defined, and success depends on individual effort
Traditionally, the model CIO would have technical competence with some management skills. However, the most influential CIOs in today's environment have leadership skills and business acumen that they leverage across a network of technology experts. LABUSA provides organizations with sourcing and management of technology consultants to assist with delivering solutions to support the role of the "new" CIO. Ongoing strategic dialogue with technology consultants and industry experts allows for a more significant impact on strategy and actions for the business.