We work with CIOs all around the world to help them create best-in-class business performance tools for their organizations. And since our install time is quick and painless, we get a lot of time to pick their brains in the pub. So we’ve learned a few things from these rock stars and wanted to share a few key insights with all of you CIOs (and future CIOs) out there who want to take the reins at your company.
Lead on business strategy
We love this CIO’s Guide to Becoming a Business Strategist. A study with PriceWaterhouseCooper found that CEO’s view “technological advances” as the number one trend transforming their business over the next five years. But CEOs are really fearful of being on the wrong end of technological disruptions. This is where a CIO can really insert value—finding the right tools and solutions to create faster, more relevant, timelier information flow throughout the business.
Embrace big data
Some say 2015 is the year of big data. Technology has gotten to the point where companies are collecting more data than ever before – from sales figures to budgets, human resource information and financial strategies – keeping track of it all is not an easy project. IT is tasked with finding and using technology that delivers all this data to the business to help them drive better strategy.
Companies invested $380 billion in enterprise software last year—but are they getting the most out of it? Oftentimes, critical business systems, like ERPs and CRMs, are great at certain things, like collecting data, but lack core functionality, like reporting and analytics that help the business understand, manage and predict. Business Intelligence (BI) solutions were created to “fix this” but they also have their own downsides. They don’t link to the critical business systems you rely on. When exploring how to get the most out of your company’s data, financial performance management solutions are a great best-of-both-worlds option. Don’t forget to check out these seven secrets to success when beginning a big data project.
Stay focused on data security
In a recent poll, 90% of CIOs said data security is their main concern but only 21% actually trusted their system’s ability to mitigate risk. Make sure this is the year you have a plan in place for your systems, employee training and more.
Consolidate and maximize IT infrastructure
In 2014, AMD consolidated down to two data-centers and reduced the number of business applications in use by 62%. The result? IT costs were reduced by almost 35% and the number of data centers by nearly 90%. Getting your systems up-to-speed in a way that reduces overall costs can provide extraordinary value to your organization.
Finally, remember to step forward and share your ideas and strategies with the rest of the executive team. CIOs have unique insight that, when articulated to other C-level team members, can help drive other business initiatives. These CIOs believe speaking up is the #1 key to success. Stay tuned to Hubbleology to learn more!