To succeed, CIOs need to start thinking more like CFOs. At least, this was the key takeaway from The Wall Street Journal CIO Network Conference, according to CIO Insight.
With BYOD and BYOC becoming more popular, the IT budget is increasingly being divvied up and passed over to other departments. This may be appropriate and in the best interest of the overall organization, but IT Departments were created and centralized all those years ago because decentralization fostered risk and was not necessarily cost-efficient. It’s up to the CIO to take back control – without jeopardizing business initiatives – and to decide what IT strategy is best for the company. To do so, CIOs need to think and communicate IT-related matters in financial terms.
We at DCG agree that the CIO needs to start communicating the value of IT, and they can start by:
- Streamlining budgetary practices to make better use of resources and allow for better decision making.
- Creating an IT governance plan that provides guidance on how to reduce risk, set priorities and foster conversation regarding IT project investments between the business and IT management.
- Identifying and pursuing the IT investments that can produce the greatest value to impact the organization's bottom line.
However, we also recognize that it’s not easy for all CIOs to take on this mindset – and to do so effectively. That’s where we can help. This is going to sound like a cheesy advert – which I suppose it is – but we provide a variety of Advisory Services to guide a CIO in tackling IT from a financial perspective, demonstrating the value that IT can provide to the business and compiling a strategy to carry IT forward with this in mind. The point here is that yes, our services are for sale, but you should focus on the variety that we offer because it is highly likely that each CIO will need something slightly different to help them make necessary changes in the context of their own organization.
IT is evolving, and the role of the CIO needs to evolve with it, staring with an enhanced financial perspective. Take action now.
Agree? Disagree? Let us know and leave a comment!