Age of the aware CIO

There was a time when all that CIOs and enterprise IT professionals knew was technology. They were tech experts; knew how to implement tech when a consultant or a business guy told them what was needed. 

With consistent campaign that understanding of business is a must, many of them today know their business processes and the pain points and try to provide the best IT solutions to support, run and close gaps in business processes. From tech implementors, they have evolved to become problem solvers. That’s a great leap.

However, the approach is still the same. It is religious, ritualistic and no-point-wasting-time-on-what-is-not-there-in-the-syllabus approach. Ask them anything outside their business, you can draw blank stares. Some who have changed a couple of companies within the same vertical, have a slightly better view as they have seen different models and processes. But most of that knowledge has come from on-the-job experience. 

Now, a selected few go beyond this limiting approach and do try to know what is happening in their industry and sector specific regulation. Yet, when it comes to even the issues that may impact their business directly, even though they are not strictly industry issues—for example, horizontal regulatory developments like data protection bill—many are not exactly aware.

In all these years, technology’s role in business has increased manifold. Many businesses are being run on IT. Platform business models are impacting almost all industries—hospitality to transport, retail to financial services.   

What businesses are looking for are people who are extremely aware of what is happening around and can gauge if and how it would impact their business—either as a negative or positive disruptor. That is, as a threat or as an opportunity. The next step of doing something about is actually much easier for today’s CIOs. They exactly know how to solve problems.

This issue’s cover story goes into one such ‘peripheral’ issue—digital payment—understanding of which can provide great scope for creating business value, especially to all consumer businesses. Digital payment is making it possible to create new products and services and take some of the existing ones to areas hitherto thought to be unreachable. On the other hand, the ease and convenience of digital payment, goes a long way towards enhancing customer experience. 

But to turn this into a real business value creator, one must understand where exactly it is going and what can be expected. The cover story is just a little introduction to the area. Its objective is to create an interest in the topic—an essential part of any digital journey.

 

Read the ITNEXT June 2019 Issue