The pre-COVID times were running smoothly. Businesses were working in flow, thinking about profits in the upcoming future. But no one thought the sudden lockdown would smash their profitable ideas. The danger was valued more than opportunity. Those who valued the latter stood strong and were ready to gain returns when everything was back to normal.
Many business enterprises believe that COVID was an in-the-face change. The business people, particularly from the R&D, who quickly recognized the survival and welfare of their company, drove their brands towards innovation to tackle the COVID threat. 84% of the big tycoons, such as Korean giant Samsung, accept that innovation was the sole reason for the success of their companies. In that, the Chief Innovation Officer laid down its business model in making a victorious financial model – its brand and culture. Because of CIOs, Samsung’s net profits amidst the pandemic rose to 46.3%, contributed by the innovative technology, sales of television and home appliances. The following 7 roles were the strategic center for Samsung:
Supporting best practices
Supporting business unit initiatives
Identifying new market spaces
Facilitating idea generation
Directing seed funding
Designing shelter for promising projects
You can take a guess from these roles about the work profile of a CIO and how they lead the tech world.
CIOs – The Lead of the New Corporate World
About two decades earlier, there were no CIOs. They did not exist. And today, after the pandemic, it’s the CIOs driving and leading the corporate world. You will find more than 50,000 people holding that title on LinkedIn. They are the ones who manage informational data and lead the brand in terms of technology-related systems.
CIOs in top companies are versatile, curious, creative, and competitive humans. They are able to bridge the gap between innovation and business strategies. However, the role of a CIO varies from company to company. How they highlight the business in the emerging markets, strategize financial models, and develop the ability to respond to unexpected events swiftly is what makes them stand out.
Besides differences, the common factor amongst all the CIOs is resilience. Organizational resiliency is the major one to accomplish unforeseen situations. The products and services recommended by the CIOs must be flexible, associate with shifts in customer needs, and should be able to cope with business disruptions.
For instance, during the pandemic, Google Cloud made advanced features in Google Meet available to global users free of charge. The CIOs at Google recommended adding new features in their video-conferencing tool in G Suite and Google Classroom so that people can continue their schooling from home.
CIOs’ Roadmap – Tune Fresh Ideas into Great Products
The bitter truth is that every CIO cannot rely only on innovation. They must evolve rapidly and be more vigilant in responding to the changes. According to the 2022 Leadership Vision for CIOs, a few traits that a ‘perfect’ CIO must possess are – curiosity, never-ending ideas, smooth communication, and active participation.
However, these traits are not sufficient. The background of a CIO must involve marketing or product development. Out of that, they must be able to tune fresh ideas into great products. Here’s a roadmap that an effective CIO must follow:
Ability to generate ideas
CIOs encourage novel thinking along with critical thinking. They must be able to master both divergent and convergent thinking. They have to think from every angle while making a product; try to figure out every loophole that can fail the idea. They must establish internal websites to improve existing products or create new ones.
Maintaining relationships both inside and outside the organization helps in conducting research based on the company’s area of interest. CIOs may negotiate license agreements to use research findings or sponsor research projects. This way, they can get new resources to push their ideas forward. Take the example of AT&T Foundry. They allow independent technology developers to use its facilities and collaborate with experts. Moreover, they get a constant source of ideas for developing new products and services.
Feedback and Support
Prototypes are important to test a fully-developed product in a wider audience. It is more important to get feedback based on the small tests carried out to check its performance. If the feedback is genuine, then the business can scale up. A champion is created with the constant support the CIOs gather from the team.
Working with different teams helps the R&D. From product managers to market managers, CIOs communicate with several teams to quickly create a revenue-generating product and ensure that innovation receives adequate funding during this phase and aligns with the corporate strategy.
CIO Mindsets at iauro – Changing the Tech World
The CIO mindsets at iauro’s R&D are the pillars of the tech world created post-COVID. Because of our abilities to innovate, we have been a technological arm for several startups and emerging enterprises. That drives innovation by helping us deliver and conceive disruptive and brand new technologies, services, and solutions. Our R&D focuses on transforming organizations, and their partners, into more engaged and creative workforces. Because of this, we have grown and have assisted numerous companies to grow together with us.
iauro’s R&D has produced several services, such as DevOps, Micro Frontends, Design Thinking, Micro Services, and lots more. With the growing business environment, we have further accelerated our growth with the adequate business-financial model provided by our CIOs.
With the help of CIO mindset, we were able to successfully deliver CTO transformation and innovation project for one of our clients. We integrated our teams and silos, conducted design thinking workshops, streamlined communication, facilitated significant decision-making and implemented a tech stack that helped them achieve 30% faster time to market. Not only this, it also helped our client generate $40 million in savings after the implementation.
We, at iauro, have achieved the goal to meet the rising expectations and build an agile organization by adopting the combination of design thinking and right-fit technology. It has further helped CIOs at one of our clients create a POC to support and analyze their visions, which enhanced the level of HRMs experience due to digital transformation and helped the client achieve all the parameters of a great place to work.
Additionally, we will credit our work culture. We take ideas from the members within the organization and innovate solutions to dozens of problems. They motivate others to help them create ideas that contribute towards accelerating iauro’s growth.
What’s the future?
Our company has boomed in the last couple of years, led by CIO mindsets. Unlike various enterprises that focus on marketing and profits, iauro focuses on innovation and right implementation of futuristic platforms, solutions, and ancillary services, such as proof-of-concept implementations, wireframes, and prototypes to help you realize your brand’s visions.
93% of the CIOs believe their organization is planning to engage in digital transformation. However, CIOs cannot deliver the best everytime. There is a 45% chance that an average digital transformation project will deliver less profit than expected.
To overcome these challenges, iauro focuses on setting clear priorities that deliver measurable outcomes. We devote time in helping you get the strong digital transformation for your organization. We believe our creative thinking abilities have expanded beyond the horizon and have found enormous opportunities to enter emerging markets during COVID times. That’s the beginning. We want every business to embrace innovation along with us. So, what’s making you think? The time is to act.