CIOs play a central role in developing revenue-generated initiatives. Gartner Research Vice President John-David Lovelock states, “IT as a whole has really moved from the things that help the business do day-to-day jobs, to becoming the engine that actually drives the organization.” Nearly two-thirds of CIOs (62%) say that generating revenue through the creation of new products and services is among their responsibilities, according to CIO Digital Magazine’s 2019 State of the CIO Survey. Industry analysts and CIOs offer steps to shifting to revenue-driven IT.
1: Ensure the CIO and tech teams have a seat at the table
It’s important for CIOs to ensure that their technology and digital teams are included in the strategic development conversations. This will allow the CIO to have input into the objectives that could be enabled by technology and used to drive growth. Proven IT Finance can help your company develop a holistic approach that considers both technology and business operations, this is a proven Blueprint for ITFM Success.
2: Focus on the customer
When considering new technology initiatives and making innovative decisions, it’s important to consider the customer’s needs. Infusing guest data, feedback, insight, and analytics is critical to developing products and services for the customer.
3: Cultivate a mindset of technology as an investment, not an expense
CIO of National Life Nimesh Mehta states, ‘We’ve changed IT from an expense to an investment mindset. When operations reduce costs, it comes out in technology. They drop $10, we add $12, but you have to look at it end to end. It’s okay for tech costs to go up if units are going down.” Proven IT Finance aids organizations in developing a nuanced business focused TBM strategy that helps deliver a positive ROI on technology investments.
4: Improve IT’s flexibility and agility
A dynamic organization is more likely to outperform peers. Being adaptable and acquiring the ability to quickly change their technology, business, and processes will help drive success and generate revenue. Proven IT Finance can help you identify and meet your objectives by building a TBM methodology that delivers Value Insights®.
For more insights, click here: https://www.cio.com/article/3387959/7-steps-to-revenue-driven-it.html