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To strategically transform, chief information officers (CIOs) and tech leaders need to deliver tech at speed, innovate at scale and put humans at the center.
The pressure is on technology leaders – chief information officers (CIOs), chief technology officers (CTOs) and chief data officers – to strategically enable their organizations’ ambitions and quickly bring their transformation visions to life. Successful leaders already know data is the currency of the digital age. They are now bringing a data-centric approach to every decision, innovation and experience. They’re investing in next-generation analytics and AI to unlock more of data’s value for all stakeholders. Here are six actions to focus on:
Very few organizations are truly data-centric, but many are working to get there by shifting resources to fill their gaps in data in analytics. “A data-centric organization uses data as a shared asset to create intelligence and insights for its customers and stakeholders, and to continuously improve its operating model as well as products and services,” says Beatriz Sanz Saiz, EY Global Consulting Data and Analytics Leader. To drive data centricity, explore use cases aligning to corporate strategy to improve visibility, and reduce risks while creating value in the process. Architect and build a technology foundation to address shortfalls resulting from the sheer volume of data and steep integration requirements.
Cloud, data and analytics, artificial intelligence (AI) and machine learning (ML), and the Internet of Things (IoT) together constitute the foundation for a successful digital transformation. Select the right technology stack – based on sector priorities and near- and long-term strategic objectives – to meet transformation needs. Then identify the right use cases for technology investments in skills and tools to support transformation vision.
Preferences are changing fast and enterprises are having to adapt to volatile shifts in consumer demand. Investing in the right data analytics and technologies to better understand customers’ needs is critical, but companies also need to shift their mindset to succeed. Commit to innovation and new product development to improve customer centricity and build consumer trust by establishing governance measures for the ethical deployment of technology.
Ecosystems play a critical role in accelerating transformation and maximizing value. When aligned to an organization’s specific needs, they allow access to a wide portfolio of technology tools and relevant talent to support transformation. Choose the right ecosystem business model to reduce risk and improve the value of interactions with participants.
Tech-enabled transformation can be delayed by talent and culture struggles. Develop the visibility to understand current and future skills gaps and use “build, buy and borrow” talent interventions accordingly. To support this approach, implement a holistic digital talent strategy to upskill, retain existing staff and attract necessary talent. Be proactive with change management and adopt new employee experiences to address technology-related changes.
In the talent race, leaders also seek to add diversity to their workforces. The EY Women in Technology program supports girls and women to enter, remain, thrive and lead in the world of technology. By nurturing and supporting women as leaders, entrepreneurs and innovators, companies can accelerate the pace of change, improving the lives of individuals and communities through better economic opportunities.
Advanced technologies introduce new demands on security, in addition to those of existing infrastructure. Deploying in a cloud environment raises new concerns of business interruption and valuable data protection. If customers and business partners don’t trust your technology, they simply won’t use it. Maintain resiliency and visibility with your stakeholders by adopting a risk-optimization mindset across your technology portfolio.
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