Throughout 2020, the perspectives of both C-suite executives and corporate stakeholders have been forced to align. Covid-19 has put significant pressure on businesses in all segments and the disruptions caused by the virus – though unsurprising now – call for dynamic solutions to keep pace with the change in our work and personal lives.
To a certain extent: in modern business, every company is a technology company. As the speed and scale of technology increase the more it has significant influence on business strategy and the strategic goals of the organization in question.
It is an inalienable fact that innovative solutions are the key to securing a future for any organization and by Taking the Initiative on Transformation, Driving a New Kind of Innovation, and Forging a Dynamic Leadership Style, CIOs can weather the storm of the coronavirus. This is, however, easier said than done and many IT executives have been feeling the squeeze in the pursuit of their objectives both before and since lockdown.
Taking the Initiative on Business Transformation
Even seasoned transformation veterans find themselves making improvements on the go and to effectively take the initiative on business transformation, CIOs should consider both the speed and scalability of their plans.
According to IDG, for 39% of CIOs, the digital transformation of business represents the most important task given to them by their CEO and yet prior to the arrival of the coronavirus, many businesses still contented themselves with a ‘slow and steady’ approach – iterating on group-wide transformation over time.
In the intervening months, the game of digital transformation has changed. Delivering overarching transformation plans at speed has never been more important.
Failing fast is key as it puts you one step closer to finding a valid solution that might help you to confront Covid-19. McKinsey recently revealed that only 16% of executives felt that their company’s digital transformations were succeeding. Executives cannot afford to waste time in the current climate.
Speed and iteration are essential to the digital transformation process, but equally, quick fixes are useless if you do not also incorporate the means of scaling these systems up when necessary. When judging scalability, CIOs should consider the following.
- Is there a tangible business need to implement this change?
- Are we well economically situated to implement this change?
- Are we the right company to undertake the task? Does it align with USP & value proposition?
In considering Speed & Scalability, CIOs can successfully define the direction of their business transformation strategy in its earliest stages, create solutions which stick to the plan, and which help them to decide when it’s time to execute.
What does this mean for CIOs?
When it comes to Covid, no CIO can ignore the potential in digital transformation. According to Statista, the current projections suggest that worldwide spending on digital transformation will reach $1.3 trillion, growing 10.4% year-on-year. This is a modest growth considering the economic recession caused by the coronavirus.
Additionally, earlier this year PWC revealed that whilst 52% of companies plan to cut or defer investments because of COVID-19, just 9% will make those cuts in digital transformation, such is its value. In considering speed and scalability from inception through to activation, CIOs will truly begin to take the initiative in their digital transformation processes throughout the lifecycle of Covid-19.
To learn more, download the full report here or continue the debate at the CIO Insight Summit NA or the CIO Insight Summit EU, GDS Summits, where we bring together senior information technology executives who are actively seeking to share, learn, engage, and find the best technology solutions.
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