Some companies have large IT budgets. Then there is JPMorgan Chase & Co.
The 2017 IT budget for the financial services giant is $9.6 billion. To help put this into perspective, the bank’s IT budget by itself would place it at #302 on the Fortune 500 list.
At the helm of the bank’s IT organization is Dana Deasy, Managing Director and Global CIO at JPMorgan Chase, which was recently named among Fortune Magazine's Most Admired Companies. Deasy, who was recently featured in a keynote interview at HMG Strategy’s 2017 New York CIO Summit of America on March 9, shared his recommendations for successfully driving digital transformation.
One of the essential aspects of digital transformation for IT organizations is marketing the vision and execution effectively to stakeholders. This is true even though marketing is rarely a strong suit for most IT groups, explained Deasy.
“Marketing needs to be a key ingredient in driving transformation,” said Deasy, who has been overseeing global technology at JPMorgan Chase for the past three years. “You need to brand your transformation, give it a name, and give it an identity. This can help people buy into your vision. It’s powerful how people will rally behind it when you do.”
As CIOs move forward with digital transformation efforts, Deasy also recommends picking the top four or five key performance indicators (KPIs) that matter most. These measures of success can include external perceptions of the company’s digital transformation efforts by customers and investors. “What are they saying about your technology? Are they connecting with what you’re trying to accomplish?” asked Deasy.
It’s important that you have change agents at all levels, who are embedded in the organization that know the pulse of your employees and how they’re reacting to the transformation, said Deasy. As a starting point to achieve this, said Deasy, “you need to address the cultural barriers that may be holding you back.”
Perhaps the greatest piece of advice that Deasy offered for achieving transformational success is the importance for CIOs to believe in their instincts.
“Whenever you try to drive change, everyone is going to give you advice,” said Deasy. “Take your own counsel, live with your decisions. Transformations are meant to be difficult and people will inject different opinions. Remember you were hired to be a change agent, and this includes your ability to make good decisions.”