One of the greatest challenges that corporate executives face these days is the ability to position their companies to survive and thrive in the next three-to-five years and beyond. According to the Harvard Business Review, 52% of the companies that were in the Fortune 500 in the year 2000 have either gone bankrupt, been acquired or ceased to exist due to digital disruption.
Because of their unique view across the enterprise and outside of the organization, CIOs are well-positioned to help the CEO, line-of-business leaders and fellow members of the C-suite to identify and act on new business opportunities that can deliver new customer experiences and help differentiate the brand.
A good starting point for CIOs and technology executives is by fostering innovation among their teams and with key stakeholders in the enterprise. “It’s critical for CIOs to encourage innovation and out-of-the-box thinking,” said Vishwa Hassan, Director, Data and Analytics at USAA. Hassan is an advisory board member for HMG Strategy’s 2019 Phoenix CIO Executive Leadership Summit and will be moderating a panel discussion on ‘New Technologies – Gaining an Inside Track on the Competition’.”
Because innovation often stems from failures, it’s also important to reassure team members that failure can be accepted – so long as the organization learns from its flops. “It’s important to reward failure – not for a big project failure but for failures that occur early on in the lifecycle so that learnings from those failures can be incorporated into key attributes of what doesn’t work,” added Hassan.
Hassan also recommends offering process and standards-based solutions for ensuring enterprise stability while being nimble enough to demonstrate quick turnarounds for revenue-generating projects in sales, marketing, logistics and other areas in the company.
Meanwhile, when it comes to assessing advanced technologies that can help provide the organization with a competitive edge, Hassan points to the use of operational analytics as a potential differentiator. “I’d recommend focusing on analytics that in near real-time impact operations compared to a dashboard or model output that a group has to review and implement actions based on those results,” said Hassan.
To learn more about HMG Strategy’s 2019 Phoenix CIO Executive Leadership Summit and to register for the event, click here.