Every company is evolving into a technology company as digital data continues to surround us – often in massive amounts with potential that is hidden or too complex to reach. Luckily, many innovations are presenting CIOs with a set of instruments that can help them pave new ways of doing business. Cloud computing, hyperconnectivity, in-memory computing and smart sensors – they are all bringing data-driven insight and action to center stage.
In light of these developments, data, without question, is becoming the golden asset for companies. CIOs need to shape their technology road maps proactively to gain a competitive edge for their companies. When IT becomes an integral part of the company’s value-creation process, many CIOs experience pressure because they often lack the competencies and experience in this new leadership domain.
Today, it is key to derive optimum value from your data and extract insights for new customer offerings and incremental revenue streams. With the right leadership skills, CIOs can elevate their game and make information technology a strategic driver for business success.
Act as a visionary data alchemist – from raw information to smart data
In addition to the four traditional CIO roles of technology advisor, IT service provider, business partner, and security chief, companies may consider adopting new roles with their CIO, C-suite, or lines of business executives: visionary, entrepreneur, data alchemist, and digital transformer.
By embracing the role of a data alchemist, CIOs can build organizational capabilities to evolve huge amount of raw data into smart data and smart processes. In turn, this approach yields knowledge and actionable insights for the business.
Imagine that your company has terabytes of accurate geospatial weather data available. Now, suppose you had an elastic cloud platform in place to create detailed, real-time results around actual weather risks, historical climate data, and the probability of future weather risks. Could this information bring value to other industries – possibly to the point that you could monetize it?
Insurance and reinsurance companies, the public sector, or the agricultural industry could benefit from smart consumption of this data in a variety of ways, including: