A new year has arrived and organizations around the world are planning for the year ahead. In particular, they are looking at their technology stacks and digital platforms to assess whether or not they are fit for purpose for the coming year as well as the years to come. They are also assessing internal processes and workflows to check if they are scalable, as growth efficiency is becoming a bigger priority.
CIOs are having serious conversations with their CEOs and the rest of the C-suite team to get really clear on what they hope to achieve in this business year. The CIO is often in the room to provide advice, guidance and expertise on the best ways that technology advancements and digital transformation can help create an organization that is agile and resilient. Essentially, a company that can pivot when needed in the face of market turmoil while also building and developing technology capabilities that can help a range of business units execute and deliver on their specific strategies.
In this article, we will take a look at the reasons why CIOS everywhere are likely to be promoting the adoption and use of agile and resilient technology solutions and digital platforms for the business year ahead.
An ever-changing world
Technology advancement and developments never stand still, and no CIO expects them to. They are in the business of innovation and adapting to technology change- they usually have a tendency to embrace change as they accept that change is the only kind of normal they will ever really experience in the business they are in.
But no CIO could have predicted a global pandemic and the subsequent upheaval and dramatic change it would have on the economic environment and business practices globally. The business and office world abruptly and very suddenly moved indoors, everybody began working from home, and soon the words remote working and hybrid working had become commonplace.
Now it is clear to any CIO that the way people work and collaborate has changed and change is also coming to the way we deliver business critical services inside a rapidly growing organization. Any company that was considering a digital transformation before the pandemic, now understands that it has become an immediate priority, and technology investment to cope would uncertain external market conditions is now an absolute necessity. It is an ever-changing world, agility is needed to adapt and change quickly, and you need to build resilience in order to stay the course and maintain profitability during periods of difficulty. Agility and resilience are attitudes, but they need to be backed up with new technologies that both facilitate and support these attitudes.
A digital response
Agility and resilience can be developed across a range of business units and mission critical services via a digital response. By this, we mean a process of digitizing internal processes, frameworks and tasks that were previously manual or relying on legacy technology that is simply no longer fit for purpose in 2022. Things such as an over reliance on manual spreadsheets need to be replaced with artificial intelligence or machine learning where possible.
Some areas a CIO can look to build and develop this digital response could be in human resources, finance and global payroll. These are business units which can likely benefit enormously from a rapid digital upgrade. HR departments could benefit from a new HCM system, financial operations executives will no doubt state that they need better financial software, and it is widely known that global payroll professionals have been passed by when it comes the digital tools and innovative platforms.
A CIO might well choose to focus their attention on these three departments because of their interconnected nature. Crucial data flows are needed for these 3 departments to create more seamless connections. Global payroll processing requires HR data from HCM systems, and the finance department often rely on global payroll data outputs in the form of crucial reporting.
Connected and integrated digital platforms along with innovative digital tools at work across all 3 of these business-critical units would be an important step in transforming these departments into agile and resilient digital business units.
Pandemic lessons
A CIO will also be keen to apply any lessons learned from business shortcomings during the global pandemic. A lack of digitization and legacy technology stacks were a major blocker to progress during the coronavirus pandemic. Business leaders found that their operating model and technology solutions were not strong enough to create the resilient organization they needed.
Many companies struggled to provide their international workforce with remote working capabilities and access to the files and tools they needed to do their jobs. Others were frustrated by their inability to seize global opportunities due to a lack of digital innovation and business strategy that meant they were unable to move as quickly as they wanted to, and somebody else simply got there first. Their internal business processes and supporting technology platforms were simply not agile or responsive enough to move with purpose and take advantage of new opportunities in new markets. This is a position they don't want to find themselves in again and they will be looking to their CIO for advice and guidance on the level and quality of digital technology needed to act swiftly and decisively.
It is too early to say right now what the full ramifications of the pandemic will be on global business. But it is widely accepted that the future will not simply be business as usual. Those that are quick to change will also be quick to act. Every CIO is fully aware that now is the time to prepare for the next shock to the system- we cannot know what this shock will look like, but we can prepare for how we react to it. And we can develop agile and resilient processes right now and make the sound business decision to support them with innovative technology.
Potential partnerships
As the business world emerges from the pandemic, a CIO will be looking at all available options to help set the business up to thrive and prosper in a business environment that has changed dramatically.
They will look at potential business partnerships and other organizations out there who can help them meet customer needs and gain a competitive advantage. CIOs will examine where money was spent in the past and if the current technology systems and processes are being used effectively.
One option could be system integrators partnerships to help with the optimization of existing tech stacks and create worthwhile technology connections between related business units. This is recognizing that innovative solutions are not simply about budget spend on the latest media buzz technology. It is a bit more nuanced than that and often requires a mixture of new technology, leveraging helpful partnerships and maximizing internal resources. This way, they can build an ecosystem and create a roadmap for an operating model that can build resilience in the long-term.
They are companies out there who specialize in partnering with firms emerging from periods of difficulties or looking to change course in challenging times. It can be a good long-term strategy then to develop an ecosystem of partners and technology solutions that can be leveraged to address problems in the here and now while also positioning the organization for future growth. A digitally focused CIO will be the person at the company who will aim to define what this plan might look like and then lead on the delivery of it.
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