Economic uncertainty was once considered a threat to deal with. However, today, businesses have learned how to face it head-on.
CIOs are not bending their knees to the economic downturns anymore. Instead, they are putting new strategies, skills, and tools in place to lay the groundwork for positioning themselves for success, irrespective of the economic conditions.
Today’s CIOs are taking a more strategic approach to increase business growth in an uncertain economy and here’s how they are doing it.
1. Hire or Develop Talent to Leverage New Technologies
Boosting business growth has always been the main focus for a majority of organizations. Nowadays, they implement certain growth strategies like customer experience, cybersecurity, digital transformation, etc. These are often at the top of their investment list.
To meet this growth agenda, CIOs staff their teams. They know that they’ll require staff to deliver on the priorities and also have the most-demanded tech skill set like Artificial Intelligence, data analytics, and cloud migration.
Thus, capitalize on emerging technologies by developing or hiring specialized talent. It will aid you in shaping your organization over the years.
2. Incorporate Cloud-Based Development Technologies and Automation
During economic uncertainty in the past, CIOs used to turn to cost-cutting measures. But today, they are taking a dual approach. They are equally focusing on business effectiveness and efficiencies, which can help boost growth in an uncertain economy.
Besides, the economic downturn isn’t the only hot issue for CIOs. They also have to deal with other concerns, such as cyber-attacks, increasing production costs, and the US regulatory environment. But CIOs can handle any economic uncertainty and drive growth by incorporating cloud-based development technologies and automation.
3. Understanding the Importance of the CIO’s Role
Earlier, industry leaders often used to take a back seat while setting broader initiatives around corporate strategy. However today, 92% of CIOs actively influence or define strategic decision-making. Now that technology and data are fully integrated with strategy-making and operations, enterprises understand how pivotal the CIO’s role is.
Nowadays, CIOs not only have mastered tech skills but also understand the role technology plays in setting corporate strategy. So, embrace the evolving role of the CIO and let them collaborate with other business areas to boost business growth in an uncertain economy.
