Intelligent CIO Europe Issue 56 - Page 47

CIO OPINION the necessary level of transparency to enable accurate and growth-promoting decision-making . Now more than ever , CIOs need to articulate the value of IT and power business transformation in order keep their leadership on board to achieve and maintain rockstar status within their organisation .
IT at the heart of business decision-making
Over the past couple of years , technology and IT leadership have stood front and centre . Now , with companies settled into new business models and new ways of working , IT organisations have moved into a governance phase . IT leaders are actively making operational excellence a priority and working to ensure the fast-paced cycle of digital investments made over the course of the pandemic is delivering on business outcomes for the future . Almost , three-quarters ( 74 %) of CIOs agree that the CIO role was elevated due to the pandemic and 78 % of their line of business ( LOB ) counterparts agree . identify opportunities to lower and control their IT spending – without impacting services delivered to their customers . While there is continual pressure on a rockstar to go on tour or release a new album , the same applies to CIOs , who must invest in new technologies to meet changing business needs and maintain a competitive advantage , business leaders need to prioritise spend in ITFM so that they can gain accurate insight into technology budgets and forecasted expenses .
Gartner predicts thar by 2024 , 70 % of CIOs will have a dedicated ITFM system or tool to help clarify and analyse total IT spend . With the right ITFM platform implemented , there is a low probability of people reverting back to manually inputting data into Excel . However , due to the manual nature of spreadsheets , these pose a risk to data integrity and therefore should be avoided . Spreadsheets not only carry the risk of human mistakes , but they are also impossible to keep up to date at all times .
The latest Digital Transformation initiatives and demands of today ’ s customer expectations have completely changed C-suite dynamics , which means CIOs and CFOs need to work collaboratively . As businesses evolve with digital at their core , CIOs will need to adapt just as rockstars rebrand to ensure they can deliver fully to meet consumer demands – and they need to do so quickly . Rising costs and greater demands with fewer resources are encouraging businesses to review their IT investments and
CIOs can become the rockstars of the business world through sharing their direction and vision via this transparency to take the business on a transformative journey .
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