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In this article, we explore two such regulatory challenges and have recommended a revision to the IT strategy framework, especially applicable for product managers and CIOs who manage global IT portfolios.
Two regulatory challenges for CIOs:
- Managing Intellectual Property (IP) is a monumental challenge for global CIOs where every infringement needs local adjudication.
- Managing Data Residency and Protection has led to significant financial and engineering overheads for designing and implementing global products.
Revised IT product management strategy framework:
The early IT strategy frameworks for product management assumed linear progression of capabilities. With the advent of agile methodologies, the prevailing IT strategy frameworks allow for iterative advancements of capabilities from run to grow to transform and then onto the run stage of the next “s-curve”. We now have a fourth dimension: risk and compliance.
While risk and compliance always been understood to be a requirement, it now shapes the direction of the global IT portfolio. Some key themes include budgetary allocation for risk and compliance, decentralization of technology standards, developing strategic alliances with vendors, defining more meaningful KPIs, revising offshoring strategy, etc.
Technology will continue to play a much greater role in global business strategy. However, the shift in regulatory oversight will now drive a more complex and diverse portfolio of solutions, making IT even more complicated than ever. And technology companies with a balance of global and local aspirations will thrive.