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How EY can help
Four key actions for CIOs to maximize digital transformation.
Emerging technology ambitions are rising, with a range of breakthrough capabilities now within organizations’ grasp. However, transformation frameworks are under strain as organizations look to scale existing projects — combining different technologies in the process — with suppliers also under pressure to help businesses make more informed decisions. To address these challenges, CIOs should take the following steps:
1. Collaborate with your leadership peers to build a more confident technology vision
Deriving greater value from frontier technologies hinges upon viewing use cases and deployment scenarios in new, more confident ways. At the same time, perceived risks stretch well beyond choosing the wrong technology standard or platform, with data governance and sustainability considerations now accompanying investment decisions. As a result, close cooperation with other leadership roles and functions — from chief sustainability officers and customer experience leads through to chief information and risk officers — will offer you the benefit of a range of relevant viewpoints on new technologies. This combined perspective will help you make the most reliable technology investment and deployment decisions now and in the future.
2. Centralize and develop tech expertise to take advantage of combined technologies
Initial emerging technology investments tend to favor point solutions for certain parts of the business, with resulting expertise dispersed across different business functions or centers of excellence. With demand for combinations of emerging technologies and end-to-end solutions on the rise, create a working group that can evaluate the intersections between different emerging technologies. In the longer term, consider the new skills you require that center on multi-technology expertise and experience. These steps will be important catalysts for building and sharing new learnings internally, vital if you are to scale existing trials and pilots.
3. Revisit and recalibrate your transformation fundamentals
Given the pressure on transformation programs, reappraising your technology outlook over the next five to 10 years has never been more important — both to optimize your initial investments in new technologies and help ensure that more established capabilities mature over time. To achieve this, revisit your transformation fundamentals and assess whether they are fit for purpose. In the near term, greater emphasis on reskilling and partner management will be important. Further out, take active steps to harness data ethics, ESG and employee wellbeing within your digital transformation program so that it remains resilient in the face of changing corporate priorities.
4. Drive more meaningful interactions with suppliers and ecosystems
Clearly communicate your changing business imperatives with technology and telecommunications suppliers so they can deliver more relevant solutions, articulated in more compelling ways. At the same time, share your changing transformation imperatives with them, so that levels of information symmetry with your suppliers are high. Scan the supplier ecosystem for technology providers with differentiated capabilities and prioritize vendors that can orchestrate other partners, so that your ecosystem interactions can focus on creating and sustaining value. Take a braver attitude to collaborative ecosystems by devoting more leadership time and energy to them and by clearly aligning them with your technology strategy.