In Strategy

Technology transformation

Key Priorities for Technology Leaders

In order to drive strategic transformation effectively, Chief Information Officers (CIOs) and technology leaders must prioritize delivering technology rapidly, scaling innovation, and placing human needs at the forefront of their agendas.
Related topics
Digital
Growth
Strategy and Transactions
Mergers and acquisitions
Restructuring and Turnaround
The Team
31C Expert

Technology leaders – Chief Information Officers (CIOs), Chief Technology Officers (CTOs), and Chief Data Officers – play a critical role in enabling their organizations to achieve their goals and swiftly implement transformation strategies.

Recognizing the significance of data in today’s digital landscape, successful leaders are adopting a data-driven approach across all aspects of decision-making, innovation, and user engagement.

They are investing in advanced analytics and AI technologies to maximize the value of data for all stakeholders. Here are six key actions for technology leaders to prioritize:

Promoting data centricity and embracing advanced analytics

A data-centric organization leverages data as a shared asset to generate intelligence and insights for customers and stakeholders, continuously refining its operational models, products, and services based on data-driven insights. Many companies aspire to become data-centric, yet only a fraction have successfully realized this goal. Transitioning towards a data-centric model involves reallocating resources to address gaps in data and analytics capabilities. To instill a culture of data centricity, it’s essential to identify use cases that align with corporate strategy, enhancing visibility, mitigating risks, and creating value. Additionally, building a robust technology foundation is crucial to overcome challenges posed by vast data volumes and complex integration requirements.

Investing in foundational technologies (AI, ML, Cloud, IoT)

The four foundational technologies – cloud computing, data and analytics, artificial intelligence (AI) and machine learning (ML), and the Internet of Things (IoT) – collectively form the cornerstone of a prosperous digital transformation journey. It’s imperative to carefully select the appropriate technology stack, aligning it with sector priorities and both short-term and long-term strategic goals, to effectively address transformation requirements. Subsequently, identifying the most suitable use cases for technology investments in terms of skills and tools becomes essential to support the overarching transformation vision.

Change as fast as your customers

Preferences of customers quickly change and require enterprises to adjust to unpredictable fluctuations in demand. While investing in advanced data analytics and technologies is crucial for understanding customer needs, companies must also embrace a mindset shift to thrive. Embrace a culture of innovation and continuous product development to enhance customer-centricity and foster consumer trust. Establish governance protocols to ensure the ethical deployment of technology, thereby building long-lasting relationships with customers.

Foster collaborative ecosystem partnerships for enhanced value

Ecosystem partnerships are pivotal in expediting transformation efforts and optimizing outcomes. When tailored to an organization’s unique requirements, they provide access to a diverse array of technological resources and specialized talent crucial for driving transformation. Selecting the appropriate ecosystem business model mitigates risk and enhances the value derived from interactions with participants.

Strategic talent management in tech transformation

Efficient tech-driven transformation hinges on overcoming talent and cultural hurdles. Gain insight into current and future skill gaps to deploy talent solutions effectively, leveraging “build, buy, and borrow” approaches. Implement a comprehensive digital talent strategy to enhance skill sets, retain staff, and attract new talent. Proactively manage change and enhance employee experiences to adapt to technology shifts.

Build trust and mitigate technology risks

New technologies demand heightened security. Deploying in cloud environments introduces concerns regarding business interruption and safeguarding valuable data. To retain stakeholder trust, prioritize resiliency and visibility across your technology portfolio. Adopt a risk-optimization mindset to instill confidence and maintain trust among customers and business partners.

Our latest thinking

Corporate separation strategies, including carve outs, present a labyrinth of complexity, yet within this complexity lies the potential for profound transformation and expansion. I