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CIOs lead digital transformation but CEOs control the money

Dive Brief:

Digital transformation leadership falls under the CIO office at 58% of companies, according to a survey of 1,010 CIOs conducted by Tata Consultancy Services. At three-quarters of organizations, the CIO participates in the ideation and strategy of digital transformation.
Six in 10 CIOs say they have assumed leadership roles in the governance of digital transformation strategies. Another 54% say they’re tasked with leading project management.
Even though CIOs are often in charge of leading the initiatives, CEOs set the digital transformation budgets at 35% of companies. CFOs are in charge of digital transformation budget priorities at 29% of organizations, while CIO offices bear that responsibility at 18% of companies.

CIO News Insight:

With CEOs determining budget priorities, the position of the CIO will lead organizations to prioritize initiatives that can rapidly produce value in the face of an uncertain economic future.
Adjusting to the new business context, organizations are looking to the CIO to oversee the IT infrastructure and legacy information systems for 60 per cent of companies, according to the survey. The CIO office is responsible for maintaining the Internet of Things-related systems at 57% of companies. The development of new systems to support existing business processes is another top CIO task for 51 percent of businesses. Prior to the pandemic, the majority of IT leaders cited tech budget increases. Transformation became an aspirational aim, and businesses spent time thinking about how to connect technology to business outcomes.
After COVID-19 reshaped entire industry plans, business development priorities changed to sustaining vital operations, reducing costs and implementing technology that could allow remote work. Fast decisions on digital transformation have been taken in the context of financial instability, budget cuts and declining revenues.

Source Credit:

https://www.ciodive.com/news/digital-transformation-CIO-role-CEO-budget/581426/

khushbu
Khushbu Sonihttps://www.cionews.co.in
Chief Editor - CIO News | Founder & CEO - Mercadeo

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