The discussions should be on how to get the jobs done.
Despite the increasing importance of information technology, many companies are losing profit potential from a lack of productive discussions about achieving strategic goals using technology initiatives.
IT professionals have a long way to go before they can satisfactorily prove results and communicate with executives.
Conversely, senior management and their boards of directors find it difficult to hash out and evaluate their organizations’ IT competence and expenditures.
The two entities speak different languages.
Executives look for the bottom line in the returns on investments. But they believe they only get from chief information officers are ideas for expensive, endless projects and highly technical descriptions.
For success, executives to become fluent in digital trends to better understand technology in order to make the best-possible decisions.
And CIOs need to better communicate in technological terms. CEOs have long complained about information technology. Indeed, two studies indicate a neeed for IT pros to get businesslike.
Along the way, new metrics must replace out-of-date ones. After all, technology is increasingly important to form business models and strategy.
Meantime, cyber crime is rampant and out-of-control. CEOs and board must get up-to-date in managing cyber risk.
Note that it takes a team approach to protect your organization against the skyrocketing rate of cyber crime. Employees must be trained to protect companies from cyber crime.
For solutions, therefore, executives and CIOs must agree on five issues:
1. How IT will facilitate complete business processes
From finance to human resources, technology must be more than just a service-provider. IT must make business processes easier and use agreed-upon metrics in key performance indicators.
This is the way to make it possible to evaluate CIO and IT performance.
In the end, companies must have insight to engage with customers and provide the best customer support.
2. How much value IT projects are delivering
To capitalize, both parties must accurately follow the trajectory of projects to determine their value with cost-benefit analyses.
This requires up-to-the-minute details on cost, schedules and scopes. Information must be developed on timeliness, adherence to budgets, and project benefits.
In this way, as trends develop and it becomes obvious that fine-tuning is required, the companies can apply the best resources.
3. How much time is needed for projects
In this Digital Age, capabilities in mobility and speed are paramount. That’s’ for both product development and upgrades.
Predictably, surprises and gaps will materialize. Executives and CIOS must communicate well with each other.
“Two monologues do not make a dialogue.”
They must be on the same page regarding funding and production as well as the best framework, provisions and competences.
4. How to achieve efficiency in projects
There must be agreement on the means to the end – monitoring project metrics in every step – going to market, upgrades, minimizing product obsolescence and expenses.
Desired outcomes occur with efficient frame-working, application development and maintenance, and infrastructure security.
5. How IT is prepared for now as well as the future and for growth
Executives and CIOs must be in agreement on the use of talent – to benefit the company at the present and in the future. That means IT employees must learn other business processes. Why?
For maximum collaboration and internal capabilities, IT employees must be groomed – to learn to work in varied roles in both technology and in other business operations.
Cross-training of tech employees for a full myriad of responsibilities must be a priority.
From the Coach’s Corner, here are related insights:
Financial Management – 6 Keys for Best ROI on IT Projects — In financial planning, there six steps you can take to solve the mystery surrounding information technology projects – how to assess and prioritize for an excellent return on your investment.
Best Practices for CFOs to Stay Current in Technology — Just as every professional knows, CFOs also find it increasingly challenging to stay up-to-date on technology. Up-to-date technology means CFOs can better do their jobs. Here’s how.
HR Trends in Talent Management Using Technology — Despite all the talk about the use of technology in talent management, the majority of human resources departments are behind the curve. Why? A study shows 72 percent of HR departments reveal they’re not using such tools.
Executives Target 5 Technology Threats to Company Value — Corporate executives see new strategic risks as a result of technological changes — from big data and cloud computing to social media.
4 Keys So Marketing and IT Can Create Business Revenue — Businesses will generate more revenue if their information technology and marketing professionals strategize more effectively. For instance, success in e-commerce is increasingly challenging for companies that want to dominate in brand preference, customer loyalty and word-of-mouth advertising. A study shows Internet shoppers are more demanding in the three Cs — channels, choices and convenience.
“Two monologues do not make a dialogue.”
Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.
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