Imagine a force, an invisible hand that guides and shapes the future of an organization… This is not a single element, but rather an intricate blend of strategies, initiatives, and leadership roles. Often overlooked in the grand scheme of business transformation is one silent conductor – the Chief Technology Officer (CTO).
The Changing Face of CTOs
The role of CTOs has evolved significantly over the years. Initially confined to managing IT infrastructure and overseeing development teams, they have now become strategic visionaries shaping their organizations through technology. As Peter O'Donoghue, newly appointed at Tyto Athene puts it “technology assumes an ever-increasing role in driving business growth.”
But guess what?
A whopping 69% (according to Gartner's 2020 survey) confirm their CTOs involvement in setting strategic direction while 59% affirmed their involvement in corporate strategy planning.
The Silent Transformers
So here's the interesting bit…
These new age CTOs are implicitly acting as Chief Transformation Officers within their organizations. Their influence extends beyond just technology: it permeates all aspects of business operation from decision-making processes to customer experiences.
Let's take Peter O'Donoghue at Tyto Athene or Suki Basi at Commonwealth Bank Australia (CBA) for instance. They work closely with executive leadership and wield significant influence over strategy change – albeit without ever explicitly announcing so!
Data & Digitization: The Two-Edged Sword
Digitally mature organizations can enhance revenue by up to 20% and save cost by up to 30% through proper digitization alone as per a McKinsey report.
Yet with potential penalties under GDPR going up-to $23 million or 2% global turnover, maintaining regulatory compliance becomes essential too Thus these leaders must balance innovation with risk management.
Shaping Organizational Culture: The Inward Revolution
Another key aspect? Shaping organizational culture for embracing change.
Remember how Suki Basi hinted at creating an environment where employees feel empowered take risks innovate?
Well, You should know…
About one-third all large-scale transformation efforts actually succeed due resistance change among employees according Boston Consulting Group report.
By engaging employees and creating a culture open to change supportive innovation tech leaders subtly yet significantly contribute overall company's transformative objectives.
Wrapping it up…
Modern-day breed CTO's aren't just spearheading advancements in technology. They're carving path forward aiding companies successfully navigate constant evolution dynamic business landscape – all while donning the hat of unsung heroes steering organization towards successful future!
