The role of the CIO is rapidly evolving with the shift to a digital-first mindset. Digital transformation is the primary change most businesses are undergoing, so CIOs are now increasingly responsible for driving innovation and spearheading change. According to Computer Economics figures, businesses and, therefore, CIOs spend 4.4-11% of a revenue on IT.
In this blog post, we will explore four aspects that show bringing in a CIO would provide substantial RIO, showing how you can make a case for hiring one.
1. A CIO can help you save money:
Businesses are now spending a huge amount on their IT. $4.5 trillion will be spent on it throughout 2022. However, Flexera has reported that as much as ⅓ of this spending is waste.
Using money wisely is crucial for your business's survival. They can leverage their knowledge to audit your IT infrastructure and eliminate any wastage that they spot.
Furthermore, they will be up to date on the latest technology to come into your industry. They can choose better technologies to do more for your business with less investment. Your legacy programs are costing you money and reducing productivity, and CIOs will expel this problem.
2. A CIO will increase revenue:
CIOs can also increase the amount of finance coming into your business. Their knowledge will ensure that all IT investments have a positive ROI. This is done in several ways:
- Establish an IT strategy that aligns with established business goals.
- Oversee the successful implementation of modern technology solutions.
- Ensure new technologies are integrated seamlessly into your existing infrastructure.
- Monitor the performance of IT systems and make improvements.
Therefore, working with a CIO is not only about implementing the most exciting technologies in your sector. They do so while guaranteeing that your bottom line is protected.
3. A CIO will improve efficiency:
Staying ahead of the competition requires you to boost efficiency. If your teams can act efficiently, they will be able to deal with more customers and respond to their demands quickly and effectively.
Legacy IT systems are one of the greatest hindrances to efficiency, as staff cannot work to their maximum capabilities. CIOs eliminate this problem by identifying inefficiencies and areas of improvement. Once they find inefficiencies, they can develop and lead strategic plans to optimise and transform your IT infrastructure and reduce costs.
In addition, CIOs can also provide guidance on emerging technologies that can help you improve efficiency and stay ahead of the competition. Occasionally, a unicorn will emerge for your industry, and a great CIO will help you to be the first business to take advantage of it.
4. How can a CIO help drive sales:
CIOs are also fantastic for improving how your team works with pre-existing customers. They can also help your employees to find new customers and sales.
Automating through CRM technology is the primary way that CIOs can develop and implement technologies to boost sales. If your business uses prescriptive sales, AI technology can drive customers down the sales funnel with minimal human interaction. This increases the scope of activities that sales workers can engage in, boosting the number of new customers they can engage with.
However, establishing this revolutionary technology can be a challenge. A study by Merkle found that 50% of automated CRM efforts fail. Only a great CIO can ensure your automated CRM stands up to the task.
5. Hiring a CIO
Simply hiring a CIO is no guarantee of success. You need to make sure you are hiring at the right time. This article is packed full of signs that your company needs a CIO, including:
- Your team struggles with legacy technology.
- Opportunities to utilise new technology are missed.
- You have good technology, but it needs to be better optimised for your needs.
- Teams are forced to do menial tasks because of a lack of automation.
All of these factors indicate that a CIO would offer great ROI. However, you can get many advantages of a CIO without bringing a full-time one on board.
Our CIO as a Service offering provides all of the advantages of an in-house CIO for a reduced cost. Please get in touch if you want more information on how we can help you grow your business through better technology management.