Published on October 29, 2023, 8:50 pm
Technology executives, such as CIOs, CTOs, chief digital officers, and chief data officers, play a crucial role in driving growth through technology and data. No other executive has the same visibility and opportunity as these tech leaders. But earning the right to be in growth conversations requires some key actions.
Mike Macrie, the CIO of toy company Melissa & Doug, focuses on three things to establish his presence in growth conversations. Firstly, flawlessly operating core systems while simultaneously reducing costs is essential. Secondly, executing projects and transformations collaboratively and effectively is crucial. And lastly, leading growth with innovation and execution is a must.
If you want to have a seat at the growth table and empower your teams, you should adopt a future-fit approach to technology-driven growth. Here are three ways you can achieve this:
1. Enable growth by flawlessly scaling and securing customer solutions:
Customer solutions are essential tools that should work seamlessly for customers and employees alike. Your responsibility as a tech executive includes owning customer experience by ensuring the systems that serve them operate smoothly.
2. Create growth by collaboratively building products that open new markets:
Creating growth is everyone’s responsibility, but as a CIO or IT organization leader, you have the advantage of having a broad view of the business processes and data systems. Leverage this position to see the big picture and contribute to opening new markets through product development.
Marcos Kurowski, CTO at Australian plumbing supply giant Reece Group, highlighted how their unique vantage point allowed them to develop services for commercial customers across divisions. It helped recognize the need for a single projects-led business stack that caters to all three divisions.
3. Amplify growth by elevating insights, automation, and algorithms:
Improving outcomes and experiences should always be a focus area. Artificial intelligence (AI), alongside analytics, automation, robotic process automation (RPA), and software itself can help achieve this. An example of amplifying growth is through personalization at scale.
By collaborating with marketing and leveraging data, you can uncover better purchase signals to improve offers and outreach. Automating processes streamlines onboarding and enhances revenue recognition, which benefits your CFO and customer experience team. Sharing customer and product insights with employees empowers them to excel in customer engagement, pleasing sales leaders.
Technology has the power to drive businesses in new directions faster than ever before. To establish yourself as a foundation of growth for your company, take three immediate steps: 1) Raise awareness within your teams about their role in the growth agenda; 2) Establish technology’s role in growth for the next 12 months; and 3) Communicate your role in the growth agenda with other C-suite executives. Summarize your plan on a single page for easy sharing.
Remember, as a technology executive, you have a unique opportunity to influence business growth through your tech agenda. Embrace it and seize the potential it holds for your company’s success.