A global research study from Lenovo reveals how the CIO role has evolved, shedding light on growing areas of responsibility and increasing influence in the C-Suite, as well as removing barriers to business growth.
Today, technology is the nervous system that connects corporate strategy, finance, innovation, operations, and talent. CIOs are increasingly tasked with connecting with key stakeholders across the organization to ensure alignment and drive execution. With IT enmeshed in every facet of a business, CIOs believe that their organizations must continue to invest in digital transformation to remain relevant. Key findings from Lenovo’s global survey of more than 500 CIOs include:
Nearly all CIOs surveyed believe their roles have evolved and expanded in the past few years, and that they are being asked to make business decisions that go far beyond technology.
The majority of CIOs believe their role in the organization has increased in influence.
As the CIO role expands and evolves, respondents say that their technology vendors play an invaluable role in their company’s overall success.
Considering their new challenges and evolving responsibilities, CIOs suggest their current tech stack has much room for improvement.
“Modern CIOs are the ‘mission control’ for their organizations, their role has transformed drastically in just the span of the past 24 months,” said Ken Wong, President, Lenovo Solutions and Services Group. “From navigating complex tech ecosystems to keep up with the speed of digital transformation, to upskilling employees and managing a global shortage of IT talent, today’s CIO is responsible for the entire technology value chain and beyond. Lenovo’s research demonstrates CIOs are up for the challenge. And they are looking to partner with their vendors to bring their organizations along and succeed.”
IDC estimates that by 2023, 60% of CIOs at companies world-wide will be primarily measured for their ability to cocreate new business models and revenue streams, chiefly through enterprise-wide collaboration. Yet Lenovo’s own research shows that it may be an uphill battle for CIOs, who have identified areas such as data privacy/security, cybersecurity/ransomware and managing a fragmented IT vendor ecosystem as their most challenging concerns.
“In this complex technological environment, CIOs want to innovate, not manage IT. As Lenovo’s research highlights, CIOs look to their technology vendors beyond just delivering the basics well – namely, increase organizational agility, simplify configuration, and optimize costs. IT leaders also need counsel and guidance on how emerging technology can enhance their business goals. The opportunities for technology to add real business value – right across the enterprise – are immense,” added Mr. Wong.
To manage an increasingly complex digital transformation journey, businesses need simple and flexible IT solutions. Industry forecasts by Technology Business Research indicate that Device Subscription Services are growing at a CAGR of 26% from 2020 to 2024 and data center subscription services are growing at 42% during the same period. As-a-Service solutions provide mission-critical support and services, enabling businesses to use technology to scale quickly, lower costs, and reap greater efficiencies.