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 organisation to ensure alignment and drive execution.
With IT enmeshed in every facet of a business, CIOs believe that their organisations must continue to invest in digital transformation to remain relevant.
Expanding role
Nearly all CIOs in Singapore 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.
Ninety-three per cent of CIOs say that their role and responsibilities have expanded beyond technology, including non-traditional areas such as digital transformation and business process automation (65%), data analytics and business reporting (51%), and business model transformation (45%).
Eighty-three per cent say the CIO role has become more challenging compared to two years ago as they are confronting a vast array of unique challenges, from the increasing use of AI and automation to talent acquisition in a global, remote workforce.
CIOs find it most difficult to solve challenges related to data privacy/security (77%), cybersecurity/ransomware (74%), keeping up with technological change (72%), adopting/deploying new technology (72%), and cloud transformation (65%).
The majority of CIOs in Singapore believe their role in the organisation has increased in influence. 8-in-10 CIOs say they have a greater impact on their company’s overall fortunes than other C-Suite positions. Eighty-four per cent agree that “my role as CIO is the most critical component of my company or organisation’s continued operation.”
Technology’s influence on business
As the CIO role expands and evolves, respondents say that their technology vendors play an invaluable role in their company’s overall success.
Businesses would feel an impact in no more than a few weeks if they halted spending on digital transformation initiatives, according to 60% of respondents. This speaks to technology’s role as a critical component of the business, not just a source of cost efficiencies.
Looking ahead
Looking ahead, CIOs expect to turn to their vendors to help them solve a myriad problems in the next five years, including increasing their organisational agility (62%) and simplifying the configuration, deployment, and maintenance of technology (50%), and optimise costs (49%).
Seventy-one per cent of CIOs agree their tech vendors are “so effectively integrated that it increases [their] overall productivity.”
Upgrading the technology stack
Considering their new challenges and evolving responsibilities, CIOs suggest their current tech stack has much room for improvement. Given the chance to reboot from scratch, most CIOs (57%) say they would replace half or more of their company’s current technology.
Compared to the previous year, 60% of companies are using more Device-as-a-Service in their tech stack. As business models change, nearly all CIOs (88%) would consider adding new aaS offerings over the next two years.
“Modern CIOs are the ‘mission control’ for their organisations, their role has transformed drastically in just the span of the past 24 months,” said Nigel Lee, general manager of Lenovo Singapore.
“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 organisations along and succeed.”
Nigel Lee
CIOs’ uphill battle
IDC estimates that by 2023, 60% of CIOs at companies worldwide will be primarily measured for their ability to co-create new business models and revenue streams, chiefly through enterprise-wide collaboration.
However, 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.
Lee says CIOs want to innovate, not manage IT. He cites Lenovo’s research indicating that CIOs look to their technology vendors beyond just delivering the basics well – namely, increasing organisational agility, simplifying configuration, and optimising 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 Lee.
