The role of a Chief Innovation Officer in an organisation has not been overlooked in the last decade. In fact, it is a fast-growing sub-niche in the overall discipline of management theory and practice. There are many benefits to being a Chief Innovation Officer in an organisation. Although the pay package can sometimes be lacking in comparison to other C-Level executives, it is worth looking at the rewards if one is to find the position of CIO.
One of the chief benefits to being a Chief Innovation Officer like Josh Team in an organisation is that the individual is expected to be heavily involved in the technological change activities of the organisation. This includes but is not limited to, leading the committee responsible for managing the organisation’s technology budget.
The CIO must work to ensure that technological change initiatives within the organisation will meet budget targets. CIOs must also ensure that technological change is sustainable and that the associated budgets are re-invested in future requirements.
The CIO must also lead the committee that manages the organisation’s IT spending in this area. The CIO must understand that the current technological requirements of the organisation are not static. As a result, there is no set way forward on IT spending in the foreseeable future.
For this reason, a CIO must develop a strategic plan that considers the risks associated with spending on IT equipment and software which is not required by the organisation. The CIO must ensure that there is a financial plan that takes into account the long-term investments that will be required to support the organisation’s IT systems over the medium to long-term.
In addition to leading the committee that manages the IT budget, the CIO should monitor and report on the progress of all the technology investments that are conducted by the organisation. This requires the ability to assess and critique the status of all new technologies that are brought into the organisation. This assessment process is crucial to the success of the CIO’s budgeting process.
As the organisation becomes more advanced and develops new technological change requirements, the CIO will have to reassess these expenditure costs and determine whether the expenditure savings that are realized from the technology implementation is being matched by the positive impact to the organisation’s bottom line.
Another key role of the Chief Innovation Officer in an organisation is to support when it comes to introducing and implementing the latest technology within the organisation. This includes assisting the CIO with the procurement of the necessary technology that will meet the organisation’s future requirements.
The CIO will also have to liaise with suppliers to ensure that their existing capabilities are updated and their technology is adapted to meet the organisation’s changing needs and priorities. As a part of this role the Chief Innovation Officer will also be responsible for liaising with stakeholders and providing them with advice on the organisation’s strategy for technology deployment.
The CIO will provide guidance on the management of information technology budgets, assist the CFO and CIO in the implementation of strategies, and coordinate with industry partners to make sure that the organisation adopts the most suitable technology.
