With innovation becoming the driving force of every successful business, companies have realised the importance of the amount of time, energy & most of all experience one needs, to champion the innovation needs of a business-this realisation has led to the birth of the Chief Innovation Officer.
According to the Global Tech Market Outlook 2017-2018, technology is advancing at a great speed and is set to exceed $3 Trillion globally. IT giants like IBM and Fujitsu are at the forefront of an ever-evolving & transforming industry and greatly believe that innovation is not a separate entity, but must be engrained in the organisational culture. For this, people & technology must be in constant pursuit of & receptive to new ideas-the Chief Innovation Officer is the one who builds and sustains this culture of innovation.
So, what does the CIO do?
- Formulate & Communicate Innovation Strategy
- Measuring & analysing innovation results
- Staying up-to-date with new business trends & policies and their impact on innovation strategy
- Develop innovation roles, career paths & talents
- Define & monitor innovation metrics & measures
- Cultivate & sponsor innovative initiatives
In order to carry out the above tasks & responsibilities, a CIO has to have the following qualities:
- Great communication skills
- Creativity
- Leadership qualities
- Strategic thinking
- Operational knowledge
- Strong business & tech acumen
As you can see, you need an all-rounder!
Recently Panasonic, India appointed Manish Misra as their CIO. Other companies that have created specialised positions akin to CIO are Razorpay, Big Basket, FreshMenu, Sonata Software and Mindshare.
The New York Time recently defined innovation as “the crucial ingredient in all economic progress”. With 49% comoanies failing in innovation efforts, CIOs or CINOs, who can breed the culture of innovation and get people to collaborate for the same, are angels in disguise.
Say hello to the new and one of C-Suite’s most important members-The Chief Innovation Officer.
