Today’s executives are under unprecedented pressure to innovate at a speed and scale that has never been felt before.
This pace is only getting faster.
It’s up to many members of the C-suite to facilitate and disrupt innovation. They must be able to pivot quickly. On the fly. As the company changes direction.
And industry experts agree. One member of the C-suite is most affected by this pace of innovation.
“The CIO’s job has changed more in the last five years than any other position in the business world,” says Zeus Kerravala, Principal Analyst at ZK Research.
Bundle all of this on top of the rush for companies to become digital companies. Something has to give. Something needs to emerge that allows the CIO to succeed in this next wave of business.
That thing may just be a new model for IT.
“We see IT organizations going through a state of transformation right now,” says Bob Laliberte, Senior Analyst at Enterprise Strategy Group.
“They’re trying to move from a very static legacy environment. What organizations need to do is transform that legacy environment into one that’s much more modern, agile, and efficient,” says Laliberte.
Digital capabilities help organizations deliver more business value. And the more that is delivered to the organization, the more expectations change. This means constant change at an ever-increasing rate.
Becoming a digital company means you must rethink core business processes. To do this CIOs need to implement an agile IT and Operational Technology (OT) foundation. This foundation embraces new security, cloud, mobile, social and analytics technologies.
This IT model, which some are calling ‘Fast IT’ also simplifies and transforms IT operations. It allows organizations to free-up resources and drive fast innovation. All this is required for future success.
“The mandate for today’s CIO is to work with line-of-business leaders to create more innovative organizations and move the corporate needle,” says Kerravala.
One such company that was able to capitalize on Fast IT by working with the line-of-business is Dundee Mines.
Rick Howes, the COO at Dundee mines, came up with the idea to take the lid off the mines. So IT took that idea and ran with it.
“And that’s where the technical revolution started,” said Mark Gelsomini, Corporate Director of IT, Dundee Precious Metals.
With this new model in place, the Canada-based company was able to quadruple their operations from 500,000 tons to 2 million tons while saving $2.5 million in IT costs.
But what is Fast IT, in practice? At its highest level, it is a new IT model that simplifies and streamlines IT. Fast IT creates an IT infrastructure and strategy that is responsive to the needs of business. It frees up resources to help drive digitization and innovation across the organization
For example, companies that adopt Fast IT can capture a 20%-25% reduction in IT operating costs – which can then be deployed to new digital projects.
Fast IT also provides a platform for faster innovation. Such an approach to IT can speed up deployment of new services, generate greater insights and minimize risk.
For CIOs charged with accelerating business innovation and digitization, perhaps Fast IT is one way to start on their road to success in this new wave of doing business.