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Unleashing the Business Value of Technology Part 1: Framing the Challenge

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"How do we unleash the value of our technology investments?" For technology vendors, more and more of their success is tied to their ability to help their customers unleash the business value of their technology investments (especially as technology vendors migrate to an as-an-service business model). If technology vendors hope to increase their renewal rates, improve upselling and cross-selling effectiveness, and acquire net-new customers, then technology vendors must take responsibility for helping their customers exploit their technology investments to drive quantifiable business and operational value. No chart highlights the customer frustration better than this chart from Lisa Kart in a 2015 Gartner public presentation titled "Big Data Industry Insights 2015". While I've not seen an update of these numbers since then, the message from Figure 1 is clear: stop selling technology promises, and let's start talking value!


Fusing business and technology strategies to cocreate value

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As technology becomes the catalyst for business strategy and transformation, the lines between business and technology functions are blurring and the expectations of IT are shifting, leading many organizations to reimagine the role of technology and rethink traditional operating models and organizational structures. This CIO Insider presents a new way for unifying business and technology objectives to help enable business and technology functions to more effectively collaborate, innovate, and cocreate new sources of value. As the pace, scale, and impact of technological innovation and disruption have exponentially escalated, technology has become a primary influence on business strategy, strategic choices, and value-creation models. Harnessing and managing these five forces--one of today's most pressing business issues--can be incompatible with IT's traditional role of ensuring operational excellence and executing technology-enabled business objectives. Historically, business and technology functions were separate, which often reduced cross-functional collaboration and led to siloed execution, delayed projects, and inflexible processes. Businesses often defined strategic objectives and developed separate supporting technology strategies.


Business leaders take aim at the CIO role

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In his 30-plus-year career, Richard Wiedenbeck has run the bases on business roles. He's been a program manager, headed up business development, served as the president of a project consulting company, and even earned a near six-figure salary as a professional magician. It's only been in the past decade or so that he's capped off his resume with a turn as a prominent CIO. Wiedenbeck, currently senior vice president (SVP) and chief technology and transformation officer at Ameritas, says all those years spent in business and consulting roles gave him a different perspective and leg up over traditional IT leaders, especially now that technology is so intertwined with business strategy. "My teeth were cut in the roles and initiatives for why you look to technology," he says.


Uncover the emerging technology in business

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Information technology has transformed the social and business environment. Technology often deals with methods or tools used to gather, manipulate, store and communicate information. Many businesses have implemented technology designed for personal use to reduce business costs and improve the efficiency and effectiveness of production methods. Companies also use technology to open several domestic or international business locations. Emerging technology includes new or advanced hardware or software.


A leap from Information Technology to Business Technology

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Information technology is the catalyst for business strategy and transformation. The gap between business and technology functions are clouding and the expectations of IT have shifted, many organizations already started reimagine the role of technology and rethink traditional operating models and organizational structures. Information technology drives innovation which is the path to business success. In other words it's hard to imagine any business that has not benefited from the digital revolution. Nowadays the formula for business success is simple; drive innovation with information technology.