In the post-pandemic global economy, CIOs profile as strategic collaborators continues to rise. And with that often comes larger budgets and bigger KPIs. Add to this the increased focus on the transformative powers of a digital transformation, IT leaders can feel the pressure from both the top-down and the bottom-up.
Technology can often be seen as a necessary evil; a cost center consisting of a patchwork of programs running in the background, keeping track of payroll, SKUs and engineering documents. But what we at Configit have seen with our customers is technology being the catalyst to new product lines, greater productivity and additional revenue streams.
McKinsey’s latest IT strategy survey [1] lays out seven lessons on how technology transformations can deliver real value, with the first one being, “Technology investments are creating significant business value.”
Specifically, respondents noted “…more than three-quarters of the initiatives their companies pursued have yielded some or significant cost reductions and improvements to employee experience. What’s more, more than two-thirds of respondents say these change efforts increased revenue from existing streams, and more than half cite the creation of new revenue streams: for example, a new product line or new business.”
