“Obviously, technology strategy and business strategy should ultimately be driven by the company’s vision,” says Jones, “but „It was surprising to find that more than a third of the CTOs we surveyed felt they lacked clear vision and direction.”
The role of chief technology officer also has different meanings depending on the company. „The role of the CTO is very diverse and ranges from the CTO working for the CIO to making the organization more efficient, creating visibility for the future and changes,” says Jones.
Below is a series Factors preventing CTOs from delivering change plansAnd how some of them approach them.
Demonstrate the value of innovation
All strategic innovation efforts should focus on delivering business valuesays Alan McIntosh, chief technology officer at Plexus Worldwide, a $500 million global health and wellness company.
“Despite the challenges CTOs face in proving the value of innovation, „Aligning these initiatives with tangible business results is essential to drive success and sustainability in today’s competitive landscape” McIntosh says. „By ensuring that innovation initiatives directly contribute to business value, we can effectively demonstrate the impact and relevance of our efforts to stakeholders.”
Demonstrating the value of innovation is not a new challenge, Dhingra notes. It’s getting a lot of attention now because of the speed of AI, so change is happening very fast, he explains. „The role of chief technology officer is always difficult because you balance the needs of the current business with the search for the next opportunity.”