How CIOs are stepping up as business strategists

Once a strictly tech role managing an organization’s internal needs, the CIO role has seen a massive tectonic shift. With technology rapidly shaping business outcomes, and the tech infrastructure supporting every aspect of business, CIOs much deservedly now occupy a seat at the table. We speak to CIOs about their multifaceted role, and how they’ve embraced the change in their scope.

Entering the league of leaders

For Nikhil Prabhakar, CIO, IndiaMART Intermesh, the e-commerce giant’s focus on technology meant that CIO has always been integral to business decisions.

“IndiaMART is a tech-first organization. Over time, tech usage has increased, from core functions to now across the board. During COVID-19, the organization immediately moved from desktop-based work to remote & mobile- based setup, a difficult shift entirely done under the leadership of CIO.”

Jai Prakash Sharma, Executive VP – Technology at Info Edge states that technology is a key business differentiator of digital-first businesses like online job portals, matrimony platforms, ed-tech solutions, and real estate marketplaces.

He says, “My role evolved beyond IT when leadership recognized that platform scalability, AI-driven matchmaking, personalized recommendations, and data-driven insights were crucial for business success. For example, in the online job market, optimizing search algorithms and AI-driven candidate-job matching directly impacts user engagement and revenue.”

For Shajy Thomas, Regional Head of Tech – APAC at Technicolor, technology actively contributes to shaping long-term business outcomes. “I am a key member of the council responsible for formulating the company’s business strategy and setting goals, followed by developing 1-year, 3-year, and 5-year plans. This ensures that our technology roadmap is fully aligned with our overarching business objectives and fosters a continuous cycle of innovation and efficiency.”

Rajendra Bisht, Vice President of Technology and Digital at Bajaj Finance summarizes, “Our role began to be included in larger conversations around business, operations and revenue when we demonstrated the tangible impact of digital transformation initiatives, such as AI-powered chatbots and AI/ML based solutions.” By presenting clear metrics and success stories illustrating the value of integrating technology into core business strategies, CIOs became involved in broader business discussions and initiatives.

Leveraging technology for business

At IndiaMART, business stakeholders reflect on bifurcating problem solving between tech intervention and business solutions. Nikhil comments, “A McKinsey study stated that companies that use data to make decisions are 6 times more likely to keep existing customers, and 19 times more likely to be profitable. By centering the customers in every process, we identify key customer problems and re-engineer existing processes using technology to better them.”

When both technology and business leadership understand each other’s challenges and objectives, it becomes easier to adapt to market shifts from a holistic viewpoint, says Shajy Thomas. He adds, “I cultivate a culture of innovation and healthy competition, ensuring that both business and technology teams remain motivated to achieve shared goals.”

Five Tips for CIOs to emerge as Financial Strategists

Sangeeta Shankaran Sumesh, CFO turned business and leadership coach shares on how CIOs and tech leaders should become financial strategists as they transform into integral business advisors beyond technologists. A financially smart CIO leads with financial acumen like a CFO to turn technology into a powerhouse for profitability, says Sangeeta, an independent director who serves on corporate boards and is the author of the bestseller “What The Finance” & other reads. These are her top tips:

1. Every dollar spent on tech must drive value, no increase cost – Enable your IT investments to transform business growth.

2. CIOs own the gold mine of data – Leverage analytics to turn your insights into financial intelligence, thus making tech a profit enabler.

3. Evaluate ROI and substantiate it with relevance, optimization and impact – Utilize your tech investments to deliver financial and operational agility.

4. Mitigate risks and ensure cybersecurity – Financial protection prevents the catastrophic losses of your business. 5.

5. Collaborate with your CFO – Ensure every tech investment drives measurable business outcomes and sustained long-term profits.

Reading a CIO’s mind

Shajy Thomas rightly declares, “Technology’s evolution requires a mindset shift at the executive level. There must be a consensus among board members and leadership to embrace experimentation – understanding that trying and failing is essential for growth.”

Rajendra Bisht emphasizes, “It is crucial for the board and leadership executives to foster a deeper understanding of digital transformation’s potential and the strategic value of the CIO role in driving business innovation.”

Nikhil Prabhakar has some tried and tested business strategies up his sleeve, like cross-functional teams and shared KPIs. It’s evidence-based – A Forrester research showed that organizations with strong alignment between IT and business strategies achieve up to 36% higher profitability.

“In a world of data-sharing, operating in silos is never a smart decision. Establishing teams with representatives from IT, finance, operations, and marketing, and defining KPIs that align with both technology and business objectives can help in determining right business value against each vertical.”

Appraising Talent

The 2024 CIO Tech Priorities survey revealed that over 60% of CIOs believe in upskilling or reskilling talent, while 40% believe in hiring new talent.

Rajendra Bisht explains, “Candidates need strong technical proficiency, especially in emerging technologies like AI/ML and Robotic Process Automation. We also value an understanding of how technology impacts business, so that candidates can align their technical work with our strategic objectives.”

Given the complexity of Info Edge’s high-traffic platforms, Jai Prakash expresses, “The ability to design systems that handle millions of transactions efficiently is critical. A high-performing database architecture can significantly improve user retention and lead generation.”

Nikhil Prabhakar underscores IndiaMART’s ‘Learn, Unlearn and Relearn’ policy which practices mandatory job rotation within the organization, with employees moved from one technology to another to ensure that they are hands-on with multiple skills. This cross-skilling helps them gain cross-tech experience, enhance their critical thinking and problem-solving skills.

Shajy Thomas acknowledges a sobering reality –the skillset and experience needed to leverage emerging technology advancements may be lacking in the job market. “My three key criteria are solid technical skills, high IQ and analytical abilities, and for individuals to have a solution-oriented mindset and possess strong communication and collaboration skills,” he affirms.

Partners in Processes

The Role and Influence of the Technology Decision-Maker Study 2024 study says 89% of IT decision makers say their tech budgets will either increase or remain the same over the next 12 months.

Agility and cost-effectiveness are major factors for Nikhil Prabhakar in the vendor selection process. “Any solution or product comes with an expiration date. The expectation is that the vendor-on-board should offer value for money such that the upgrades can happen at reasonable costs.”

Shajy points out that it’s crucial to deal with the challenge of managing multiple applications across operations. “Efficiently integrating these systems with seamless collaboration remains a significant hurdle.”

For Jai Prakash, it is essential to partner with vendors who can be there for the long haul. “We seek partners who invest in data security, compliance, and long-term innovation. In education and job portals, user data protection is critical, and vendors must comply with regulations like GDPR and India’s Digital Personal Data Protection Act (DPDPA).”

Finally, Rajendra Bisht acknowledges needing thought leadership from partners too. “We value partners who are proactive in offering insights and recommendations, upgrading their products suits thus helping us to stay ahead of technological advancements and maintain a competitive edge in the industry.”