Imagining the Future of the CIO: Innovator, Integrator, and Instigator

by Catherine Stagg-Macey,  Craig Weber, December 9, 2015
Other
Global

Abstract

In an era of digital transformation, it is increasingly difficult to separate strategy from technology. Who is better placed to serve as the critical link between business and IT than the CIO?

The digital transformation goal that many companies set for themselves has to be one of the key reasons to rethink and reimagine the role of the CIO. We are in a curious impasse, with the CIO being asked to mitigate risk and costs of the current estate while simultaneously enabling innovative products and services through investment. This role of “operational strategist” is new for many insurers and their CIOs.

“There is no doubt that the insurers need new organizational leaders for a digital future,” says Catherine Stagg-Macey, an executive advisor with Celent’s Insurance practice and coauthor of the report. “Do the current CIOs have the appetite for the metamorphoses required, and does the C-suite have the vision to embrace a new digital peer? These are the questions to consider.”

This report looks at how the role of the CIO is evolving. The traditional responsibilities of managing IT capital and operational budgets will continue to represent a significant portion of the company’s cost base.

Celent paints a future where a CIO takes on a few different roles. The innovator seeks to understand industry changes, current and future business operating models, and the role that technology has in this future. The instigator is a change agent bringing energy and focus to the discussion of how the world is changing, and the impact on the business. The integrator connects the old with the new.

The report also looks at how to nurture and grow talent within the company. Incumbent and aspiring CIOs will find clarity on what this future view means for their own careers, and how to pave the way for their next career move. Those in the vendor community will see how their relationship with a key stakeholder will change.

This report contains five charts and one table.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

3

 

Key Research Questions

3

 

Methodology

4

Our Organisations Need New Capabilities

5

 

Changes in the Environment That Require a Change in Capability

5

Only Business Executives Need Apply

9

 

What Is It that the Business Needs?

10

 

Impediments to Change

10

Debunking the Myths Surrounding the CIO Role

11

The New Roles for the Future CIO

12

 

The Innovator

12

 

The Instigator

12

 

The Integrator

12

New Skills, Traits, and Competencies

14

 

Competencies

14

 

Skills

15

 

Traits

15

How to Activate the New CIO Vision in Your Organisation

17

 

Taking Stock

17

 

Creating Ground Conditions

17

 

Rebooting Stakeholder Relationships

17

 

What Comes After a Successful CIO Role?

18

Developing Talent

20

 

Why a Technology Background Is Still a Requirement

20

 

Advice to the Next Generation of CIOs

20

 

Developing Talent

21

Conclusion

22

Leveraging Celent’s Expertise

23

 

Support for Financial Institutions

23

 

Support for Vendors

23

Related Celent Research

24

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