The pandemic has augmented the importance of chief information officers and boosted their status within companies, the Wall Street Journal reported Jan. 3.
Hybrid working models, moves to app-based collaboration and cloud computing, all spurred on by the pandemic, have emphasized the critical role of CIOs in companies. Innovation software is also becoming increasingly integral to business strategy, requiring CIOs to play a key role in the growth and future of their businesses, according to the Journal.
A recent report from consulting firm McKinsey revealed that most companies' goals are now unattainable without the use of digital tools. And research from International Data Corp. estimates that 60 percent of CIOs at companies worldwide will be primarily assessed on their ability to co-create new business models, revenue streams and collaborate throughout the entire enterprise by 2023.
CIOs' growing importance suggests that they will continue to find themselves at the center of corporate decision-making and strategy development for years to come.