IN this thriving digital era, data is considered the new oil, as it can help businesses to make better and timely decision.
But with data available everywhere, on devices, in the 'cloud', how would one make effective use of it.
According to digital transformation consulting firm Endava, every aspect of a business operation is a source of information that can be tapped into to make various decisions.
However, making sense of all that ever-growing data can be a laborious process.
"As a result, many organisations now aspire to become digital-first, yet there is still a widespread misconception in the industry that digitalisation entails adopting cutting-edge technology or giving innovative business models top priority," said Endava's regional manager, Radu Lazar.
"In fact, it is more of a mindset that must be adopted by the organisation in all areas of the business, such as shared business value, automated processes, unified security, and customer interaction," he said.
The modern workforce
With this shared outlook, there is no doubt that the modern workforce is evolving. Forty-one per cent of employees can now be described as business technologists - those who report outside of IT departments (centralised or business unit IT) and create technology or analytics capabilities for internal or external business use, according to Gartner.
At the forefront are CIOs, who take on a strategic role that equips and empowers non-IT resources to build digital capabilities.
"Their roles have also widened to non-traditional areas including business process automation, data analytics and reporting, as well as business model transformation in addition to technology-related areas," said Lazar.
"To effectively manage on all fronts, CIOs need a robust network of technology, capable staff, and reliable partners. A new era has begun as CIOs move from being back-end operators to those in charge of driving technical advancement," he added.
The following are crucial elements that CIOs of the future would need to bear in mind as they lead organisations toward a digital-first approach.
Adopting a change-oriented culture
Organisations must realise that digitalisation is an ongoing development and as such, would need an "always-on" philosophy to guarantee that their digital technologies are up to speed.
"While most businesses are aware of the advantages of digital technologies, very few comprehend the urgency and necessity of continuous technological progress through agility and adaptability," said Lazar.
When compared to its neighbours including Thailand, Philippines, Vietnam, and Singapore, about 77 per cent of Malaysian businesses are still in the early stages of digitalisation.
"As organisation leaders scramble to leverage the digital-first trend, they must first consider building a thorough digital strategy framework that offers smooth execution for business processes," he said.
"To support this, leaders must constantly analyse and re-evaluate their current digital technologies to keep ahead of the curve. By doing so, they can identify any ineffective procedures that must be changed."
Pilot testing and embracing new methods of working will be crucial to building an approach that is able to keep up with ever-changing business goals as organisations apply new learnings to continuously improve their digital strategy.
"Organisations need to adopt the mentality that upscaling and upskilling is an ongoing journey and should be constantly looking to integrate the right technologies and procedures. This digital acceleration journey will therefore provide greater competitive advantage," said Lazar.
Finding the right partners
With data management playing a crucial role in today's business environment, finding a suitable solutions provider is winning half the battle.
"Through the expertise of a specialised team that can deliver the appropriate tools and technology to harness the power of data, CIOs can focus on more strategic agendas with data that is optimised for better business decisions. The challenge for organisations then becomes how to use data more effectively," said Lazar.
He said understanding the business challenge is the first step, followed by creating and implementing precise analytics techniques to address the issues at hand.
"Hence, it is critical to look for a trustworthy digital partner. Working with the right partner allows businesses to create tailored solutions based on their value propositions. The right partner will give CIOs and their teams peace of mind from issues that previously kept them up at night," he said.
"They will not have to worry about whether the data is sent to the right people at the right time in the format they require. A higher rate of conversions can be facilitated by organisations being able to hyper-personalise and guarantee seamless client journeys thanks to more flexible and quicker access to data," he added.
Advocating for a more secure future
Leaders are building new foundations in the way their teams think as businesses adopt an accelerated approach to their digital strategy. CIOs are also now helping teams prioritise security throughout all channels and operations.
With expanded human resources duties, CIOs have an added responsibility in rallying their teams to put security first. Every aspect of the organisation is impacted by security, and maintaining it should be a team effort. The CIO's management of their team's culture and personnel plays a pivotal role in fostering this. To support this, it is crucial that CIOs foster open dialogue to support diversity of thought, which is critical to build trust with employees and customers.
"At present, being a digital-first enterprise depends more on an organisation's capability to sustain and accelerate digital transformation rather than how successfully it can digitally transform itself. Whatever the future holds, CIOs must fully harness the power of data, cultivate an agile attitude, and prioritise security, in order to make the most of available technological, human, and partner resources," said Lazar.