The challenges of the new digital era make the position of a Chief Digital Officer a no-brainer. In the end, who else will make sure that the company’s key strategies are supported by up-and-coming technologies and new managerial competencies?
To answer this question: Plenty of people. Chief Marketing Officers, Chief Technology Officers, Chief Data Officers, Chief Strategy Officers and newly-appointed Chief Marketing Technology Officers all presuppose they will be rolling out digital capabilities in their everyday roles.
In the period in-between, newly-minted CDOs have their own challenges. They are caught between competing visions of CIOs and CMOs. They are expected to manipulate the technology proficiency of a habitually marginalized IT branch. Possession of digitally-adjoining solutions like analytics, big data and mobile, is indistinct. High touch bequest cultures may even interfere with digital efforts.
This position owns leads and is accountable for the following:
- Growth, roadmap and implementation of Digital short, mid and long terms strategy based on economic goals and digital transformation from ancient age to digital age.
- Digital Customer preferences, behavior, choices, likes, dislikes (Big Data Implementation)
- User Journey (Part of Digital Transformation)
- From product-centric to customer-centric transformation
- Migration of customers from conventional channel to digital channels
- Conversation of products into digital format (Part of Digital Transformation)
- Overall Governance
- Budgets and PnL ownership
It turns out that many companies in New York hire the CDO before absolutely defining the role. In Joe Cianciotto’s experience the CDO have to do extremely well at six key functions so as to be truly effective:
- Map digital capabilities to premeditated priorities. Digital will not get the support or visibility it requires if it is not serving the company get where it wants to go.
- Provide as the executive supporter for digital process innovation. Other executives might not be measured on economies of scale or new functionality that digital capabilities facilitate. For example, think about the complexities of digitizing the credit loan application, and how that will impact a diversity of existing industry processes.
- Develop and manage the digital project portfolio. Accountability for real deployment of digital solutions might rest with line of company executives. Centralized supervising of often-heterogeneous digital initiatives is significant.
- Determine new efficiencies and ROI. Reinstating manual processes with technology drives both revenue and cost savings generation. Joseph Cianciotto, the Chief Digital Officer’s supervision across digital initiatives positions him or her distinctively well to measure success.
- Develop ways to catch the attention of and keep hold of top talent. Companies time and again have more established visions for digital than they do skills.
- Be the ‘executive mediator’ during delivery. This habitually means enrolling involvement from other executives, acting as a coach, re-establishing priorities, or serving as tiebreaker during the rollout of digital capabilities.
Most of these accountabilities are brand new and as a result will not step on the toes of present executives, many of whom—once they comprehend the additive value of the CDO—will welcome the assistance.