2. What resources and processes should be implemented to define the value of investments?
CIOs are investing in business technology to transform the organization's ability to serve customers. As a result, CIOs are tasked with creating new business direction and new processes and systems in order to do so.
To successfully create these new processes, IT leaders can encourage a focus on value so that it is a company-wide priority. It requires strategic development of new processes that begin with an aligned understanding of intended outcomes, and conversations around the value of each investment that are both forward looking while also assess past value.
The following graphic outlines three steps in the process of how the CIO could address the value of an investment. The CIO is uniquely positioned to communicate insight to the business (value discovery), identify the benefits of the investment (value realization), and project value going forward (value optimization).
3. Who should have ownership of organizational value messaging?
An ability to understand the technological nuances of a new product or service does not equal an understanding of the business value that the product or service will create. Identify leaders who can understand the improvements that the technology will provide--and what that means in terms of benefits to the business. Which leaders will have enough oversight to understand business priorities and also be able to communicate these priorities effectively?
4. How can IT jargon be eliminated from my value communication?
In his post “CIOs Discuss How They Convey IT Value to the Business,” Steve Snyder says that the "most effective communication happens after I throw out the IT jargon and speak in clear business terms.” Eliminating jargon depends on the ability to understand the strategic value of the product or service. Identify that value first, and then the jargon can fall away and a refined value message can be provided to each stakeholder.
How else can the CIO build an organization focused on value?
I'm interested to hear your thoughts on the topic, so please share. I may respond in the next post to your insight and feedback.
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