Tightening Budgets and Finding New Revenue Streams: How CIOs Cope Up

As IT industry continues to grow, so are the concerns for CIOs. Additionally, the old ones are on standby too. The ever growing budget constraints and the need to find new revenue streams further escalate a CIOs functioning. According to a November 2017 report from Forester, budget is a big barrier to firming up IoT security along with scepticism from higher-ups.

The risks go beyond security threats, it comes down to the question of whether the business wants to grow and thrive or get left behind by their competitors.  Technology moves out of the background shadows to centre stage as businesses become more digital, and becomes the primary driver to meet long-term objectives. Skilled, trained and certified IT professionals are essential in order to make the investments in technology pay off. Owing to their expertise in connecting and IT architecture to the overall corporate objectives, they can provide the guidance decision-makers need to evaluate the tradeoffs involved when selecting devices, applications, or operational models.

While the business landscape is ever evolving, the basic premise of making a profit is the same, the process of finding and exploiting revenue opportunities hasn’t fundamentally changed. What has changed is the emphasis on direct revenue generation landing in the CIO’s lap. However, CIO shouldn’t be worried about directly generating revenue to stay relevant. Many of them are working to try and productize themselves, which might be a recipe for defocusing the team and the boardroom. The place the CIO belongs when it comes to revenue-generating opportunities is focusing on those projects and digitizing the business into an automated platform at scale. We need to stay focused on driving costs out of the business and scaling from a go-to-market perspective, and that’s how a CIO should focus on revenue.

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