For a CIO/CTO, Innovation means usage of technology to create or maximize business impact thereby driving growth and profitability. Technology should not be used just because either it is the cutting edge solution to a business problem or everyone else is using it. Rather fitment of technology to specific organizational needs should be the approach.

Also breakthrough innovation means embracing inconsistency to an extent in the way we do business, how the organizational processes are structured. Having an open mind to these is crucial to embrace innovation.

In my view, Innovation should be managed and nurtured systematically. First it needs to be closely mapped with what business impact it creates.  Second, ensuring business buy-in is crucial; otherwise a great idea can get killed very fast. Third, just like organizations have systems in place to manage business processes and manage resources, there is a need for managing ideas and innovations and taking them through the execution step.

It is absolutely possible for a CIO to become a CEO. However the only way they can do is to move beyond the role of ‘custodian of technology’ and moving beyond the role of aligning business and IT.

The most precious skill a CIO can bring to the organization is business knowledge and process understanding coupled with technology know-how. By helping identify how technology can change the business dynamics and move the organization more efficiently toward its objectives, his organization can become the foundation for competitive advantage. In other words, a CIO needs to be in the business of helping shape business strategy.  This will enable him/her to not only find a seat at all strategic conversations but a key role in driving these discussions. And move him towards the CEO’s suite

While focusing on ensuring IT fundamentals are taken care of and are solid, CIO’s need to differentiate themselves by –

• Using ideas and technology to streamline operations and increase organizational effectiveness
• By innovative use of technology in introducing new products, identifying new markets and potentially new business models
• By identifying opportunities to refine business processes and enhancing collaboration