CIO's Role Continues to Be Critical for Business Growth: Yagnesh Parikh, ICICI Securities

Without CIO's involvement there is a risk of project getting failed, says Yagnesh Parikh, Executive VP, CTO at ICICI Securities.

How are CIOs moving up the value chain?

In my personal opinion, today‘s CIOs play dual role. Firstly, to manage various IT functions of the organisation and secondly to collaborate & finding right solution in consultation with CXOs.


Having knowledge about all functions of the organisation & core business areas, CIOs today suggest how to cut various operational costs & deliver new revenue models helping in achieving organisation goals.


CIOs today participate as a member of the senior management team in establishing governance processes of direction and control to ensure that objectives are achieved, risks are managed appropriately and the organization’s resources are used responsibly while ensuring all key business requirements are met.


Do you think the CIO role is under threat? What is the scenario in other developed markets?

I don’t think so. CIOs have understanding of the technology solution & knowledge of all business functions which help the organisation in implementing end to end business & project strategy. CIOs will keep on providing technical vision to complement the business vision and setting the tone & direction for the overall project execution even in developed markets.


CMO and CDO are increasingly gaining prominence and taking technology related decision within enterprises. Where does all this action leave a CIO?
CMO & CDO may take technology related decision in consultation with CIO. Without CIOs involvement there is a bigger risk of project getting failed. I feel CIOs are better equipped with managing data governance & technology security risks which are treated as biggest risk in today’s digital setup.

Having knowledge about all functions of the organisation & core business areas, CIOs today suggest how to cut various operational costs & deliver new revenue models helping in achieving organisation goals.


Shadow IT is also making a CIO irrelevant. Your thoughts.
Shadow IT brings up innovation & flexibility but it disregards organizational IT protocols which can have severe consequences like data governance & data security, duplication of efforts, creating silos, increased costs, and repugnancy in business output.


What is the future for a CIO?
Technology touches some part of all products or services of the organization. Without IT, business dies. CIOs have always and should always understand the pace of technology change and understand what is right for business. In coming years CIOs will focus on the same but may be in smaller and much smaller time frames.


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