The rise of the CIO
What challenges have businesses across different industries faced in this fast-paced transition to an increasingly digitised economy, and what does it mean for the future?
Borne out of necessity, IT capabilities and rapid digital transformations have become a focal point for many businesses, making the position of chief information officer (CIO) more relevant than ever.
Present from several different sectors to give insight into this topic are: Kennas Lam, Vice President & Chief Information Officer for Asia-Pacific at Johnson Controls; Susan Poon, Chief Information Officer of TK Elevator; Dr. Ted Suen, MH, Chief Information Officer of MTR Corporation; and Damien Wu, Director of Business Transformation and Innovation at Chinachem Group.
Susan Poon, Chief Information Officer of TK Elevator, begins by stating as a CIO, you “need to really understand how a business runs, and then you can actually connect how technology will enable potential growth and potential risk mitigation at the same time.” With this role description, it becomes evident why this position has been so important throughout the pandemic as technology rapidly became an absolute necessity for the functioning of all businesses.
There is no question the pandemic drives innovation, as the only other choice was getting left behind. Dr. Ted Suen, Chief Information Officer of MTR Corporation, mentions the three major challenges needed to be faced during this period of innovation and IT transformation—they needed to revamp infrastructure and change workflow processes, learn how to engage with customers differently, and expedite their digital transformation strategy.
Kennas Lam, Vice President & Chief Information Officer for Asia-Pacific at Johnson Controls, brings up the human aspect of this rapid digitalisation, alongside infrastructure and software changes, they needed to reimagine the future business model and how people could work together. Though the pandemic has posed a problem regarding in-person interaction, Lam commented people needed to make a conscious effort to communicate and engage, while also being intentional in creating a sense of belonging within our business communities.
To support this innovation and digitalisation, cybersecurity must be a top priority. Protecting private data, virtual assets, and intellectual property is not only necessary for businesses and their employees, but also for the well-being and privacy of all customers. Businesses have been supporting cybersecurity by prioritising things such as threat detection, employee training and awareness, and encryption.
To become a CIO in a world where businesses are beginning to rely on them, the panellists suggest having some background in both IT and another field such as finance or business, and to nurture your learning agility and your curiosity.