Insights into the role and responsibilities of a top innovation executive
In today's fast-paced business world, innovation has become a crucial focus for many companies, as they strive to stay ahead in the face of increased competition from outside their core industry. One key figure driving this change is the Chief Innovation Officer (CIO).
Joachim Schleich, in an insightful essay, delves into the role of the CIO. This dynamic individual is tasked with creating a forum and providing resources for colleagues to explore and develop innovative concepts. Each day for a CIO starts by considering new trends in industries relevant to the company, with a key priority being to identify issues and gaps experienced by existing customers and prepare for proposals to make the offering "different".
The CIO serves as a face and go-to person for colleagues with innovative ideas, and their daily tasks involve more than a full-time job. They are responsible for checking the morale of colleagues to ensure they are questioning the status quo and improving the offering. They also apply a combination of people skills, technological wisdom, and business understanding to investigate ideas, build business cases, and help move them forward.
Innovation has gone mainstream to deliver results due to greater competition, technology churn, digitalization, and budget cuts. The CIO's role is not an easy one, as they must manage multiple objectives, such as resource allocations, performance goals, and entrepreneurship. The expectations of a CIO are diverse, coming from management, colleagues, and customers.
The head of sales expects the CIO to demonstrate value to customers through innovation, while the head of marketing expects them to be a thought leader in the industry. The successes of companies like Google, Facebook, and Uber demonstrate the importance of innovation. As Schleich notes, "Innovate or Die" is not just a phrase, but a reality for many companies.
The CIO's approach to failure is unique. They examine every failure as a learning platform for future success, creating an environment that values and empowers colleagues with innovative ideas. They are lucky to have access to cross-company collaboration and support, making every day for the CIO unique and exciting, as it could lead to a game-changing idea.
In conclusion, the role of the Chief Innovation Officer is pivotal in today's competitive business landscape. They are the catalysts driving innovation, fostering a culture of questioning the status quo, and pushing boundaries to deliver value and stay ahead in the race.
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