How CIOs Can Keep Pace with Exponentially Growing Technology
March 26, 2015
Earlier this year, I had the privilege of hosting the webinar “Redefining the CIO: Envisioning and Enabling the Next Generation Enterprise” with two leading CIOs: Patrick O’Hare of Spectrum Health and Tony McGivern of FICO, a leading analytics company.
During the webinar, we covered a lot of ground in a short amount of time, taking a rapid tour through the evolving tech landscape: sensors everywhere, Bitcoin and the Blockchain, artificial intelligence, the plummeting cost of human genome sequencing, neuro headsets and contextual EEG, 3D printing, autonomous cars, robotics, DNA nanobots, and the transition to what IDC has labeled the “3rd Platform” – a social, mobile, cloud and big data combination.
Technology is growing exponentially. As the exponential growth path and network effects take off, most institutions continue to frame their observations and decisions through the bell curve lens and tend to improve or advance linearly, leaving an ever widening gap of opportunity (and risk).
It’s in the middle of this widening gap that I believe CIOs must work to “bend the curve” of their institution’s advancement by leveraging exponentially growing technologies.
Patrick and Tony are attempting to do just that within very different industries. Let’s start with a glance at Tony’s story.
Growth in a Nimble Industry: Data Deluge in Tech
A key byproduct of rapidly increasing connections of human and machines to the Internet is the “deluge of information.” Tony McGivern referenced that we have ten times more data today than we did just five years ago. The challenge is how we take this new information and translate it into discernable insights.
FICO, the organization that most of us recognize for the score that is ubiquitously used to determine our creditworthiness, is now trying to take its advanced algorithmic capabilities, cloud-enable them, and apply them to an ever growing arena of use cases. Examples include optimizing the NBA schedule, improving oil & gas exploration, and providing the next best offer or the right marketing channel.
In addition, McGivern highlighted the importance of extending these capabilities beyond the control of IT or management, making them available to everyone.
Shifts in Landscape. Shifts in Models.
McGivern is spending most of his time on building and optimizing the infrastructure and delivery channel for the future of FICO. As FICO shifts their focus towards a broader spectrum of use cases for a deeper cross section of organizations and roles, the challenge is packaging it all up and going to market with new ways of enabling customers to consume those services.
Driving more agility and flexibility has required that FICO rethink who their customers are, their value proposition, and how services are delivered. Retooling for these external changes has also required that internal teams, with a larger proportion of quants and PhDs than your typical company, begin to rethink how they work as well. FICO has leveraged Jive to enable their teams to work better in areas of aggregated interest.
“It’s fundamentally changed the way we work,” said McGivern of Jive
There are a couple of things to take away from Tony’s experience: FICO is in the process of repurposing existing capabilities for a broader audience, while also changing the delivery mechanics of those capabilities. This is changing their business model, changing their internal workflows, and helping them tether their evolution to the exponential growth of technology, rather than to the linear growth of most business.
While the strategy is easy to understand for FICO, which is, by nature, a technology company, the shift to mobile and cloud are affecting nearly every industry – including healthcare.
How are you (or how should you be) shifting your infrastructure and delivery model to thrive in the “Third Platform”?
UPGRADING COLLABORATION IN BIG HEALTHCARE
Look soon for my next blog post where we’ll look into how the healthcare landscape can better adjust to changing technology.
In the coming weeks, I’ll also explore the seven keys that will help CIOs increase their impact in any industry in more detail.
Want more details now? Listen to the complete webinar or download a copy of the e-Book: “Envisioning and Enabling the Next Generation Enterprise”
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