In 2021, CIOs Will Become the Secret Weapon for Growth

CIOs can no longer be seen as specialized IT companies and should be confined to the basement accompanied by cables and buzzing servers. We now know firsthand that the more tightly coupled virtual CIO services and IT management practices, the more competitive the business will be. This is because companies that we’re able to respond rapidly to change not only flourished but thrived during the disease outbreak. 

According to IDG’s 2021 State of the CIO survey, 82% of CIOs reported implementing new technology, IT policies, and methodologies in response to the global pandemic’s effect. 37% expanded their IT budgets over this period, demonstrating the critical nature of technology for company development and maintenance. 

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However, the report emphasizes the evolving position of the chief information officer, who is now charged with developing new revenue-generating strategies such as automating business/IT performance and enhance consumer interactions. 

As companies begin to envision a post-Covid world, now is the time for organizations to expand with virtual CIO services that can become more adaptable and adopt new technologies. Markets are more competitive than ever, margins are contracting, and the quick movers take the market share. This is precisely why a systematic, centralized, bottom-up approach to IT asset management is so much more valuable than the sum of its pieces using CIO software as a service. 

IT asset management is growing from the shadows, being known as a critical field for productivity and development under the leadership of the CIO. 

Identifying the right IT Tools 

From 12.5 billion in 2010 to over 50 billion today, the number of Internet-connected devices has exploded. According to IDC’s latest prediction, by 2025, there will be 41.6 billion linked IoT devices, or “stuff,” producing 79.4 zettabytes (ZB) of data. 

The greater the number of devices in an IT property, the larger the target region. However, cybersecurity investments are just as effective as CIOs and IT teams’ control over their virtual CIO services. When a single computer on a home or office network is vulnerable, the network infrastructure becomes vulnerable without CIO services. No one wants to be a high-profile target of the world’s next WannaCry attack. 

Adopting new approach 

The source of the problem is that you aren’t aware of every asset on your network. Under the GDPR, the fine for data breaches could range from €20 million to €20 million or higher. 30% of all companies are said to be in a state of “chaos,” according to Gartner. Not knowing where their assets are or who has them also, software assets are often tracked on a project-by-basis rather than holistically. That is, nearly half of all businesses may fall prey to these hidden issues and costly mistakes. 

With little financial flexibility, CIOs are under enormous pressure to invest and to innovate. They are obligated to ensure that IT teams keep track of, handle, and automate their IT properties while still meeting changing business needs to keep up with continuous change. However, to keep up with digital transformation and provide the visibility and expertise necessary to ensure protection, control costs, and support business initiatives, virtual CIO services must evolve from a specialized specialty to the cornerstone for a modern, possibly the best IT organization. 

When the pandemic struck, virtual CIO services will drive IT teams about what devices were linked to the system to gain it and safeguard the organization. Since the traditional scenario-based approach to ITAM remained the standard, agents had to be mounted on laptops. Without an agent, all was invisible to IT, allowing bad actors to develop and put organizations at risk. 

Businesses struggled to find financial advisory tools and technologies that would allow them to evaluate and monitor the increasingly growing number of devices used by workers beyond the four walls of the corporate office. However, this is insufficient to safeguard companies in the twenty-first century. 

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An only feasible alternative is a modern approach enabled by virtual CIO services – the next generation of IT asset management – laser-focused on precision, scope, and depth to provide full insight into an organization’s entire IT estate. 

Thus, companies should provide an always-accurate single source of information that can be used to inform all IT scenarios and sound decisions throughout the enterprise. It becomes a repository for data that feeds conversations and judgments with CIO professional services and all the other ad hoc solutions and structures that depend on rich data to accomplish their goals. 

IT asset management can no longer be an afterthought.  

While IT asset management was not traditionally a top priority for executive leadership in many companies, that has changed. CIOs and other leaders are becoming increasingly aware of the enormous effect ITAM can have on cost and risk reduction — and the substantial ROI that can come from doing it correctly. Many virtual CIO services have been raised to the level of strategic dialogue in these organizations. The prospective IT leaders recognize that ITAM cannot be an afterthought if today’s IT environments are managed efficiently and securely. 

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