For every industry regulatory compliance is a given with no
exceptions; these are local to the enterprise home country or in the markets
they operate in, and dependent on products and services. In such situations
there is always a choice of vendors who offer solutions to solve the problem at
hand. These vary from local providers who grow with the industry and tailor
their offerings to evolving needs; and then there are global providers who
offer deep and wide solutions for large enterprises.
The conversation started by stating the problem the industry
was facing and how it was expected to impact revenue and profitability in the
near term followed by the standard sales pitch on how they were better than
competition and why the assembled companies should consider their solution. The
audience comprising of potential customers represented by CIOs, IT teams and
few business folks agreed with the problem statement in varying degrees based
on their frame of reference and charted journey which was their reality.
We started working on the
problem three years back with the Board endorsing the strategy and approving
the investment. We have almost completed the project and are now auditing what
we have done. We comply with current requirements and are ready for the
upcoming regulations deadline. We welcome your team to review our current state
of readiness and highlight lacunae if any so that we are sure of our status. Please
ask your teams to get in touch with me so that we can work together on this
initiative.
Our business
operations are not very large in the markets that require compliance to upcoming
regulation; they have scaled down a bit in the last year or so due to some
issues. We did start a couple of years back and took a step by step approach to
solving the problem; my colleague here leads the initiative. There are a few
gaps in our current readiness and we would be happy to explore your offerings
to evaluate the value proposition. Let’s connect back after a few weeks and
take the discussion forward.
Local vendors have
given us the solution that complies with current requirements; they have
offered to continuously develop the product based on evolving needs and deploy
when we want it. Our Management has taken a decision not to deploy any solution
until absolutely necessary. My team leader would know the exact status, I am
not aware of the details; I will speak with them and revert on where we are in
the journey. Once I have the status, I will reconnect if there is a need; in
the meanwhile send me some information.
Three different perspectives from seasoned CIOs, each had
spent over a decade in the industry; their respective companies were market
leaders and competed fiercely with each other. Their journey towards compliance
were spread across the spectrum with varied strategies and solutions – local and
global. What was surprising though is their level of involvement,
understanding, preparedness and attitude to critical business process that
could adversely impact revenue, market share, and profitability.
The conversations also depict domain expertise and connect within
the enterprise to the business and its challenges and opportunities. The first
company is clearly a leader in usage of technology which the industry also
hails. The second has experienced some trials and tribulations which has left
the company losing market share, profitability and reputation. Progressively
you will surmise that the last would be in the most disadvantageous position !
At least not at the moment, though their current stance may result in such a
position.
Gigabytes have been written about the evolving CIO, role,
opportunity in the digital world, CIO 3.0 and what have you ! CIOs have also
been threatened by disruptions and the opinionated passing judgement on their future.
The role has survived, evolved and many have thrived; unfortunately with the
multi-dimensional nature of rising expectations, the numbers are beginning to
dwindle. It is not that CIOs have lost touch or ability to make IT work, it is
just that they are not in a position of influence when it comes to business.
Leaders are expected to not just make a difference
internally but also be seen as beacons of light for others to follow; they need
to shape opinions and outcomes for the industry while leading from the front.
CIOs who achieve this are the ones that get written about in magazines, have
case studies, and are seen in seminars and conferences on the dais, while the
rest make up the audience. I believe that the true CIOs will continue to forge
new paths while the rest of the industry will wait for early adopters to
follow.
Where are you in the journey ?
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