5 ways IT is driving new revenue

CIOs are increasingly being called on to boost bottom lines by driving new revenue. Here’s how five IT leaders have transformed IT into engines for business growth.

5 ways IT is driving new revenue
Leolintang / Getty Images

IT has gone above and beyond throughout the pandemic to accelerate digital initiatives and keep organizations humming. But coming off a difficult financial year, businesses are leaning even more heavily on IT, tasking IT leaders with the need to create new revenue-generating initiatives.

An overwhelming majority of CIOS (96%) report their role is expanding beyond traditional IT responsibilities, according to IDG’s 2021 State of the CIO report. Actions that have increased in importance in becoming more revenue-driven or to support the creation of new products and services include automating business and/or IT processes, interacting directly with customers, and developing customer journeys.

“The status quo isn’t enough anymore,” says Susie Cummings, a principal and national leader of IT Services at BDO Digital. Now, the organizational trend is to look for catalysts for innovation that they might not have previously sought internally, she says. More frequently, the C-suite is looking at IT.

“The pandemic brightened the spotlight on IT, and everyone scrambled to make remote work happen and keep employee engagement and now there’s a big demand for IT to add value to the business,” Cummings says.

Here are five real-world examples of IT leaders putting information technology to work in generating revenue for their organizations.

To continue reading this article register now

Download CIO's Winter 2021 digital issue: Supercharging IT innovation