Australian CIOs need to focus on these four areas
With a large proportion of organisational technology spend now outside of the CIO’s budget, it is clear that the future role of the CIO will be different than it is today. However, with the right focus, CIOs can both lead and enable the business, according to CSC Consulting.
Michael Billimoria, CTO, CSC Consulting, said, “If you were to ask a CIO where they wanted to get to, almost all would opt for a digital leadership destination. However, regardless of CIO aspirations to be digital leaders, they are still ultimately charged with running day-to-day technology operations efficiently and effectively, and there is no one else in the organisation equipped for that role.
“To be fair, for most CIOs, the ultimate destination will be somewhere in the middle, between strategic business leader and tactical IT manager. But it’s a fine line to walk. In order to achieve a balance between both roles, CIOs must focus on four key principle areas: platforms, delivery revolution; innovation and optimisation; and business narrative.”
Platforms are the core technological construct for running a digital business and provide CIOs the ability to manage workloads securely and seamlessly across clouds and legacy systems. They must become cloud-based, available on demand and mine deep knowledge of business processes in a specific domain to create an enterprise-grade solution available as a service.
Platforms are the foundation for digital enablement, and must be set up for lasting business value and be resilient to the changes affecting a digital business.
2. Delivery revolution
There is currently a powerful combination for a delivery revolution through agile, DevOps and Lean Change. Organisations that embrace and integrate these will deliver in ways that will renew overall business confidence in technology departments.
Most believe that automation is the key focus area for effective delivery, but a delivery revolution also demands new ways of thinking and working. While the revolution commonly begins in teams at a certain point, structural change is also required. This in turn, demands an organisational culture shift.
3. Innovation and optimisation
It’s getting harder to keep up because the speeds of development and improvement are making existing products and services obsolete faster. Most organisations are struggling to change their operating model for innovation and start-up thinking. The problem is, the longer an organisation waits to change, the greater the gap between the traditional business and innovative digital competitors, and the velocity differential continues to widen. Innovation is not easy, but embedding it within the organisation is key.
There is no choice but to simply prepare for disruption. To survive and prosper, this entails becoming resilient to disruption within your own markets, or entering new ones.
4. Business narrative
Perhaps the most important area of focus for CIOs aiming for the perfect destination is mastering the art of getting the right message across their organisation. This requires working closely with other business leaders to craft a business narrative. It’s critically important to align with fellow leaders to develop a consistent technology story and keep it aligned across the organisation. Make the business narrative simple, but not simplistic. It must be clear, relevant, business-focused and backed up by facts or it will fail.
Billimoria said, “We don’t believe that Australian CIOs must make a decision between an ‘everything digital’ or ‘strictly keeping the lights on’ role. The road to the future is about understanding what you’ve got, then bringing the different silos in your enterprise together in a collaborative way.”
Seo JungJin: Who is EY’s World Entrepreneur of 2021?
Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.
Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.
JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.
Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.
Why was JungJin crowned King Entrepreneur?
A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.
The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.
According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.
Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.
“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”
How did JungJin get there?
JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.
Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.
And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.
With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.
“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”