It’s no secret that technology, data analytics, globalization, and other factors have completely changed many aspects of modern business. Supply chains are wider than ever, sales and procurement strategies are increasingly predictive thanks to advance data approaches, and more companies are outsourcing work and relying on contractors.
Amid all this, the C-suite has seemed relatively stable. A business might have a CEO, a COO, a CFO, or other executives, but they tend to focus on business processes within their domains of expertise. But increasingly, it looks like those widespread shifts in other departments have reached the C-suite.
Whether through collaborations or new roles, the executive level in many companies has been adapting to new realities. Here’s how they’re doing it.
The technological shifts and trend toward outsourcing have been a boom for bottom lines, but they have also made the nature of business decision-making more complex. Consider, for example, the role of a CIO. For years, information and technology managers chose and oversaw the implementation of network solutions for a company to use in-house. But now that many businesses hire outside firms to handle cloud storage, data security, and other essential IT functions, the CIO’s role has changed. Now they are having to think more about purchasing, contracts and third-party risks, like a CPO, and about strategy and long-term competitiveness, like a CEO.
As a result, the traditional walls between those positions have begun to break down. The CIO in the example above can’t move forward with new contracts or strategy without consulting their peers in the C-suite. Likewise, if a procurement officer or human resources lead want to implement new software solutions that can add value and intelligence to their departments—an increasingly common occurrence—they’ll benefit from consultation and buy-in from the CIO.
Patrick Gahagan, Director of Contract Compliance Audit Services at SC&H Group