A CIO’s View: Reacting to Crisis – Now is the time
Posted by Marcus G. on April 13, 2020
Part 2 of Hans Weinberg’s ‘A CIO’s View: Reacting to Crisis’ — Read part one here
This is an ideal time for accelerating digital transformation. If the current crisis is teaching us anything, it is that technology is a key enabler of this forced business change.
The range of options for CIOs has been increased due to advances in technology. Digital Twins and Event Analytics are two key tools that can be used to lead digital transformations. Moreover, I passionately believe these two technologies can help CIOs meet the challenges we face today.
If such technology had been available in 2009, it would have been a lot easier to reduce costs and make ABB more agile and profitable. We also could have rapidly created new services that added additional revenue.
I came across this sort of technology a few years ago when I encountered Iotics. In conversation with their CTO Mark Wharton, I realized that they shared a vision of digital ecosystems that can transform the IT landscape for CIOs.
Challenging environments present huge opportunities for firms willing to be proactive, rather than passively reactive. Now is the time to be proactive with digital transformation, create new digital revenue models and leverage new technologies to successfully rebound.
Digital transformation drives cost reduction
As a CIO and with impending financial turmoil, I look to accelerate the digital transformation and to reduce cloud cost – moving from storing all data, a huge amount of which is never used, dark data, and look to focus instead on storing important and meaningful events. How much do you pay for cloud storage today, and how much could be saved by focusing on the events that matter?
The bridging of critical enterprise data and meaningful events empowers me to make informed decisions without paying for the storage, management, and use of vast data warehouses. With the technology now available I can get important events in real-time, information that really means something to my organizations and me, instead of saving “normal” state data, retrieving it, analyzing it and then trying to take actions.
Making a change like this alone could significantly bring down cloud storage costs. But, I know that today I can go further, the next step would be to review what data am I actually saving, do I really need to store this data when I can get it directly from the source?
On the next post we will dive deeper into digital transformation cost reduction and how that may relate to your enterprise.