It's still too early in the process for him to discuss details, but this type of project has the potential to be truly transformative. And it's more of a business transformation than a technological transformation, requiring a team with multifaceted skill sets.
Since joining the organization seven years ago, Fandrich has taken a business-centric approach to technology, working with the business side of the business in a different way to build successful solutions. He said his focus is on how to bring in expertise.
With the advent of AI, he says, things are moving faster than ever before. “And I think we all know that the only thing we can guarantee is that the pace of change is getting faster and faster,” he says. “What we traditionally called change management has now become incredibly big.” That means IT executives need business and finance skills more than ever. Masu.
“The macroeconomic challenges and opportunities of generative AI will dramatically change the economic landscape for companies,” he says. That means the roles of the IT organization and the business units are starting to blur.
“The power of generative AI is its transformative nature,” he adds. “You can't do it with technology or business alone. He has to blend the two.”
The future of the CIO
CIOs who move IT from a cost center to a driver of innovation, transformation, and new revenue could become the leaders needed in the new economy.
“We have always said that business drives technology,” says David Cadio Moloclo, financial services innovation leader at EY Americas. “Tell me what you want and I'll write the code to support you.” Now the switch has changed, he says.
“I truly believe that technology drives business because it impacts business strategy and business survival,” he adds, adding that with the advent of AI, companies are rethinking their value to customers. You will probably do it.
“Developing and envisioning an AI-driven strategy is absolutely part of the equation,” he says. “And the CIO has a role in enabling these components, and they need to be able to participate in the conversation and drive the organization's vision.”
CIOs are also in a position to help CFOs evolve. CFOs are traditionally risk-averse and expect certainty and accuracy from their technology. Generational AI is not only a new and experimental technology that is still rapidly evolving, but also probabilistic and non-deterministic in nature.
“CFOs may need to be a little more tolerant of ambiguity and experimentation,” said John King, partner at Lotis Blue Consulting. “Many of these tools are still cutting edge, which can be a little scary for CFOs.”
There's also a lot of wild information out there about what genetic AI can do, some of which may be true and some of which isn't, he says.
“As a CIO, you help them understand what the technology can actually do,” he added. “And we want to put some guardrails in place so we don’t do anything that doesn’t make sense.”
He recommends that CIOs new to this endeavor start small.
“Be proactive about things that are well understood,” he says. “It's a mistake to try to go too far, too quickly.”
You don't need to stay ahead of technology, but at the same time you don't want to miss out on opportunities, he added.
“A CFO would just say wait and see what the risks are,” he says. “But then you're just playing catch-up. If you do that, you may be missing out on revenue opportunities.”
