As businesses recognise the potential of innovation in both workforce and technology, the demand for Chief Innovation Officers (CIO) is expected to rise in 2018, according to recruitment firm Hays.
“The fierce battle to innovate quicker than competitors is fuelling an increase in Chief Innovation Officers whose role is focused on managing the process of innovation and change management in an organisation,” says Hays CEO Alistair Cox.
Large organisations recognise that successful innovation is complex and requires a more holistic approach. To bridge the collaboration gap, companies like IBM and Fujitsu have incorporated CIOs into their workforce to help flex their innovation muscle. Other brands are restructuring internally to merge keys roles into one innovation leader who reports directly to the CEO.
The demand is being felt across all sectors. In banking, for example, the role of the CIO has evolved significantly due to the rapid rise of technology and fintech, and the onset of AI and machine learning. Customers now demand more technology-driven banking experiences, while product performance and UX satisfaction are more important than ever.
Indeed, findings show that a solid innovation framework is pivotal to increase major innovations, retain entrepreneurial talent and decrease time wasted on bad ideas. An established position with authority, such as the Chief Innovation Officer, is the answer to companies’ innovation challenge.