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Subscribe Here! Email Address Subscribe to Supply Chain Game Changer The Digital Supply Chain road, or Supply Chain 4.0, is the path to the future. Enabled by highly publicized technologies such as Blockchain, Big Data, the Internet of Things, Autonomous Vehicles, Cloud Computing, Artificial Intelligence, Virtual/Augmented Reality, 3D Printing and more the Digital Supply Chain holds great promise and exciting opportunities. But even with established technologies the road to implementation can be challenging to say the very least. As you are developing your Digital Supply Chain strategies it is important to understand, consider, and account for the inevitable problems and obstacles that will test your resolve and your leadership. It is an extremely exciting time to be in Supply Chain. The range of new technologies that have direct applicability to Operations, Logistics, Procurement, Distribution, Planning, Management, and all end to end Supply Chain activities is staggering and unprecedented. But anyone who has been in Supply Chain long enough and has gone through the experience and pain associated with implementation of new processes, systems or technologies knows that there are problems galore. Even with established technologies such as ERP, TMS, or WMS systems just surviving a system implementation can be a miracle. Given that there is a lot of past experience with obstacles and hurdles associated with trying something new it is most appropriate to consider those experiences, learnings and battle scars as you develop your strategies and plans to implement new Digital technologies. 1. Lack of a Strategy It can be very exciting to think about all of these new technologies and just jump in and start implementing things. But Supply Chainҳ scope and responsibility is so vast, and there is so much technology and complexity involved, that a knee jerk approach to going Digital without a larger plan will inevitably fail. Develop a thoughtful overarching Supply Chain strategy for your business first, including deployment of a Digital Supply Chain, and from there you will have a plan and approach to invest and implement these technologies in a more calculated and impactful manner. This can be an iterative process whereby you refine your strategy as knowledge increases and circumstances change over time. 2. Technological Immaturity Technology is always changing, improving and advancing. It can be difficult to try and keep up with the latest advancements which will invariably surpass whatever you implement. For those who are thinking of developing internal, home made systems they will soon find that this is not only a resource intensive and time consuming approach but it is costly and will be soon outdated. There are enough companies out there developing Software as a Service (SaaS) covering all technological needs that you can buy or rent software more cost effectively than doing it yourself. Further the company providing the software will do all of the work keeping it up to date and managing all of the back office work. This approach will allow you to keep up with any and all technological advances. And if you wait until technology is full developed you will never make any changes. Even well understood systems like ERP and TMS are constantly being improved. Another issue is the lack of standards. As the technologies evolve it is critical that there be some set of standards. Implementing Blockchain, for instance, requires that literally tens of thousands of suppliers be operating on the same Blockchain platform. We discuss this in Maritime Industry in Search of Blockchain Orchestrator. A failure to adopt standards will impede technology adoption and progression. 3. Fear of Failure Implementing new systems, making big changes, and introducing technologies can be scary. And there is absolutely no guarantee that these investments will be successful. In fact there is a very good chance that at least some aspect of what you are trying to change will fail or at the very least fall short of expectations. And especially for those who are leading the change they are, and should be, held accountable. Executives will want answers and some of them truly do give lip service to the idea of understanding and accepting failures. But doing nothing or only making safe changes will do no one any good. True leaders will be courageous and bold and drive changes that are not 100% guaranteed to succeed. If there are failures then the key is to understand what went wrong, to learn from these mistakes, mitigate impacts, and make course correction as needed. 4. Cost and Return on Investment Hurdles New Supply Chain systems can cost a lot to implement. Depending on what changes you are making millions of dollars can be required. Especially when you get in to making physical changes (eg. conveyor, sortation systems) in Warehouse or Distribution Centers the dollars can add up pretty fast. Any new investment must also inevitably clear financial hurdles within your company. Return on Investment, payback period, and cash flow are all items your finance team will certainly want to see in your business case. While the expenditure of money is unavoidable if you are going to make any meaningful change in the area of digitalization there could be alternatives. As discussed earlier there are options to rent, or lease, software (SaaS) for instance and avoid the extensive internal resources required with developing and maintaining home grown software. Additionally we believe that to bring these technologies into the reach of more small to mid size companies there will be a greater proliferation of companies offering services which can serve these needs. We call this Supply Chain as a Service (SCaaS). Think about outsourcing not only software but services as the platform to create your Digital Supply Chain. 5. Inadequate Resources and Skills Everyone in your organization is busy. So when it comes time to tap people on the shoulder to work on a new project there is can be real challenges in terms of resource availability. On top of that the skills that you will need on the Digital Supply Chain road can be significantly different from the skills you need to run todayҳ conventional Supply Chain. In Quantum Leap to the Top 10 Supply Chain Skills of the Future we discuss the many characteristics that need to be developed in your team. There will be a return on your investment in terms of resource savings. Simply there will be fewer people needed to do transactional activities and more people required to do more analytical and higher level activities. Investment in resources and skills development is essential to realizing your Digital Supply Chain strategy. 6. Lack of Buy-In Making change happen is often very difficult. The type of change you are making affects processes, systems, policies and practices, long standing ways of operation, and most significantly peopleҳ jobs. For that reason there can be just as many people working to make your changes fail as there are trying to help you succeed. At its extreme people can actually work to sabotage your project and stop it in its tracks. There is no denying this reality. As such it is best to face it head on. For any change that you are making you must engage Human Resources and be ultra sensitive to the human aspects of the change and not just the technical aspects. For that reason we believe that you must incorporate a Change Management Work Stream into any project. It is also most important to get Executive Sponsorship for your program. Having the CEO, for instance, acting as a vocal supporter and advocate for the Digital transformation you are undertaking will help to quiet dissension and bring people on board. You must spend the time to educate, update, and convince Executives of the importance of your Digital Supply Chain strategy. 7. No Process Improvement Focus Most people think that there are opportunities to improve systems, job tasks and operating procedures. Unfortunately many people also think that just installing a new system on top of the current way of doing things will make things better. It wonҴ! Just automating the existing process will not improve it or make it more efficient. It will only make the existing bad process produce bad results more quickly. Before ANY system change it is absolutely critical to map out both the Current State and Future state processes. Optimize the process FIRST and then install a system that supports, and advances, the new process, not the old process! 8. Time is Not on Your Side! Unlike the song time may not be on your side. There could be issues of company survival, competitiveness, cash flow, resource constraints and more. And an ambitious Digital Supply Chain strategy can be very complex requiring the deployment of multiple technologies. By definition this can be very time consuming. If you do have the pressure to make changes faster then lack of buy-in may not be your issue. So you do need to consider alternatives to help shrink the time line to implementation. As discussed previously Supply Chain as a Service (SCaas), SaaS, Outsourcing and more are all strategic options that will enable you to get going faster. The Digital Supply Chain Road The prospects for a Digital Supply Chain are incredible exciting. It is the future. It only a matter of time before your competitors will be leveraging a Digital Supply Chain platform to succeed. But as exciting as the Digital Supply Chain road is it is also full of potholes and obstacles. It is important to be cognizant of these challenges and incorporate strategic elements to mitigate, to avoid, or to overcome these. Copyright 頍ortson Enterprises Inc. All Rights Reserved. Originally published on August 20, 2019. The post The Digital Supply Chain Road is Full of Potholes, Construction and Accidents! appeared first on Supply Chain Game Changerٮ ------------------------------- By: supplychaingamechanger@gmail.com Title: The Digital Supply Chain Road is Full of Potholes, Construction and Accidents! Sourced From: supplychaingamechanger.com/the-digital-supply-chain-road-is-full-of-potholes-construction-and-accidents/ Published Date: Wed, 13 Oct 2021 10:24:56 +0000 Read More Did you miss our previous article... https://chiefoperatingofficer.blog/suply-chain/seasoned-leadership-in-action-tm-a-conversation-with-wolfgang-lehmacher
Subscribe Here! Email Address Subscribe toSupply Chain Game Changer Featuring Our 12 Best Procurement Articles! Itҳ a good question. We often see these terms used interchangeably, but there are some concrete differences between Procurement and Purchasing such that we think they are two different practices, each with their own set of concerns and skills. We thought weҤ take it upon ourselves to do a summary-style Infographic that highlights some of the core differences between whatҳ considered ӐurchasingԠand whatҳ considered Ӑrocurement.ԠIn short: Purchasing is an activity thatҳ a subset of the overall Procurement process. But thereҳ more to it than that. We should give a caveat: in some professionalsҠopinion, arguing about the difference between these areas is a matter of semantics. The terms are often interchangeable. But at the very least, the discussion helps give some perspective on two different approaches to how organizations buy the goods and services they need to run. Some organizations are ֠sadly ֠still concerned only with ӐurchasingԠinstead of the more nimble and strategic approach of Ӑrocurement.Լ/p> Check out the Infographic below! We hope you enjoyed the Infographic. There are many different opinions about the definition of Procurement and the definition of Purchasing. There can be differences of opinion between Industries, across Geographies, and from various levels and parts of your organization. Most importantly individuals may have different views of these functions even if they work beside each other. Please share your thoughts on this comparison! Originally published on Supply Chain Game Changer on August 2, 2017. The post Whatҳ the Difference between Procurement and Purchasing? (Infographic) appeared first on Supply Chain Game Changerٮ ------------------------------- By: supplychaingamechanger@gmail.com Title: Whatҳ the Difference between Procurement and Purchasing? (Infographic) Sourced From: supplychaingamechanger.com/whats-the-difference-between-procurement-and-purchasing-infographic/ Published Date: Wed, 13 Oct 2021 20:03:00 +0000 Read More
The primary responsibility of the chief financial officer (CFO) is to monitor the company's financial health. These duties include risk management, record-keeping, and financial reporting. The CFO may also make strategic recommendations to the board of directors. If you're wondering how to become a CFO, read this article. It will give you an overview of the role and responsibilities of this position. Also read about the different types of CFOs. CFOs are responsible for monitoring a company's financial health The CFO's role is to monitor a company's financial health. In this regard, there are several indicators that CFOs should look for, including Accounts Payable Turnover (APT), which measures the amount of time it takes to pay suppliers. A decreasing ratio means that cash flow problems are developing, while an increasing ratio indicates inefficient resource allocation, meaning that the company could be using money more efficiently. Understanding the underlying causes of financial stability and distress is essential to a CFO's role. He must question trends in the company's financial statements and other ratios, and understand how these trends relate to the strategic plan. In order to ensure this, he or she must use a common language with other business managers. Regardless of the industry, CFOs are expected to be aware of changes in the financial market, and the company's competitors. Another key function of a CFO is to provide forecasts. Financial forecasts are based on a company's performance, as well as internal and external factors. The CFO is also responsible for departmental forecasting and profit projections for the CEO. Among the internal and external factors that influence forecasts are sales trends, labor costs, and other business metrics. External factors, on the other hand, include new competitors and technological advances. As a CFO, you have the power to drive growth through expansion. The right team is critical to business success, and a CFO can be the key to achieving it. In addition to financial performance, a CFO's cross-functional understanding of the company will help him or her identify key capabilities. They will also ensure that the company's strategy and execution are in sync. They manage risk The role of the modern Chief Financial Officer (CFO) has evolved significantly from the time when he or she was simply a numbers-driven analyst to the time when a CFO oversees initiatives throughout the digital enterprise, and has a much deeper focus on risk. According to Accenture, the role of the CFO is expected to change in the years to come. It takes a new set of skills, and requires a CFO to be more knowledgeable about security threats, technology trends, and regulatory hurdles. CFOs must be well-versed in financial and commercial risks to effectively manage them as a company implements its strategy. They must also have a firm grasp on the internal controls environment and ensure the business maintains a strong financial reporting process. This is a crucial role for the CFO. The CFO can help the C-suite manage risk by developing a comprehensive risk management strategy. And while the CFO is the head of the finance department, he or she can still be a key partner to the business's board. A CFO's role has become more complex as regulatory pressures increase the need for more timely and accurate financial information. An Accenture report reveals that CFOs and finance teams are increasingly involved in data management and governance, two key areas of risk management. Unfortunately, only half of CFOs say they can harness the benefits of data analytics and risk management to the fullest. The report cites a recent Accenture survey where executives indicated that they do not know how to effectively manage risk. A Chief Financial Officer must have several years of senior management experience. They should have a degree in finance, accounting, economics, or business. Many CFOs begin their careers as accountants, external auditors, or managers of small divisions. The years of experience they gain in the field will vary based on the size of the company they work for and the extent of their responsibilities. However, many CFOs hold an advanced degree in their field. They comply with regulations As the chief financial officer, you have a great responsibility to ensure that your organization is in full compliance with all applicable regulations. If you suspect that a business is not in compliance with the regulations, you should immediately bring the issue to the Board of Directors and the Audit Committee. They will discuss it and determine the appropriate action. In many cases, these actions will include a written notice to the individual, censure from the Board, demotion or re-assignment, suspension with or without pay, or termination of the individual's employment. As the chief financial officer, you are responsible for overseeing the budget, accounting systems, and financial performance requirements of the corporation. You also act as a liaison between executive management and staff, and must be fully aware of all relevant federal and state legislation and initiatives. As the chief financial officer, you have to coordinate reporting to the State and review the timeliness and accuracy of data submissions. Your job description may include other duties, but these are the main responsibilities. The Chief Financial Officer is also responsible for maintaining the integrity of the organization's financial records and finances. He or she may access Department records and documents, as well as those from the Office of Inspector General. In addition, he or she may request information from any other governmental entity. The Chief Financial Officer should be familiar with these regulations and be aware of all the ways they are changing. It's also important to stay up-to-date on changes in accounting and financial management, because they may affect your organization's ability to meet government goals. A CFO is responsible for overseeing the financial health of an organization, including developing long-term financial plans and forecasts. He or she will advise the chief executive officer on strategic directions, such as ensuring compliance with laws and regulations. Generally speaking, the CFO reports directly to the board of directors and is the strategic advisor for the CEO. In addition to overseeing financial matters, the CFO also manages the organization's accounting and finance staff. They manage cash flow Cash flow management is crucial for the survival and growth of a company. Managing cash flow is critical because expenses can run out of cash faster than revenues. According to a survey by the U.S. Small Business Administration, a business's failure is the second most common reason for not making a profit. It is therefore crucial for the CFO to be knowledgeable about the cash position of a business. However, despite the fact that cash flow management may seem like an obvious task, the reality is that circumstances can change. Hence, it is important to plan for possible cash flow issues. To become a successful CFO, you should possess a demonstrated track record in financial management and must have extensive experience in nonprofit organizations. The right candidate will possess in-depth knowledge of accounting practices and multiaffiliate nonprofit reporting. In addition, he or she should be able to communicate with the Board of Directors and executive teams. Finally, he or she should have excellent listening and coaching skills. The successful candidate will be responsible for managing the cash flow of the organization and funding programs on an as-needed basis. The current economic climate has created unprecedented uncertainty for businesses, which has made it critical for CFOs and their teams to track numbers in real time. While governmental stimulus plans have provided some relief, most businesses are unlikely to see an influx of cash in the near future. In addition, businesses need to be ready to react quickly to changing conditions. As a result, it is essential that finance teams keep track of data in real time and understand it in detail.
Undoubtedly the economies of almost every nation have been badly hit by the pandemic of COVID-19. All the businesses operating in the global market have been adversely affected by this significant problem, and signs of healing are not even near. Stats show that this adverse impact on businesses worldwide will continue to the following year. Many companies might also face permanent closure amid this pandemic. Larger corporations like the famous MNCs might be able to cope with this loss, but the real trouble is for all the small businesses in the global industry. Things are uncertain for small businesses, and they do not seem to get better any time soon. Small businesses live on the earnings of a few prior months, and they cannot last long without profits. In such situations, the entrepreneurs of small businesses might panic and close their ventures in fear of a significant loss. So, surviving during these challenging times will be exceedingly difficult, especially for these small ventures, and the answer to their problems is also not that straightforward. However, there are always some pointers, which these merchants must practice to control the possible damage. Stay composed Not losing your composure is the first and foremost thing to do when going through tough times. Business owners must not panic, and they should stay calm. They should also take care of themselves and their businesses and do not even think of closure unless things become extremely tough for survival. Doing this can be incredibly challenging, especially when you are gradually running low on cash. Also, you have the fear that you will run out of money very soon. When the panic begins, remember, you need to maintain your calm and composure. Take good care of yourself in any possible way you deem fit. For example, do your daily exercise, try to get enough sleep, eat well, etc. Lookout for aids In such situations of uncertainty, there is always an aid program announced by the state. Look out for it and grab as many resources through it as you are allowed to. In this way, you might get enough help as needed and assigned to you in your quota. It might be just sufficient for you. These aid programs from governments worldwide are especially for middle and lower-class people. These programs are for those too who are running small businesses. Since they know that owners of large corporations will be easily able to cope with the pandemic, and they would deal with no critical damage since they have enough resources, large corporations can survive on their revenues for years. The pandemic is temporary, and people have already come up with solutions since we do not know how long it will last. The good news is that the pandemic taught everyone alternate ways to work on a business and to think outside the box, which is a crucial entrepreneur skill that every business person must have. Look out for alternatives and how you can benefit your business during the hard times. Look for opportunities Find ways to continue your business; for example, if you can shift your business online, why not? You need to work on a few tweaks and start an online business. So, let us say you run an institution, take classes online. And if your business is product-based, you can still thrive online. If you have a brand, shift your business to social media. Before the pandemic, most people already loved shopping online since they had no time or energy to go out and shop, which means you already have half of the social media population on your side. And now, because of the pandemic, people have moved to online shopping since they do not have another choice. Either way, it is a win for you. Once the pandemic is over, regular business competitions will probably be more competitive than ever. So as a heads-up, you must be prepared and work hard on your strategies. These hard days shall soon pass; look at everything as an opportunity. About Complete Controller Americaҳ Bookkeeping Experts Complete Controller is the Nationҳ Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controllerҳ technology, clients gain access to a cloud platform where their QuickBooks file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controllerҳ team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. The post Conducting Business During COVID-19 Pandemic first appeared on Complete Controller. ------------------------------------------------------ By: Complete Controller Title: Conducting Business During COVID-19 Pandemic Sourced From: www.completecontroller.com/conducting-business-during-covid-19-pandemic/ Published Date: Mon, 20 Dec 2021 18:00:05 +0000 Read More Did you miss our previous article... https://chieffinancialofficer.blog/controller/all-you-need-to-know-about-a-subprime-loan-mortgage
For small entrepreneurial businesses, equity compensation can be a very attractive way to attract and retain highly talented employees. In a nutshell, equity compensation is defined as non-cash remuneration that takes the form of stock options, restricted shares, employee stock purchase plans, and other vehicles that provide employees with an equity stake in the company. Equity compensation may also apply to non-employee services provided by independent contractors, board members, or advisors. This is a win for the company because it requires little or no initial cash outlay and provides a powerful incentive for all parties to drive the company forward to success. Itҳ a win for employees and contractors because the potential upside can be very high. The downside, of course, is that the companyҳ equity could turn out to be worthless. In this respect, equity compensation offers a model in which both risks and rewards are shared by plan participants. Different Forms of Equity Compensation Equity compensation can take a number of different forms. These include: Employee stock options afford an employee the right to purchase a given number of company shares at a predetermined price. Employees must generally time purchases to specific periods, providing incentives for employees to remain with the company long enough for shares to vest. There are two types of employee stock options ֠incentive stock options and non-qualified options. These two are taxed differently, and there are different guidelines that dictate who is eligible to receive them. Employee stock purchase plans ( ESPPs) enable employees to buy shares of the company at a discounted price, often using after-tax payroll deductions. There are qualified and non-qualified forms of ESPPs. The former offers some tax benefits, although it may require a minimum holding period or vesting period. Restricted stock units (RSUs) involve an outright grant of shares, with a vesting requirement. Employees pay nothing for RSUs, but are liable for taxes when the shares vest. Restricted stock awards (RSAs) do not involve a vesting date, but may require employees to pay for shares at fair market value. Stock appreciation rights ( SARs) give an employee a claim to the companyҳ share price increase over a given period. SARs do not require the employee to actually purchase shares. They often involve a simple cash payment in lieu of actual shares. Performance shares are awarded for achieving predetermined performance targets. They are frequently given to top executives and board members and aligned with strategic company objectives. Managing Equity Compensation Plans Although equity compensation plans can be a very powerful component in your companyҳ overall strategy, there are a number of complexities to consider. These include share dilution, employee income reporting requirements, legal compliance, and properly accounting for expenses and liabilities in the companyҳ financial statements. Early startup companies may find it difficult to accurately assess the value of equity shares. This presents a number of challenges, potentially impacting hiring decisions and appropriate share allocations for new employees, as well as tax reporting and financial accounting. Although companies may find valuation difficult, there are several well-established methods for coming up with a reasonably accurate number. Perhaps even more importantly, these approaches provide your company with the legally sound method of determining share values, which supports you in your efforts to remain compliant with all relevant legal, reporting, and tax standards. A key element in managing equity compensation is a cap table (short for ӣapitalization tableԩ. This is a list of company shareholders, plus any warrants, options, and other related securities. The cap table provides one-stop visibility to the companyҳ overall capital structure as well as detailed information pertaining to each stakeholder. It lists each ownerҳ legal name and address, spells out how much was paid for equity, and calculates the percentage of ownership for each investor. Cap tables can also serve an important function in managing the company. When human resources wants to make an offer of employment , theyҬl need to know how many shares are available, and how much of an incentive those shares might represent. Without an up-to-date cap table, the company wonҴ have accurate answers to those questions. The best equity management solutions will make it relatively easy to manage cap tables and record allocations of company stock, whether that is in the form of options, ESPP shares, RSUs, or any other vehicle. TheyҬl also streamline tax reporting and compliance, helping your company to avoid potential headaches down the road. Tax and compliance issues can be especially complex for companies with a globally dispersed workforce. Proper management of equity compensation requires an adequate understanding of the particular requirements in each jurisdiction (including tax compliance and regulatory reporting). Capitalization & Equity Compensation Management Access Resource Scaling Up Early startups often resort to spreadsheets to manually track equity compensation. Before long, though, that process becomes unwieldy. As the company takes in new rounds of investment and as new employees join the organization, the cap table can quickly grow complicated. Keeping your cap table up-to-date can become challenging. As it becomes more and more complicated, the likelihood of errors can increase significantly. With each new investment round or new hire, new entries must be made into the cap table. As employees leave the company or exercise options, you must make further adjustments. Many companies end up with multiple versions of a cap table spreadsheet, leading to confusion about which is correct. Considering the negative impact of getting things wrong, companies should place a high priority on accurate, reliable management of equity compensation plans. Good, clean record-keeping becomes critically important to meet legal and tax obligations and to maintain positive relationships with investors. They need systems that can easily scale up as their business grows. Tailor-Made Tools for Equity Compensation Management A word of caution is in order here: growing companies should not wait until things get too complicated before they take action. The time to bring equity management under control is when things are still working well ֠not after they have broken. Certent Capitalization and Equity Management provides private companies with complete and accurate control over the capital management process. As your company grows through various rounds of funding, through IPO and potentially even the complex world of public company equity and reporting management, Certent can scale with you. Start your business off on the right track. Just got Handed Equity Compensation? 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Δ The post Ultimate Guide to Equity Compensation Management and Software appeared first on insightsoftware. ------------------------------------------ By: insightsoftware Title: Ultimate Guide to Equity Compensation Management and Software Sourced From: insightsoftware.com/blog/guide-to-equity-compensation-management-and-software/ Published Date: Fri, 04 Feb 2022 20:40:20 +0000 Read More
chief information officer"> If you're interested in a career as the company's chief information officer, you might want to consider earning an MMLIS. A degree in library science will help prepare you for the responsibilities of the CIO, including budgeting, digital strategy, and communication with non-IT people. The MMLIS will also help you understand how information technology and computer systems support the company's goals. Read on to learn more about how an MMLIS can help you become the perfect CIO. MMLIS degree prepares for CIO responsibilities Earning an MMLIS degree is essential to preparing for the role of chief information officer (CIO). Typically, CIOs have extensive experience in more than one area and have a Master's degree or MBA in another field. Those who are considering this route should consider how to blend the technical knowledge they have acquired with advanced business knowledge. MBA programs are particularly beneficial because they combine technology and advanced business knowledge. As a result, MBA graduates can expect to work for many years in management and leadership before they are able to move to executive positions. The job demands an advanced understanding of information technology and governance. Successful CIOs are adept at risk assessment and information governance. They must also know how to effectively communicate with a diverse range of stakeholders, including senior executives. Consequently, a Master's degree in this field is an excellent choice for anyone looking to assume CIO responsibilities. Aside from its practical benefits, an MMLIS degree prepares you for these responsibilities. The school of library and information studies at the University of Alabama offers an online program for the MMLIS. Its program is composed of 36 credit hours of coursework. Students can complete the program online through Bama By Distance. The online program uses a cohort model to encourage interaction in the classroom. Tutors and fellow students can ask questions. And as the program is online, you can easily fit it into your busy schedule. Among the other skills that a CIO must have include good communication and interpersonal skills. In addition to being technically skilled, the role of a CIO requires an individual with excellent leadership and influencing skills. This is necessary in order to successfully navigate the company's technology landscape. This position requires the ability to communicate complex ideas and technical information to both management and non-technical staff. Those who pursue an MMLIS degree are well-prepared to handle this challenging role. A job as a chief information officer requires a graduate degree in a field related to information technology. The responsibilities of a CIO vary greatly, but the job is challenging and rewarding. As technology advances, more companies are turning to CIOs to implement and oversee their organizations' information technology strategies and policies. With the right education, you can start your journey toward the position of a chief information officer. CIO's influence on company's digital strategy Today's CIO must reorient the IT organization to focus on customer requirements. They must define their work streams and prioritize them. They must also create minimally viable solutions. The CIO's role is to transform the IT department from an operational mindset to a product mindset informed by data-driven insights. In many companies, the CIO has an important role to play in the digital strategy of a company. As a business leader, the CIO must speak the language of the business. He or she should educate the business on the latest innovations in technology. The CIO should continue to serve as an advisor on technical matters. If the CIO sees the spotlight on the technology team as self-promotion, it may be a good idea to let the employees know that he or she is leading the company's digital strategy. A CIO's influence on a company's digital strategy depends on how he or she communicates it to the business. He or she must engage in open and honest conversations with business leaders to understand their objectives. A meeting that involves CIOs can be much more productive and influential than one that is led by a manager. CIOs must develop the communication skills necessary to help the business communicate with digital fluency throughout the company. They should also educate colleagues on technological developments like multifactor authentication. The CIO can contribute to a company's digital strategy through leveraging ecosystems, creating talent and culture models, and changing long-standing revenue and operational structures. In complex environments, CIOs can't be the sole digital leader. They may need to partner with other managers or executives to help the company make the transition. This is a great opportunity for professional growth. There is a lot of room for growth in the CIO role. The CIO must also focus on keeping customers engaged. In today's digital world, companies are competing for customer attention across digital channels. As a result, many companies struggled with a company's ability to meet customers in the digital world. Many internet corners were filled with apologetic messages revealing that the business had not prepared for such an event. So, the CIO's job is to help companies embrace the power of innovation and agility. CIO's ability to communicate complex IT concepts to non-IT people A CIO's communication skills are useful in many contexts, including negotiating with vendors, securing data, and securing the company. These skills will also prove useful in getting the respect of C-level executives. Three IT professionals offer tips to help CIOs communicate effectively with non-IT personnel. In this third installment of a three-part series, we'll look at ways to make complex IT concepts clear to non-IT people. For non-IT professionals, establishing trust and demonstrating leadership will go a long way in building a strong reputation in the organization. However, if aCIO lacks technical expertise, it will be more challenging. If a CIO is hired for his or her business acumen, he or she should be open to learning new technologies and adjusting their opinions about IT teams. While in-depth technical knowledge is not a prerequisite for becoming a CIO, understanding the fundamentals of enterprise IT architecture will give non-IT people a distinct advantage over their peers. An IT professional should have strong communication skills and the ability to adapt to change. This role requires the CIO to effectively convey the value of new technologies and modern ways of thinking about data systems. It also requires the CIO to have strong communication skills so that the operational processes of the organization aren't disrupted. It's important to be able to communicate with everyone in order to ensure a smooth transition from one phase to the next. Effective communication skills are crucial to a CIO's success. The CIO must be able to effectively communicate complex IT concepts and terms to non-IT people so that the whole organization can understand and implement the technology in a way that helps the business succeed. He or she should be able to build a culture of collaboration within the IT function and encourage it to be flexible. Good communication skills can help a CIO connect with non-IT people and effectively guide the company's IT work. Good storytelling skills also help CIOs understand the human side of work. Empathy is crucial in IT leadership as it enables a CIO to anticipate people's needs and respond accordingly. In addition, a CIO must have an in-depth understanding of the company's business. CIO's ability to influence budgeting The role of the CIO is one of the more recent additions to the C-suite. Though the title dates back to the 1980s, most companies have added an executive-level role for the CIO ever since. The CIO's ability to influence budgeting is just one of the many ways he or she can improve an organization's performance. One way to achieve this is by demonstrating the value of the CIO's role. While the role of the CIO is often viewed as a champion for IT initiatives, it is also important to be a part of the budgeting process. IT executives need to ensure that their contribution is incorporated early in the strategic planning process, and that their budget requests are aligned with their priorities. When the CIO fails to make an impact, the company's credibility is under threat. The business partners view the CIO's inability to influence budgeting as personal judgment, which calls into question the CIO's leadership and credibility. According to a study by KPMG and Harvey Nash, a CIO's role is growing as a strategic player in an organisation. While previously positioned beneath the chief financial officer, the CIO is now sitting directly above the CFO. According to Howard Watson, BT Group's chief technology and information officer, "Five years ago, only 50% of CIOs had a seat at the boardroom table."
The role of CIO has many variations within a company. In many cases, a CIO reports directly to the chief executive officer (CEO), chief operating officer, or finance officer. In military organizations, the CIO reports directly to the commanding general (CNO). A CIO may be an employee of the company, or may serve on a company's board of directors. In some cases, a CIO will also be responsible for strategic planning. As a member of a company's executive team, the CIO manages the information technology department. He or she is responsible for making technological functionality work to improve company productivity. Often, the CIO's goal is to automate repetitive and complex tasks, and ensure that technological functionality supports the vision of the CEO. In most organizations, a CIO has a bachelor's degree in computer science, although some employers may require a master's degree in business administration or another related field. The CIO's role is to act as the business and IT head of an organization. He or she aligns the company's goals with its IT infrastructure. He or she directs IT staff in implementing the IT plan. He or she ensures that the organization's IT systems are properly used. Typically, a CIO has a background in business and technology. A CIO who works for a large company is well-versed in the details of the company's technology.

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The chief information officer (CIO) has a vital role in a companyҳ technology infrastructure. He or she is responsible for monitoring and enforcing cybersecurity controls and frameworks for vendors. It is important for the CIO to understand the business requirements and the importance of technology to ensure the company remains competitive. Having knowledge of how to communicate in technical terms is important as well. Listed below are some things that a CIO needs to know to be successful in this role. The role of a CIO is multifaceted. A typical CIO spends 25% of his or her time collaborating with other executives and business leaders. A further 30% is spent leading the IT leadership team and managing IT staff activities. A further 20% of their time is spent engaging with external stakeholders and industry analysts. In addition to these tasks, a CIO will be responsible for directing the strategic direction of the organization through technology. If the job sounds like it would be right for you, consider these tips and start working on your personal brand. The CIO plays a key role in the organizationҳ IT strategy. He or she leads the IS department, evaluates their performance, and collaborates with executive leaders and the board. Additionally, he or she is responsible for preparing the organizationҳ IT budget. In addition, the CIO must prepare a detailed budget for IT and get approval from the board of directors. The job of a CIO is very challenging, and a successful one requires a thorough knowledge of business and technology. The postWhat Does a Chief Information Officer (CIO) Do? appeared first onSMB Place.
There is no limit to human potential; however, itҳ the individual, culture, leadership, circumstances, and society that sets a limit on that unlimited potential. With the digital evolution and innovation taking place in organizations globally, the management must be mindful that the driving force behind the success and prosperity of organizations are employees. How well does the individual continue to perform and grow in their current roles, how likely are they to take on new challenges at work, rapidly learn and grow into next-level roles, or roles that are expanded and redefined as the business develops? Does "human potential" begin and end with one individual? Or does it encompass collective potential? Potentiality is correlation with innovation: Human potential is limitless, and can be unleashed by exploring it: The condition of being human is the endless search for the conditions that allow them to find our true identity through self-reflection and self-realization, and maximize the potential. Individuals need to step outside the box and challenge perception, push themselves to the limit. Learning is the key to move forward, by gaining the knowledge, address any future potential challenges and issues with more confidence to avoid failures. To identify potential and create an authentic organizational culture to encourage employeesҠgrowth, successful organizations should encourage people to learn and grow, potential is about future performance worthy investment. The management should continue making talent assessments, define the updated competency model, assess the talent's overall capability to solve problems, strike the right balance of learning capability, character, skills, communication, and energy within the teams. A potentiality portfolio is an integral component of innovation management. The potential portfolio investment needs to enhance the strategic objective alignment and accelerate future growth of the business. Itҳ a part of strategy management and organizational transformation effort in a structural way. Human potential is a bottom-up, upwardly and outwardly-expanding process: Strength needs to be built via continuous practices, and competencies are interrelated with the traits and expertise. In order to tap your potential, investigate your passion, discover your strength, define competency and build capabilities, establish yourselves as a very strong reputation in a particular topic area. The best way to discover potentiality and go on discovering what we are capable of doing is by following our insights, intuitions, and imagination while at the same time keeping our feet firmly on the ground. As individuals, the challenge is to transcend the perceived limitations and make the most of the gifts we are given. People with high potential continue to learn to expand the horizons with a growth mindset, they either demonstrate the positive attitude or constructive criticism to build a healthy or even creative workplace. As an organization or a society, we should be striving to create an environment that is egalitarian enough so every individual has, at least, the opportunity to actualize their potential, There are both cognition and emotion involved, hard and soft elements in creating potentiality development formulas: Potentiality is about future performance; it takes the immense amount of time and hard work that "naturally talented" people have committed to developing their talents and building their professional competencies such as creativity, problem-solving competency etc. If there is such a magic formula of potentiality development, could it be: Potentiality development = raw talent + hard work + resource + training, etc. From an evolutionary perspective, this is what we humans have always done and will continue doing ֠exploring our minds and bodies for the latent powers inherent in our genes. Based on the talents and skills each one of us has been given, the person is able to live an authentic life, actively explore who they are and make the biggest contribution to society according to their specific gifts and passions. Collectively, itҳ important to nurture the right environment to grow a natural affinity into "talent, Ӵapping human potential, believe in building talent, otherwise it would be underutilized or dormant. It takes the immense amount of time and hard work that most "naturally talented" people have committed to developing their talents, building a set of capabilities to deliver consistent high performance results. When the employees fail, the leaders are not so effective and the employee didn't try as hard as they might have, you fail to unleash talent potential or diminish the overall business potential for the long run. When you identify and develop human potential, make sure people get placed into the most conducive environment in which they can flourish and make the maximum contribution to themselves and their organization. There is no limit to human potential; however, itҳ the individual, culture, leadership, circumstances, and society that sets a limit on that unlimited potential. We need to nurture an inclusive environment in which people are comfortable to be themselves, continue to learn and grow. It is only then we will see 'Human potential' really show itself, and then come together as a group, will we see real human potential achieved and human society are making leapfrog progress continually. Follow us at: @Pearl_Zhu ---------------------------- By: Pearl Zhuhttp://www.blogger.com/profile/17590871160474529437noreply@blogger.com Title: Innovativepotentiality Sourced From: futureofcio.blogspot.com/feeds/1890092704952052544/comments/default Published Date: Fri, 04 Feb 2022 16:56:00 +0000 Read More Did you miss our previous article... https://chiefinformationofficer.blog/chief-information-officer/innerleverageadvantage