There is no concrete formula in stimulating innovation in a company but there are proven basics and it’s not a secret. Here are some examples on how to be an innovative CIO:
1. CIOs should not tolerate legacy systems. It is not practical to think of a way to migrate everything right away. But as long as there’s progress even just a little, then that’s good enough. Iterative development and migration is one technique to move out from legacy. Also, make sure that you are up to date with the latest technology, frameworks, and trend.
2. Define R&D process. It starts with setting a measurable and time-bound goal. Break this down to strategies and detailed tasks. Keep what works and throw what doesn’t. Lastly, make sure the team knows the new tools and technologies and they are equipped to work on it.
3. Strategically employ technologies that competitors in their respective industries do not have or are not using. For example, a customized front office system software that automates sales and marketing might be something that can be an edge over competitors.
4. A CIO knows the value of taking care of its people. Technology doesn’t drive innovation, it’s the people who execute it.
These pointers are but a few and you may discover some along the way. I would gladly like to hear them, if you want to share them with me here.