The shift to technology-driven business strategies is happening

For years, CIOs have talked about aligning technology with business strategies. Now, business strategies follow IT trends.Are IT organizations driving business strategies? The CIO of a global insurance company, speaking at a recent CIO event in Chicago, hosted by Global Business Events, seems to think so.Traditionally, CIOs were assigned an allocation for the business, he said. They were told, “Here is the product I want,” and asked, “How are you going to build it, when can you build it, and how much will it cost?””What I’m seeing now is a technology-driven business strategy versus a business-driven technology strategy,” said CIO, who did not want his name to be used because the event was closed to the public. He said that more and more companies are counting on IT organizations to tell them how technology is changing business models and what the business has to do to keep up. “We’re saying ‘this is what’s happening with technology, so here’s how we have to change the business.'”This paradigm shift is underway in several Fortune 500 and Fortune 100 companies presented at the event in Chicago. Here’s a summary of what this CIO from a multi-million dollar insurance company believes are the five drivers behind this shift in technology-based business strategies and what he’s doing to take advantage of them.The three to five year business plan is dead. The rate of technology change has accelerated so much that companies now have to reconsider their business plans on an annual basis at least, and maybe even every six months. He highlighted five technology areas behind the paradigm shift toward technology-based business strategies.Big data for predictive sales, customer engagement based on context and a more accurate indicator of consumer demand.