CIOs told 'think like a venture capitalist'

CIOs need to start second-guessing how a company will grow to help the business develop, according to analyst house Gartner.

IT chiefs and tech departments must also think cost-effectively and contribute more directly to the business "to remain relevant", according to a Gartner report.

Gartner vice president Dave Aron said CIOs must understand where the planned and likely growth will come from, and ensure IT assets can accommodate each area of growth.

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Aron added there are opportunities for CIOs to take a greater part in enterprise top-line growth and said CIOs must focus on "exploiting these opportunities just as a venture capitalist makes investments" – by applying scarce IT assets, staff and resources based on value.

The Gartner Executive Programmes report The Seven Levers of Growth recommended four ways for CIOs to gear up for growth, including clarifying how the business will grow and where IS should contribute, building up business knowledge, going beyond conventional project management and mentoring the IT department to move from the mind-set of "order taker" to the mind-set of an IT venture capitalist.

Aron added: "All forms of enterprise growth require support from the IS organisation - at a minimum, to make sure that IT assets aren't in the way of growth."

Other areas of business growth which the IT department should prepare for include improved operations, new products and improved marketing, according to the report.