For example, fintech has become one of the most important and transformative emerging sectors in the digital landscape.
Albert Ma, CIO and VP of Toyota, recently discussed with our sister title CIO US the manufacturer's biggest innovation in technological products.
Ma said Toyota is "really excited to develop blockchain technology" over the next five years. There are still "technology and regulatory hurdles" to pass but that Blockchain use will have a "significant impact" within Toyota.
Blockchain technology is a method of recording data which can help banks with financial transactions.
Ma continues "emerging markets such as ridesharing and car sharing" can benefit in bringing "full transparency" and "complete immutability" into a process.
Challenges for a CIO
Board executives will need to keep updating the model as the digital landscape evolves. A recent survey has seen 41% of board executives becoming aligned with the technology department. This has led to executives developing their own
This has led to executives developing their own roles by being digitally aware. Senior leaders understand that IT can solve their problems - so they are taking more of an interest.
First Utility's C-suite has four of its seven members from an IT background, meaning new technology is on everyone's radar.
Since the arrival as CIO Bill Wilkins the energy supplier is focused on convenience and immediacy. It has continually reinvented itself and its customer experience over the past eight years.
Wilkins' role has seen challenges with some emerging tech not reaching the level of value First Utility is prepared to support. The company is currently actively "looking for a killer app", as its product portfolio expands.
He says that creating a customer engagement with energy consumption through wearables became a "reality check project". He sees a way improving the relationship and immediacy between the company and its customers through notifications to wearables such as a "missed payment on energy account or direct debit failed", or even real-time notification of a significant energy-consumption change.
The vision is there, the challenge is to get it right and make it useful for customers.
Implementing a service across the workforce or customer base is less challenging than is getting the product noticed.
A CIO can make the products valued by offering certain services for free, in return for future coverage.
This limited exchange, for service to product, can increase the overall user rate of the new tech being employed.
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