Gartner offers these four suggestions to CIOs looking to make an impact on the bottom line:

• Clarify enterprise growth levers and where IS should contribute.
• Build deep business knowledge and behavioral capabilities in IS, and contribute proactively to business project definition and prioritization.
• Go beyond conventional project management and participate in good benefits realization practices.
• Mentor the IS organization to move from a mind-set of "order taker" to a mind-set of the I.T. venture capitalist-challenging the value of I.T. investments.

A report issued recently from Gartner suggests that CIOs, long considered captains of the Good Ship Cost Center, need to start thinking and acting more like venture capitalists, not only to drive revenue and profits but also to better position themselves for future openings within the executive ranks.

"Sure, some CIOs are going to say, 'What are you smoking?'" says Dave Aron, an analyst at Gartner and author of the report. "They'll say that it's not their job to drive revenue growth. What we're finding and trying to tell CIOs is that this is more of an opportunity than a responsibility."

While CIOs have spent the better part of the past decade educating their peers on the business operations side about how I.T. can reduce costs and improve efficiency throughout the organization, Aron says they need to use whatever discretionary time and money they do have on developing projects and ideas that generate new revenue streams.

"It may seem corny, but having that venture capitalist mind-set really works," he says. "You have control over scarce resources and people. Now how can you create the most value with these assets?"

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Tags: cio - bottom+line - future

Prashanth Rai