WalkWater’s report highlights growing importance of CDIOs in Indian Business Strategy
New Delhi, July 18th, 2024: In the dynamic landscape of modern business, the role of Chief Information Officers (CIOs) has undergone a profound evolution, transforming into what is now widely recognized as the Chief Digital and Information Officer (CDIO). WalkWater Talent Advisors, one of India’s leading executive search firms, today released a comprehensive Talent Report on the Chief Digital and Information Officer (CDIO) role. This insightful study explores the growing importance of CDIOs in driving digital transformation across industries and studies the key trends that are driving this hiring.
Today, technology serves as the cornerstone of organizational transformation, extending far beyond traditional boundaries. The emergence of CDIOs signifies a shift towards not just managing technology but strategically leveraging it to drive business outcomes. This transition has been accelerated by the imperative for digital innovation, propelled further by advancements in cloud computing, Software as a Service (SaaS), and AI driven decision making.
Commenting on the report, Rahul Shah, Co-Founder and Director – WalkWater Talent Advisors said, “Today, CDIOs play a crucial role as organizations navigate through rapid technological changes. They’re not just tech experts, they’re visionaries driving proactive decisions and enhancing customer experiences. CDIOs empower teams to drive change, bridging the gap between business goals and technology capabilities. Our study highlights the demand for CDIOs with global experience and diverse educational backgrounds, showing their vital role in shaping forward looking, tech savvy organizations. As businesses evolve, CDIOs lead with innovation, foster growth, and guide the digital transformation journey with strong, decisive leadership.”
Key Insights from the Study
WalkWater’s comprehensive analysis, drawn from a study encompassing 310 CIO/CDIO profiles across 272 companies, reveals the following trends:
· Rise of the CDIO- The study identifies a significant shift as organizations increasingly appoint CDIOs to spearhead their digital and information strategies. One in three companies studied has recently established or filled the CDIO role, underscoring its growing importance in today’s business landscape.
· Sectoral Adoption- Across industries, the adoption of CDIOs varies, with industrial companies leading the charge at 40%, followed closely by pharma and consumer sectors. Interestingly, BFSI and technology companies are slower in embracing this transformative leadership role.
· Diversity Challenge- Gender diversity remains a challenge in CDIO roles, with women comprising only 17% of the CDIO talent pool, slightly higher than their representation among CIOs at 22%
· Educational Backgrounds- 80% of CDIOs are Engineers and a vast majority of them hold full time master’s degrees, with a significant preference for MBAs (67%) and technical master’s degrees (33%). This educational mix underscores the critical blend of technology acumen and business strategy necessary for the role.
· Business / Management Consulting Experience- Unlike traditional CIOs, 37% of CDIOs bring prior experience in business or management consulting, highlighting a strategic shift in hiring preferences towards leaders who can blend technical expertise with a deep understanding of business dynamics.
· Global Experience- More than half of CDIOs have global experience, reflecting the global nature of digital transformations and the need for leaders with diverse international perspectives.
· Talent Churn- The demand for CDIO talent has led to significant job movements, with 64% of CDIOs changing jobs in the last three years, driven by high demand and competitive dynamics in the market.
Commenting on the finding, Shalini Jain, Partner – Consumer Practice, WalkWater Talent Advisors said, “CDIOs are the driving force behind transformative leadership in today’s digital era. Our research highlights their crucial role in shaping forward thinking strategies that break old molds. They empower teams to innovate and prioritize cybersecurity, making every initiative a catalyst for positive change. By guiding senior leaders, they reshape organizations to thrive in times of change, fostering resilience and growth. In a world where technology is key to success, CDIOs navigate challenges with curiosity and foresight, redefining what it means to be agile and customer-focused in business.”