{"id":987494588,"date":"2023-03-22T21:26:56","date_gmt":"2023-03-23T00:26:56","guid":{"rendered":"https:\/\/mhilowle.com\/?p=987494588"},"modified":"2023-03-23T18:17:21","modified_gmt":"2023-03-23T21:17:21","slug":"investing-in-innovation-why-you-need-a-chief-innovation-officer","status":"publish","type":"post","link":"https:\/\/mhilowle.com\/index.php\/2023\/03\/22\/investing-in-innovation-why-you-need-a-chief-innovation-officer\/","title":{"rendered":"Investing in Innovation: Why you need a Chief Innovation Officer"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#2d3748&#8243; custom_padding=&#8221;||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row column_structure=&#8221;1_2,1_2&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;|auto|-27px|auto||&#8221; custom_padding=&#8221;||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; 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header_6_font_size__hover_enabled=&#8221;14px&#8221; header_6_letter_spacing__hover=&#8221;0px&#8221; header_6_letter_spacing__hover_enabled=&#8221;0px&#8221; header_6_line_height__hover=&#8221;1em&#8221; header_6_line_height__hover_enabled=&#8221;1em&#8221; header_6_text_shadow_style__hover=&#8221;none&#8221; header_6_text_shadow_style__hover_enabled=&#8221;none&#8221; header_6_text_shadow_color__hover=&#8221;rgba(0,0,0,0.4)&#8221; header_6_text_shadow_color__hover_enabled=&#8221;rgba(0,0,0,0.4)&#8221; text_letter_spacing__hover=&#8221;0px&#8221; text_letter_spacing__hover_enabled=&#8221;0px&#8221; text_text_shadow_style__hover=&#8221;none&#8221; text_text_shadow_style__hover_enabled=&#8221;none&#8221; text_text_shadow_color__hover=&#8221;rgba(0,0,0,0.4)&#8221; text_text_shadow_color__hover_enabled=&#8221;rgba(0,0,0,0.4)&#8221;]<\/p>\n<p>Surviving and thriving in today&#8217;s turbulent and unpredictable markets is no longer about cutting costs and laying off employees. These traditional cost-cutting methods often lead to losing essential talent and team morale, which are critical for business success. Instead, companies need to continuously innovate and evolve, and that&#8217;s where the Chief Innovation Officer (CIO) comes in.<\/p>\n<p>The CIO creates a culture and strategy that fosters innovation by driving the process, people, and technology toward change and improvement. The CIO helps companies evolve and adapt to the fast-changing landscape by identifying new business opportunities and improving existing ones. For example, if Blockbuster had a CIO pushing for digital services, they could still be around today.<\/p>\n<p>The CIO creates a culture and strategy that fosters innovation by driving the process, people, and technology toward change and improvement. The CIO helps companies evolve and adapt to the fast-changing landscape by identifying new business opportunities and improving existing ones. For example, if Blockbuster had a CIO pushing for digital services, they could still be around today.<\/p>\n<p>[\/et_pb_text][et_pb_text quote_border_weight=&#8221;14px&#8221; quote_border_color=&#8221;#00ac69&#8243; _builder_version=&#8221;4.20.2&#8243; link_font=&#8221;||||||||&#8221; quote_font=&#8221;Work Sans|700|||||||&#8221; quote_text_color=&#8221;#000000&#8243; quote_font_size=&#8221;18px&#8221; quote_line_height=&#8221;1.8em&#8221; header_font=&#8221;||||||||&#8221; header_2_font=&#8221;Work Sans|700|||||||&#8221; header_2_font_size=&#8221;25px&#8221; header_2_line_height=&#8221;1.5em&#8221; max_width=&#8221;700px&#8221; max_width_tablet=&#8221;&#8221; max_width_phone=&#8221;&#8221; max_width_last_edited=&#8221;on|tablet&#8221; header_2_font_size_tablet=&#8221;30px&#8221; header_2_font_size_phone=&#8221;15px&#8221; header_2_font_size_last_edited=&#8221;on|desktop&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221; header_font_size__hover=&#8221;30px&#8221; header_font_size__hover_enabled=&#8221;30px&#8221; 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header_5_font_size__hover_enabled=&#8221;16px&#8221; header_5_letter_spacing__hover=&#8221;0px&#8221; header_5_letter_spacing__hover_enabled=&#8221;0px&#8221; header_5_line_height__hover=&#8221;1em&#8221; header_5_line_height__hover_enabled=&#8221;1em&#8221; header_5_text_shadow_style__hover=&#8221;none&#8221; header_5_text_shadow_style__hover_enabled=&#8221;none&#8221; header_5_text_shadow_color__hover=&#8221;rgba(0,0,0,0.4)&#8221; header_5_text_shadow_color__hover_enabled=&#8221;rgba(0,0,0,0.4)&#8221; header_6_font_size__hover=&#8221;14px&#8221; header_6_font_size__hover_enabled=&#8221;14px&#8221; header_6_letter_spacing__hover=&#8221;0px&#8221; header_6_letter_spacing__hover_enabled=&#8221;0px&#8221; header_6_line_height__hover=&#8221;1em&#8221; header_6_line_height__hover_enabled=&#8221;1em&#8221; header_6_text_shadow_style__hover=&#8221;none&#8221; header_6_text_shadow_style__hover_enabled=&#8221;none&#8221; header_6_text_shadow_color__hover=&#8221;rgba(0,0,0,0.4)&#8221; header_6_text_shadow_color__hover_enabled=&#8221;rgba(0,0,0,0.4)&#8221; text_letter_spacing__hover=&#8221;0px&#8221; text_letter_spacing__hover_enabled=&#8221;0px&#8221; text_text_shadow_style__hover=&#8221;none&#8221; text_text_shadow_style__hover_enabled=&#8221;none&#8221; text_text_shadow_color__hover=&#8221;rgba(0,0,0,0.4)&#8221; text_text_shadow_color__hover_enabled=&#8221;rgba(0,0,0,0.4)&#8221;]<\/p>\n<blockquote><p><span style=\"font-size: 18px;\">The CIO creates a culture and strategy that fosters innovation by driving the process, people, and technology toward change and improvement<\/span><span style=\"font-size: 18px;\">.<\/span><\/p><\/blockquote>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.20.2&#8243; text_font=&#8221;||||||||&#8221; text_line_height=&#8221;2em&#8221; header_font=&#8221;||||||||&#8221; header_2_font=&#8221;Work Sans|700|||||||&#8221; header_2_font_size=&#8221;25px&#8221; header_2_line_height=&#8221;1.5em&#8221; max_width_tablet=&#8221;&#8221; max_width_phone=&#8221;&#8221; max_width_last_edited=&#8221;on|tablet&#8221; 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header_2_text_shadow_style__hover_enabled=&#8221;none&#8221; header_2_text_shadow_color__hover=&#8221;rgba(0,0,0,0.4)&#8221; header_2_text_shadow_color__hover_enabled=&#8221;rgba(0,0,0,0.4)&#8221; header_3_font_size__hover=&#8221;22px&#8221; header_3_font_size__hover_enabled=&#8221;22px&#8221; header_3_letter_spacing__hover=&#8221;0px&#8221; header_3_letter_spacing__hover_enabled=&#8221;0px&#8221; header_3_line_height__hover=&#8221;1em&#8221; header_3_line_height__hover_enabled=&#8221;1em&#8221; header_3_text_shadow_style__hover=&#8221;none&#8221; header_3_text_shadow_style__hover_enabled=&#8221;none&#8221; header_3_text_shadow_color__hover=&#8221;rgba(0,0,0,0.4)&#8221; header_3_text_shadow_color__hover_enabled=&#8221;rgba(0,0,0,0.4)&#8221; header_4_font_size__hover=&#8221;18px&#8221; header_4_font_size__hover_enabled=&#8221;18px&#8221; header_4_letter_spacing__hover=&#8221;0px&#8221; header_4_letter_spacing__hover_enabled=&#8221;0px&#8221; header_4_line_height__hover=&#8221;1em&#8221; header_4_line_height__hover_enabled=&#8221;1em&#8221; header_4_text_shadow_style__hover=&#8221;none&#8221; header_4_text_shadow_style__hover_enabled=&#8221;none&#8221; header_4_text_shadow_color__hover=&#8221;rgba(0,0,0,0.4)&#8221; header_4_text_shadow_color__hover_enabled=&#8221;rgba(0,0,0,0.4)&#8221; header_5_font_size__hover=&#8221;16px&#8221; header_5_font_size__hover_enabled=&#8221;16px&#8221; header_5_letter_spacing__hover=&#8221;0px&#8221; header_5_letter_spacing__hover_enabled=&#8221;0px&#8221; header_5_line_height__hover=&#8221;1em&#8221; header_5_line_height__hover_enabled=&#8221;1em&#8221; header_5_text_shadow_style__hover=&#8221;none&#8221; header_5_text_shadow_style__hover_enabled=&#8221;none&#8221; header_5_text_shadow_color__hover=&#8221;rgba(0,0,0,0.4)&#8221; header_5_text_shadow_color__hover_enabled=&#8221;rgba(0,0,0,0.4)&#8221; header_6_font_size__hover=&#8221;14px&#8221; header_6_font_size__hover_enabled=&#8221;14px&#8221; header_6_letter_spacing__hover=&#8221;0px&#8221; header_6_letter_spacing__hover_enabled=&#8221;0px&#8221; header_6_line_height__hover=&#8221;1em&#8221; header_6_line_height__hover_enabled=&#8221;1em&#8221; header_6_text_shadow_style__hover=&#8221;none&#8221; header_6_text_shadow_style__hover_enabled=&#8221;none&#8221; header_6_text_shadow_color__hover=&#8221;rgba(0,0,0,0.4)&#8221; header_6_text_shadow_color__hover_enabled=&#8221;rgba(0,0,0,0.4)&#8221; text_letter_spacing__hover=&#8221;0px&#8221; text_letter_spacing__hover_enabled=&#8221;0px&#8221; text_text_shadow_style__hover=&#8221;none&#8221; text_text_shadow_style__hover_enabled=&#8221;none&#8221; text_text_shadow_color__hover=&#8221;rgba(0,0,0,0.4)&#8221; text_text_shadow_color__hover_enabled=&#8221;rgba(0,0,0,0.4)&#8221;]<\/p>\n<p>companies today have people with Chief Innovation titles, but generally, those are Chief Information Officers acting in this capacity. However, a Chief Information Officer focuses on information and technology objectives, not the world of ideas, motivation, and business opportunities. A CIO has one laser focus objective, driving organizational change and improvement. Their vision is broad, and their mission is to change the organization, one idea at a time.<\/p>\n<p>Innovation is essential to the success of any organization. Without it, companies risk becoming stagnant and irrelevant, bogged down by bureaucracy and inflexibility. CIOs can increase revenue streams and establish a competitive advantage by driving growth and profitability through new business opportunities, portfolios, and strategic reviews. Real-world examples show that hiring a CIO can lead to significant improvements, resulting in increased revenue and new product launches. For example, Proctor &amp; Gamble hired CIO in 2013 and has since seen a significant increase in new product launches and revenue growth. Similarly, Coca-Cola hired CIO in 2018, which led to the development new products, such as coffee and energy drinks, helping them stay competitive.<\/p>\n<p>Investing in innovation shows a company&#8217;s desire to improve and adapt. The benefits of hiring a CIO are clear: increased revenue, growth, and competitive advantage. 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