Retail CIOs are Primed to Lead the Innovation Agenda
by Deepak Sharma on Wednesday, January 22, 2014
A new study by Tata Consultancy Services done in conjunction with Forrester Consulting looked at the state of IT within the global retail industry and CIOs’ attitudes and plans toward key trends and ever-more disruptive, challenging technologies.
In-depth interviews with senior business and IT executives at global retailers found that the potential for CIOs to embrace disruptive technologies are too often hampered by a lack of key resources and business alignment. This is illustrated through the fact that almost two thirds (64 percent) of global retailers consider cost reduction as a major focus over the next few years, versus only two fifths (38 percent) citing innovation.
While the focus is still revenue growth, Retail CIOs believe that the disruptive technologies of mobility, social media, cloud and Big Data will continue to radically transform the retail industry status quo, yet they are not staffed or structured adequately to take full advantage.