A chief innovation officer is the executive who oversees innovation at the company. When companies lack a CIO, there may be multiple teams across various departments that are charged with developing innovative new initiatives, strategies and products. This fragmented approach toward innovation creates competition among these teams, which then only strive toward their own mission and short-term objectives; there is no singular push toward furthering the company’s overall goals and long-term growth strategy.
The office of the CIO addresses this problem by unifying the drive toward innovation under one mission and one vision. The CIO develops a cohesive mission plan and set of strategies, and delegates related tasks to the teams that are most capable of executing them.
A successful chief innovation officer is someone who can not only generate new ideas, but also recognize the potential in the innovative ideas of other people. The CIO must assess the value in new business opportunities, strategies and technologies as well as potential partnerships, industry structures and business models. The work of a CIO is integral for driving the company’s forward-thinking growth.