A collection of industryspecific magazines, which act as a leading voice across big data, analytics, finance, innovation, sports analytics and strategy. Dacey, 1 october 2015, hsg alumni event at swiss re. This note profiles the role of the modern chief financial officer cfo. The chief marketing officer initiates and implements measurable strategies that aid in driving the businesss revenue goals and increasing awareness at all levels of the. Aug 17, 2016 of course, at some point this dude anoints someone as chief strategy officer. In collaboration with the ceo, the cso will articulate and implement a strategic vision for the agency that focuses on effective growth.
Dec 19, 20 understanding the role of the chief strategy officer december 19, 20 by nicolas kachaner and sam stewart in our work with chief strategy officers csos, four questions invariably arise. May 14, 2015 the other two archetypes are less focused on the most traditional parts of the strategists role. A chief strategy officer s cso role is not clearly defined at times. This piece is based on my own experiences when i left as a partner and that of many colleagues who left as principal or partner, and took roles as the chief strategy officer or head of corporate strategy and planning. Then there is the role of the chief strategy officer. The cdo is a senior executive who bears responsibility for the firms enterprise wide data and information strategy, governance, control, policy development, and effective exploitation. Gaining traction out of the gate is also important. Understanding the role of the cso boston consulting group. Strategy officer cso in companies is increasingly in the spotlight. The chief strategy officer cso will serve as a critical member of the executive management team.
In the third quarter of 2018, ey conducted a survey of senior strategy leaders chief executive officers, chief strategy officers and their equivalents from canadian companies in various industries to gain insight into the role of the chief strategy officer cso, what makes the role successful, and the elements of strategy development. Chief data officers cdos are on the rise in regulated industries. Understanding the role of the chief strategy officer. Chief strategy officers csos face a number of challenges distinct from those faced by other members of the. There are also chief risk officers crosa role that predates both the cco and the 2 understanding the chief data officer. Thus, corporate strategy has often been spearheaded by the ceo or the cfo, occurring on a periodic basis, with companies bringing in outside consultants to help. The significant role of technology in strategic business decisions has created the need for executives who understand technology and recognize profitable applications to products, services, and processes. But and i aint kidding you here twice i got emails from him asking what type of sandwich i wanted at a lunchtype deal.
However, the objectives of a cko typically include. How did you establish a clear definition of your role in previous positions. The transformation of capital markets in the asia pacific region has had a notable impact on the role of the modern day chief investment officer cio. Understanding which of the roles the company and its ceo expect the cso to play is a top priority. Top candidates will have excellent listening and people skills, and be proactive. Insurers with a standalone compliance function tend to appoint safechoice candidates to the cco role. We have seen csos acting in each of these different roles, and often in several at once.
With increased transparency of information and a proliferation of different investment products in the past few years, the role of the cio in asia has changed not only in scale but also in scope. Some companies have them, while in other companies, such a position does not exist. Most important, they understand how to focus the organization on executing. Boston consulting group whitepaper understanding the role. In our work with chief strategy officers csos, four questions invariably arise. Understanding the role of the chief data officer cdo is the key to unlocking this potential. Chief strategy officer job description great sample resume. While the title may be a new addition to the csuite acronyms, the role is nothing new. Adaptability a chief transformation officer should be ready for any major change to the business from a drop in the share price to a problem with new technology or an unexpected executive departure, says jonquil hackenberg, head of advisory practice at. The chief strategy officer playbook is ed material of and owned. Sep 27, 2012 therefore, it is not surprising that an emerging role within the aec sector is that of chief knowledge officer cko.
Although the role varies significantly from one organization to another, cfos are currently responsible for far more than tracking financial figures. Understanding the role of the chief strategy officer bcg. The chief strategy officer cso is a comparatively new but increasingly important role in many organizations. Sep 18, 2012 the chief strategy officer cso is a comparatively new but increasingly important role in many organizations. The chief strategy officer is responsible for the overall vision and mission of the company. To gain greater insight on the difference between chief marketing officer and chief strategy officer roles, i interviewed thomas ordahl, cso landor, a global brand consulting firm that pioneered. The role of the chief strategy officer journal article. In the latter, when you enquire why there is no chief strategy officer in the organization, the ceo will dismiss the. When snap appointed a chief strategy officer cso in 2014, the move was widely noticed and not just because the owner of the snapchat. But it is especially critical for csos to build credibility and influence with stakeholders across the organization in order to get the strategy adopted broadly. It is the cios responsibility to make sure that an information security program, including a compliance program, exists and is implemented. Brightline initiative thinkers50 the chief strategy officer playbook 7 after reading this book, i urge you to take action by supporting these three main drivers that can help organizations save millions of dollars and sustain competitive advantage. The rise in the role of the chief strategy officer. Strategy and the chief learning officer yazeed alnasrallah.
Six characteristics in search of a role 2 introduction its an increasingly familiar job title, chief strategy officer, and almost as commonplace as ceo, cfo, cio and cto. Chief strategy officer job description career trend. This handy, practical book gives you access to the expertise of marketleading practitioners who have harnessed the power of data to deliver real business gains in largescale companies and organisations. Bcg was the pioneer in business strategy when it was founded in 1963. However, depending on their organizations characteristics and capabilities, a cso may not be required to take on all the roles. Chief learning officer strategy is a modern strategy for business management and knowledge transfer in business organizations. To explore the role of the cso, we conducted 24 interviews with csos at u. Understanding the critical chief security officer role the cso is the executive responsible for the organizations entire security posture, both physical and cyber, and has the big.
Issues surround the role related to performance, evaluation, and turnover. Creating good strategy is more important and more challenging than ever. A typical chief strategy officer is not a pure strategist that creates long term planning that is isolated from the organizations current initiatives. A career as a chief strategy officer may be a good choice for individuals interested in assisting organizations develop overall business goals and. Some companies give the title chief business officer to its senior executives who are holding the top strategy role. The role of chief information officer cio is a relatively new one and it is evolving. Without limiting the generality of the foregoing, primary responsibilities of the coo are to. Boston consulting group whitepaper understanding the. The article will also help chief executives better understand who they want in. To gain a deep understanding of what makes a cso successful and. As corporations get more complex, ceos have begun to rely on a cso as a middle step between their vision and the daytoday execution overseen by the chief operating officer. Cso responsibilities fall into three categories strategy development, resource allocation, and strategy executionbut activities within the categories. Job description opportunities for a better tomorrow.
The evolving role of the chief data officer in financial services rom marshal and steward to business strategist 03 cio, cdo, caowhats the difference today. Bcg interviewed 48 csos from around the world to better understand how their roles and responsibilities vary depending on company size. The job description of a chief strategy officer focuses on the individuals ability to conceptualize and formulate strategic initiatives that further that mission and making sure that the daytoday activities of the company support those initiatives. Now, i only worked at this place about 17 months and i didnt do much with this guy, the chief strategy officer. It presents insights based on a variety of surveys and descriptions of hbs graduates who hold or have held the cfo role.
The making of a successful chief strategy officer download the pdf. Gartner predicts that 50% of all companies in regulated industries will have a cdo by 2017, according to research conducted by debra logan, vice president and gartner fellow. Today, we help clients with total transformationinspiring complex change, enabling organizations to grow, building competitive advantage, and driving bottomline impact. Chief marketing officer job profile, responsibilities. This pace does not show any signs of slowing down as organisations increasingly focus on giving corporate strategy a separate remit. The chief strategy officer cso is a curious position. Understanding the critical chief security officer role the cso is the executive responsible for the organizations entire security posture, both. What a chief strategy officer does, and why you need one. The agency chief information officer cio is the most obvious person held accountable for a successful information security program and the fisma compliance program. Without achieving real understanding and agreement, there will be lots of. In fact, eight out of the ten of the insurance company ccos we profiled have previously held a compliance role at a bank, insurer or other financial institution.
Understanding the chief data officer cdo role smarter. To explore the role of the cso, the authors conducted 24 interviews with csos at u. The cso has disproportionate influence on the organizations success and the ceos longerterm impact. Position description general manager strategy and innovation hr pd general manager strategy and innovation v1 page 1 of 4 issue date. Position description general manager strategy and innovation. As such, these csos saw themselves working strategy the role of the chief strategy officer by understanding how the duties of the chief strategy officer cso can vary significantly. Of course, at some point this dude anoints someone as chief strategy officer. Many companies have an executive to guide their strategies. Chief strategy officer evolution of a new corporate role the number of chief strategy officer cso appointments have been growing steadily over the years. The rise in the role of the chief strategy officer slayton. The role of the chief technology officer in strategic. A chief strategy officer cso, or chief strategist, is an executive responsible for assisting the chief executive officer ceo with developing, communicating, executing, and sustaining corporate strategic initiatives.
While the title may be a new addition to the csuite acronyms, the role. Chief strategy officer 2 introduction an uptick in economic activity is an excellent time for organisations to assess their readiness for the growth ahead. As the indian economy sprouts green shoots, the role of the chief strategy officer cso in companies is increasingly in the spotlight. Someone in your organization has the mandate to walk into any office, speak those words, and spark some sort of transformation. Mobilizers spend much of their time building what one ceo called a higher organizational iq. There was a proliferation of ccos starting around 2002, about the same time as the first cdo positions were created. The other two archetypes are less focused on the most traditional parts of the strategists role. The coo reports to the corporations chief executive officer ceo. The disciplines professionalization, which began in earnest in the 1980s as it evolved from the chief executives domain into a core corporate function, prompted the creation of heads of strategy, strategicplanning directors, and, more recently, chief strategy officers csos. Because of the variances among aec firms in size and specialty, the responsibilities of a cko can vary greatly and the role is often difficult to define. The changing role of the chief investment officer in asia pacific. To ensure success you will have a clear understanding of your role, be focused on planning, growth and business model innovation objectives, and display sound judgment on which markets to target.
Support and understanding of the strategy throughout the organization is vital. By understanding how the duties of the chief strategy officer cso can vary significantly from organization to organization, boards and ceos. Among executive titles, chief strategy officer is one of the newest. December 19, 20 by nicolas kachaner and sam stewart. Many companies have addressed this need through the appointment of a chief technology officer cto whose responsibilities include. Making of successful chief strategy officer deloitte us.
And, finally, what role should the strategy department play in developing future. A chief strategy officers role in the boardroom is twofold. Powerful global forcesgamechanging technologies, unprecedented growth in emerging markets, and rapidly aging populations, to name a feware transforming the world economy, and with it, the way companies plan for and conduct business. Therefore, it is not surprising that an emerging role within the aec sector is that of chief knowledge officer cko. Bcg interviewed 48 chief strategy officers csos of companies from. As the indian economy sprouts green shoots, the role of the chief strategy officer cso in. Its easy to misjudge the role of the chief strategy officer, in part because the title. Traditionally, strategy hasnt been perceived as a core function or skill, but rather as a capability or competency of the leadership team. Chief strategy officers csos face a number of challenges distinct from those faced by other members of the csuitein particular, the breadth and ambiguity of the csos role. November 2018 raqdms26525 this document is uncontrolled when printed location support services eight mile plains reporting to chief executive officer ceo.
See also how to refocus the role of the chief strategy officer into a competitive advantage. Thats the traditional model, after allvision, planning, and directives flow from the very top, and people at all levels of the organization act. Introduction an uptick in economic activity is an excellent time for organisations to assess their readiness for the growth ahead. Its easy to misjudge the role of the chief strategy officer, in part because the title itself is misleading. These executives are often considered doers since they have the experience to help advise as well as execute. Understanding the role of the chief strategy officer, bcg, dec.
The role of the chief strategy officer by understanding how the duties of the chief strategy officer cso can vary significantly from organization to organization, boards and ceos can make better decisions about which type of cso is necessary for their leadership teams. Visit payscale to research chief strategy officer salaries by city, experience, skill, employer and more. Understanding the role of the dd boston consulting group. The role of the chief strategy officer mit smr store. Secondary data company reports, strategy documents and. With an extension in the role of managers in companies, and the increasing need for effective communication, aworkable chief learning officer clo. The potential hire needs to demonstrate the ability to establish a clear understanding of their role.