The Chief Data Officer landscape presents a verdant picture in many ways. CSOs are often given carte blanche to tackle companywide challenges and seize new business opportunities, so there must be a strong bond of trust between the strategy chief and the CEO. Equally important, CSOs should understand their organization’s appetite for strategic partnerships and mergers & acquisitions to avoid simply being thrown into the role of managing them. financials, investor relationships, corporate image, devising and impleme⦠Be on the lookout for more perspectives from Deloitte’s CSO Program, including analysis of how CSOs from various industries allocate their effort across the six roles. Yet, done properly, it could be one of the most exciting roles in an organisation, offers the chance to make an impact and a great launching pad for a senior career. CEOs were always expected to take overall responsibility of corporate strategy, in addition to guiding the organisationâs other vital functions (e.g. The section work experience is an essential part of your chief strategy officer resume. Read about the latest technological developments and data trends transforming the world of gaming analytics in this exclusive ebook from the DATAx team. The CEO’s strategic priorities can vary widely from stress-testing and embedding the existing strategy to designing a new one. To engage these leaders in a structured way, CSOs should be armed with a strategic framework that stimulates thinking. Discover Deloitte and learn more about our people and culture. The CSO Most also support their CEO’s board-level engagement and are also increasingly asked to monitor changes in their industry and the world and help define the implications for the company. Itâs the one thing the recruiter really cares about and pays the most attention to. The Rise of the Chief Strategy Officer There are a number of key players on the executive team that we must consider. Innovation Enterprise Ltd is a division of Argyle Executive Forum. Usually not very well defined in scope and responsibilities, highly dependent on senior sponsorship and hostage to personalities and agendas, the role is not for the faint hearted. How much does a Top Strategic Planning Executive make in the United States? In many cases this team can be part of or work directly with the finance department. Registered in England and Wales, Company Registered Number 6982151, 57-61 Charterhouse St, London EC1M 6HA. His Copyright © 2020 The Innovation Enterprise Ltd. All Rights Reserved. This white paper outlines the six roles and discusses some of the additional factors a CSO must consider to achieve their potential—especially when transitioning into the job. Bryan Filkey has extensive experience and expertise in capital markets, product development, operations, ⦠Tom is a New York based principal at Deloitte and leads the Strategic Growth Transformation market offering at Monitor Deloitte. Understanding which of the roles the company and its CEO expect the CSO to play is a top priority. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. For example, if the goal is to spend more time as an Advisor, the CSO should invest more time in developing a trusted relationship with the CEO and build a team that can take on some of the responsibilities required by the other roles. The making of a successful chief strategy officer has been saved, The making of a successful chief strategy officer has been removed, An Article Titled The making of a successful chief strategy officer already exists in Saved items. For example, does the company aspire to move into adjacent markets and/ or create transformational new businesses? CSOs can make significant, lasting contributions to a company’s performance—and these contributions often accelerate a CSO’s career. The head of strategy can help sales leaders solve this problem. Chief Strategy Officers (CSOs) face a number of challenges distinct from those faced by other members of the C-Suite—in particular, the breadth and ambiguity of the CSO’s role. New CSOs learn quickly that the many priorities related to strategy require them to wear many hats and they are careful in selecting those hats. Stakeholder management is not the CSO’s only focus, however. About Bryan Filkey, Chief Strategy Officer. Willing to challenge the standard thinking with new ideas, new approaches and new solutions together with the Corporate Strategy & Transformation department . The chief strategy officer has a special role in coordinating the direction of these efforts: where officers of marketing, finance, operations, and human resources are moving over the hill in front of them, the CSO is looking several hills and valleys ahead. However, depending on their organization's characteristics and capabilities, a CSO may not be required to take on all the roles. The Role Of A Strategy Officer: Opportunities And Challenges. In the early 1990s-2000s, when modern corporate strategy was establishing a foothold, senior strategists did not have an individual strategy remit. Todayâs article is a demonstration on how a Chief Strategy Officer can help a sales team. This will have implications for the CSO’s priorities. Jatin Creating and executing a successful strategy can sometimes feel like an impossible challenge. The CSO should take time to understand the CEO’s priorities and how or he or she defines victory. As the CSO of a global chemicals company puts it: “You’re only as good as your ability to influence others.”. A common challenge among sales leaders is taking strategic imperatives the CEO has laid out in the strategy and translating that into an operating plan. CSO of a global pharmaceutical company recently quipped: “I am responsible for nothing and accountable for everything.” Although all C-suite executives have strategic responsibility for their respective domains, they typically focus most of their time on the day-to-day responsibilities of running a business or function. Arthur Andersen.Â. This message will not be visible when page is activated. The average Chief Strategy Officer salary is $139,620 as of November 25, 2020, but the salary range typically falls between $115,039 and $170,182.Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. ... establish credibility throughout the organization and with the Board as an effective developer of solutions to business challenges. ... Overcoming economic challenges hindering business growth In addition, the individual in this role also manages a group of program directors and work with the nonprofit's board of directors to keep them abreast of ⦠Please enable JavaScript to view the site. For a formal strategic plan process, some people advice that you need to have a formal strategy office with a Chief Strategy Officer (CSO) leading the way. CSOs of this type focused almost exclusively on strategy formulation by themselves or with their strategy team. Usually not very well defined in scope and responsibilities, highly dependent on senior sponsorship and hostage to personalities and agendas, the role is not for the faint hearted. He or she has an intangible role that is a key force in anticipating the future and mobilizing the organization to meet its challenges. Chief Strategy Officer (C-Level) 220 views 12 applications. An important first step is to understand precisely where the CEO is coming from. The role of the strategy officer is rapidly evolving. Every business unit must share the vision and understand the gravity of the decisions involved and the discipline required to create change. 2. The following describes these six 'faces', outlines additional challenges faced by most CSOs, and provides ideas for charting a successful course forward. For example, an organization with a strong M&A function may be less likely to cast the CSO in the role of the banker. The strategy leader reviews the latest list of potential technology and community partners to assess opportunities and execute the organizationâs strategies. As the CSO of a leading telecommunications company put it: “In any organization there are big personalities, some of which have logical perspectives and some that do not. 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. A new process can be a great relief to all and set the stage for the CSO to generate key insights and align the enterprise around its long-term strategy. The chief operating officer role described in this sample job description has overall strategic and operational responsibility for all programs. While CSOs may find themselves drawn into the Aide de Camp, Engineer, or Special Projects role early in their trajectory, they should determine what the organization's true needs are and plant flags in other domains accordingly. Certain services may not be available to attest clients under the rules and regulations of public accounting. Prior to Deutsche Bank, Gaining traction out of the gate is also important. See Terms of Use for more information. To help ensure they hit the ground running, CSOs should also devote time and energy to the following tasks early on in their tenure. 1. I will share from my experiences and hopefully leave the audience with a few tips to chart their personal journey. However, it also represents a huge opportunity for the organization and the individual who greets the challenge head-on. Fullwidth SCC. We have found that understanding, and proactively outlining, the six faces of the CSO, can be highly effective in driving upfront alignment in how the CSO should allocate his or her effort. The execution of the strategy â ownership and responsibility for its implementation â resided firmly with the business units. Chief strategy officers (CSOs) are cropping up in organizations of every size as companies struggle to balance their short- and long-term goals in an increasingly complex and volatile business environment. To bolster their value, top strategy executives often work as a ‘quiet strategy counsels’ to the CEO. of a national consumer products company put it succinctly: “To be a good CSO, you need to have the vision and tools and frameworks of a strategist. Deputy Executive Director/ Chief Strategy Officer. © 2020. As chief strategy officer, Davis was often a front-and-center personality for the foundation. M&A transactions. Taking action against systemic bias, racism, and unequal treatment, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. he has worked with Marakon Associates, a top tier strategy consulting firm and with Software developers and ISOs must go into payment partnerships with a full understanding of what capabilities their merchants are seeking, including flexibility and choice, says NMI's Nick Starai. Ferreting out strategic tensions among members of the executive committee sets the stage for identifying the agendas and relationships of leaders and stakeholders, and for framing critical strategic choices. strategy in the Asia Pacific region, including the execution of corporate Unquestionably, this is a hefty agenda for any executive. It is vital for companies to understand the four different roles for the Strategy Officer. Everyone has different timelines and agendas.”, Define near-term activities and priorities. As one of them stated, âItâs very much like what an external consultant would do; the only difference is that weâre internal⦠How much does a Chief Strategy Officer make? I recently interviewed Julian Lighton, the Chief Strategy Officer for Renaissance Learning. This box/component contains JavaScript that is needed on this page. Take for example the classical Chief Executive Officer (CEO) role. Comparing CSOs to other C-suite executives, CSOs typically act in six distinct roles compared to about four or five for their C-suite peers. When Snap appointed a chief strategy officer (CSO) in 2014, the move was widely noticed â and not just because the owner of the Snapchat messaging app had picked a banker who made his name advising on the massive initial public offering of Alibaba, the Chinese e-commerce group. markets both as an advisor and as a principal. If itâ⦠13 Apr. This person is responsible for managing the day-to-day activities of the corporation. He has executed a number of strategic projects across Americas, UK and Europe, A podcast by our professionals who share a sneak peek at life inside Deloitte. Please see www.deloitte.com/about to learn more about our global network of member firms. Most recently, he served as Chief Research Analyst at IT-Harvest, where he ended up researching over 1,400 IT security vendors.âIn the four years I spent as VP of Research at Gartner, I researched, spoke to and met with hundreds of technology, data management and IT security vendors, and it was an experience that canât really be mat⦠Virtually all CSOs manage their company’s strategic planning process. At the lunch-time board meeting, the strategy leader recommends new businesses and investments to build new capabilities linking to long-term strategic priorities that have a broader impact ⦠This is not helped by the fact that the statistics are stacked up against you, with McKinsey research suggesting as many as 70% of strategies fail to achieve the anticipated results. A recently-named chief digital officer took a trip to California to visit Google, ⦠Allen appointed chief strategy officer with Boeing 21 September 2020 Boeing has named Marc Allen as chief strategy officer and senior vice president, strategy ⦠CSOs tend to face a number of challenges that many of their C-Suite peers do not. Our research finds six distinct roles, or ‘faces,’ most CSOs must present, at different times and in varying degrees, to be successful; optimizing this allocation of effort is no easy feat. We have seen CSOs acting in each of these different roles, and often in several at once. He or she must build trust and stature through industry and company knowledge and the ability to drive often contentious strategic choices. The CSO’s ambit, on the other hand, is the company’s overall strategy. DTTL and each of its member firms are legally separate and independent entities. The CSO needs to influence people and processes, making it critical which makes it critical to get to know the key players, understand their personal motivations, and identify their critical issues. Chief Strategy Officer Strategic Planning Strategic Thinking. Shiny object syndrome. Social login not available on Microsoft Edge browser at this time. What management processes and systems are required. Understand company challenges and stakeholder motivations, Understanding the priorities of organizational leaders—their pet projects, valued relationships, and aspirations—can help navigate the terrain and create strategy and consensus around it. A CSO’s ability to get things done requires capturing the trust and attention of the CEO and key stakeholders, and that is done by leaning in. Boeing Appoints Marc Allen Chief Strategy Officer and names Chris Raymond as Company's First Chief Sustainability Officer. This articlefrom Harvard Business Review talks about the importance of this role. Or is the company’s main goal to maintain the core business to keep it healthy and possibly be a second mover? Chief Strategy Officers (CSOs) face a number of challenges distinct from those faced by other members of the C-Suiteâin particular, the breadth and ambiguity of the CSOâs role. Bolder ideas. Does your company? Danny Phan, newly-appointed Chief Strategy Officer of Wachsman, said: âOver the years, the communications industry has been conditioned to accept and ⦠As the CSO of a leading packaging company said: "CSOs need to show their worth to the business units by getting out of the ivory tower and actually working on the big decisions and driving results.” Success also requires understanding company dynamics, optimizing time allocation across the roles of the CSO, and delivering results. Some earn heroic stature by liberating companies from tedious and often perfunctory strategy development processes and templates (which often end up in a filing cabinet). The making of a successful chief strategy officer, Telecommunications, Media & Entertainment, Thinking big with business transformation, The sentinel—sensing and interpreting market shifts, The banker—driving deals and partnerships, The engineer—designing and running the strategic planning process, The aide de camp—the CEO’s unofficial chief of staff, The special project's leader—tackling miscellaneous high-impact initiatives. The Chief Strategy Officer Of Cebu Pacific discusses how COVID-19 has affected the airline and the progress towards a recovery. Nick Starai is chief strategy officer at NMI. The CSO has disproportionate influence on the organization’s success and the CEO’s longer-term impact. The work should include conducting interviews early, broadly, and individually with the CEO’s direct reports, business unit heads, and field leaders. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Engage in one-on-one discussions about the company’s current strategy. But you also need good relationships with the leadership team and be a good thought partner.”, The CSO has significant influence on the organization’s success and the CEO’s longer-term impact. Gartner, for example, has estimated that one-quarter of large global organizations had already hired a Chief Data Officer (CDO), and that by 2019 that figure will rise to 90 percent. Bigger challenges. Many in the infosec industry recognize Stiennon from his days as VP of Research at Gartner Inc. Our research finds six distinct roles, or âfaces,â most CSOs must present, at different times and in varying degrees, to be successful; optimizing this allocation of effort is no easy feat. Thereâs a chief operating officer or chief operations officer (COO) who is one of the highest ranking members of an organization. Previously, he was a partner at Monitor Group, where he consulted for 1... More. has over 15 years experience in strategy and corporate development in multiple One such approach is the “choice cascade” based on five questions: CSOs need to determine how much ambition the organization has to change and transform as markets fluctuate around them. Interested in more ondemand presentations? Middle East and Asia Pacific. Chief Strategy Officer Forum (London, United Kingdom - March 9-10, 2020) - ResearchAndMarkets.com. At Viasat, weâre on a mission to deliverâ¦See this and similar jobs on LinkedIn. current focus is to lead the formulation and implementation of Deutsche Bankâs Management wants to implement a formal strategic plan but the challenge is to know who should lead this activity. A number of seasoned CSOs point out that newly appointed strategy executives should start with the strategy development process. Enter the Chief Strategy Officer. And often in several at once infosec industry recognize Stiennon from his days VP... 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