Should CEOs know Technology?

So, should CEOs know technology? Some might say 'yes', others 'no', others might say, 'it depends on the industry'.

Whatever the answer might be, let’s examine the role of a CEO before deciding.

A CEO is the Chief Executive Officer, expected to know every aspect of the business, if not in full details but in broad details. CEOs are typically responsible for the overall success of the business since the pivotal aspects of the business is driven by them; from business strategy, long term objectives, the vision and mission of the business, financial goals, strategic leadership to shaping and upholding the culture of the organization. All these requirements and more culminates into the wide role expectations of CEOs.

Typically CEOs are well aquatinted with business knowledge, financially literate (mostly) or at least should be able to read? a balance sheet and interact intelligently well with the Finance Team. This one trait is seen as a must for most CEOs even before they become CEOs.

Technology has taken a center stage today in the growth and sustainability goals of businesses. The phrase “digital transformation” is now common place within business circles. Every forward thinking business is applying technology in some ways to key aspects of its business processes and/or systems to get the most value delivered to its clients and drive profits efficiently.

With the use of technology certain success metrics can be tracked precisely and monitored to ensure that the business stays on course in line with its growth and present objectives. It is easier today to predict trends based on available data and historical data and accurately do so with precision which was not possible decades ago.

At the core of leading businesses today is the use of technology woven into almost every aspect of the business to ensure efficiency and track progress over time.

No industry or vertical is left out as technology has become synonymous with business, like air to life. Whether conscious of it or not, we all breathe and likewise conscious or not every business uses technology in one way or the other.

The degree of the conscious use of technology is what sets businesses apart and this directly determines their bottom line.

So we ask again, should CEOs know technology?

Whatever the answer may be, it is imperative for successful businesses to embrace technology fully in all aspects of their operations and optimize systems and processes to ensure that maximum value is achieved always.

Baseline questions from CEOs should be:

"How can we apply technology to make things better?"

"Where can we apply technology if we are not already doing so?"

"What more can we get out of technology and how do we measure success?"

"What are the matrix to track return on technology investments over time?"

"What existing technologies should be replaced and by what?"

"What is the current impact of technology on the business?"

There are many more questions and all have direct answers, but there has to be an initial ‘probing’ to guide subsequent business decisions.

A conscious application of technology from the top down will ensure lasting results and keep businesses ahead as technology continues to evolve!