Forbes CIO Summit in Dana Point, California
Jamel Toppin for Forbes
Technology leaders from FedEx’s Robert Carter to Whirlpool’s Dani Brown took the stage in Dana Point, California, this week for the annual Forbes CIO Summit to discuss generative AI, the future of the office, cybersecurity and more.
With new supply chains, labor shortages, a pandemic and economic uncertainties, the CIO role has evolved to be people-facing and product-centric—with increased responsibilities. “And it’s only going to accelerate,” said Peter High, a Forbes contributor and president of consulting firm Metis Strategy, in his opening remarks.
The stacked lineup of panels, conversations and exclusive networking opportunities has a common theme: resilience. CIOs—whether their title is chief digital officer, chief technology officer or the traditional chief information officer—are the architects of resilience required to succeed during these changing times.
“CIOs wear many hats,” said Blue Shield of California CIO Lisa Davis. “Everything we do is connected, and we have a view of what’s happening across the entire enterprise.”
Below is live coverage of the Summit. To join the conversation on social, follow #ForbesCIO.
What CIOs Need To Know About Web3, The Metaverse And Generative AI
To Eric Pulier, founder and CEO of metaverse platform Vatom, the metaverse is just another layer of the internet—“a natural evolution of a better website.”
Technology leaders can use AI and metaverse technologies to engage with their audiences in deeper ways and better manage data, Pulier said on stage Wednesday.
Mastercard CTO Touts Cybersecurity
For Mastercard President and CTO Ed McLaughlin, cybersecurity is an accelerator of trust and a source of revenue for businesses.
Security can be a “business preventer,” McLaughlin said, “if your security systems are an impediment to people easily interacting” with your company. “That hurts revenue.”
Customers are concerned about how their data and information is being stored and used by companies. To create an exceptional digital experience and win customers over, consumer trust is crucial, said McLaughlin, a 2023 Forbes CIO Next lister, on stage.
To help businesses protect themselves from outside cyber risks and gain customer trust, Mastercard’s RiskRecon analyzes merchants for security flaws and issues, providing them with a full report on their company infrastructure.
Is CIO To Venture Capitalist The New Career Path?
“The skill set and experience that we have as technologists and CIOs can be very applicable in the private equity and venture capital world,” said Marina Levinson, founder of CIO Advisory Group LLC and partner at Benhamou Global Ventures.
Along with Levinson, Pegah Ebrahimi, cofounder and managing partner at FPV Ventures, and Jindra Zitek, partner and head of scale at Stripes, an equity firm that invests in consumer and software companies, provided insights to breaking into venture capital.
A common sentiment among the panel was the importance of relationships. Levinson’s advice for CIOs? Join a company’s board or two.
Optimizing Global Supply Chains
With changing economic conditions, environmental pressures and emerging technologies, companies are looking to build more resilient supply chains.
Agricultural technology executives Teddy Bekele at Land O’Lakes and Debra King at Bunge joined Peter High, a Forbes contributor and president of consulting firm Metis Strategy, on stage Wednesday afternoon to talk about innovations affecting global supply chains.
King touted the power of talent as well as data and analytics to make decisions, such as when it comes to supply chains.
At Land O’Lakes, Bekele said 60% of the agriculture company’s volume is in the fourth quarter. The company is using data and analytics to change feed formulations for dairy producers to handle that volume.
What Makes A CIO ‘Superstar’?
According to the 2022 Forbes Research CxO Growth study, an annual global survey of C-suite executives in companies with at least $1 billion in revenue, outperforming CIOs are ones who prioritize relationships and collaboration, customer experience, emerging technologies and building a culture of innovation.
Compared to 67% of other CIOs, 85% of “outperforming CIOs” are more likely to pursue growth by prioritizing improvements to customer experience. When it comes to collaborating with other C-suite colleagues, 59% of outperforming CIOs are more likely to collaborate with CFOs, compared to 40% of other CIOs.
A focus on talent and collaboration is also a common characteristic of successful CIOs, the study found. “Helping educate the talent organization around what it takes to get robust talent in place is critically important,” said Eric Sigurdson, managing director and CIO practice leader at Russell Reynolds Associates.
Forbes AI 50 Lister Talks Cybersecurity
Evan Reiser, cofounder and CEO of email cyberattack detection company Abnormal Security, and a 2023 Forbes AI 50 Lister, took the stage to tout the importance of cybersecurity.
Condoleezza Rice On Geopolitical Risk And Technology’s Role—And The Global AI Race
The 66th U.S. Secretary of State and former National Security Advisor joined the stage virtually Wednesday with Forbes Editor-At-Large Rich Karlgaard.
For leaders, “the biggest reason to be concerned about geopolitical risk is that for the first time in quite a long time we’re seeing great power rivalry,” said Rice. “Whether it is the disruptive Russia in Europe, or China.”
When asked about AI and global competition, Rice said, “If that [AI] race is won by authoritarians of dictatorships, then AI is going to put to the use of political control, or social control.”
With AI tools like OpenAI’s ChatGPT and Google’s Bard increasing, AI technologies will be “transformational” for economies, Rice said. “It’s going to be major in terms of economic progress.”
For CIOs and companies, AI can be applied to many uses, such as managing supply chains and risks. “Any company that’s not doing that is going to find themselves on the wrong side of history,” Rice said.
Technology’s Role In Sustainability
For capital-intensive companies like Alaska Air Group and oil producer ConocoPhillips, sustainability is top of mind.
At Alaska Air Group, Charu Jain, senior vice president of merchandising and innovation, said one way the company is using technology to tackle sustainability is through their platform Flyways AI, which was introduced in 2021.
The 4-D mapping platform uses AI and machine learning to provide recommendations to help dispatchers optimize their routes and land aircrafts efficiently and sustainably. Flyways AI saved the company 1.3 million gallons of fuel last year, Jain said on stage.
Leveraging Digital Technology In Healthcare
Thinking end to end is especially important for healthcare companies, CVS Health’s Rashan Navagamuwa told Forbes contributor and Metis Strategy President Peter High on stage Wednesday morning.
When it comes to the healthcare giant’s technology strategy, the CIO said the company is thinking consumer-first. One innovation helping consumers is their creation of an AI assistant to help pharmacists process prescription requests quickly and provide instructions and recommendations to customers.
At Elevance Health, Global CIO Anil Bhatt said the health insurance provider is also separating operational needs from its customers’ needs.
With about 24 million American households lacking access to high-speed internet, according to recent McKinsey research, Bhatt said marrying access to healthcare and technology is crucial.
DAY 2
The Future Of The Physical Office
With most companies determining the future of work is hybrid, leaders are faced with the question: What are the implications for the office?
“There’s not a one-stop-shop response to this,” said Salumeh Companieh, chief digital and information officer at Cushman & Wakefield, on stage Wednesday alongside Forbes Assistant Managing Editor Diane Brady and CBRE’s Sandeep Davé.
As many companies downsize their physical square feet, optimizing office spaces for work, collaboration and events requires intentionality, she said.
At real estate giant CBRE, chief digital and technology officer Sandeep Davé said his team has created scrum rooms—a place with no seating for more informal meetings to network and gather. “There’s still a desire to be in person and collaborate.”
How To Pivot The Tech Conversation From Cost Center To Growth Engine
The CIO role requires more than just being a technical expert. Today’s CIOs are responsible for helping grow the business across departments, panelists said, which includes positioning technology as more than just a business cost and instead a key driver of business growth and revenue.
“There’s not a dollar of revenue that goes through a company that doesn’t touch technology,” said Lou DiLorenzo, who leads Monitor Deloitte’s U.S. AI & Data Strategy practice and Deloitte’s U.S. CIO Program.
On stage, DiLorenzo said it’s important to find ways to make topics, such as generative AI, accessible and relevant across the business.
Innovative Teams Require Thinking End To End
“Who’s your consumer or customer?” asked Dani Brown, SVP and CIO at Whirlpool Corporation, on stage.
Building a culture of innovation includes thinking about the consumer from end to end, Brown said, from beginning research to delivering the final product. At Whirlpool, the IT team has shifted to have more product-driven methodologies than project-driven.
“Never before have the expectations of expertise or competence outside of our craft been as high as they have,” said M&T Bank CIO Michael Wisler.
DAY 1
How To Develop The Modern, Digital Playbook
What’s required to modernize a business? Innovation and a focus on talent, according to FedEx’s Robert Carter and Qualcomm Incorporated’s Cisco Sanchez.
“The risk of standing still is immense,” said Robert Carter, CIO and EVP of Information Services, on stage Tuesday. “In today’s business and tech frameworks, you’ve got to keep moving forward.”
