It's becoming more common, for example, for top management to give tech chiefs unallocated pools of money to pursue projects independently without having to return to the enterprise each time for funding. But that creates the mandate for chief data officers and other tech leaders to figure out the impact of those initiatives to ensure the investments remain ongoing.
For McMillan, the key is thinking about analyzing results before an initiative goes live. That, along with the realization that investment return on digital projects can go beyond just financial gain, is another example of how the role of tech chiefs is changing. Say financial advisors are trying to market clients on a new service. It's not enough to compare the final enrollment figures against another campaign, McMillan said.
Primary results are often easier to calculate, like did the client apply for the advertised service. But secondary impact — or whether there was a positive behavioral change — is more difficult to determine. That's why it's important for McMillan to get involved early, so those test groups can be established and his team can work with the other departments to figure out the best metrics to weigh success or failure.
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