Shweta Srivastava, Head IT, Matix Fertilizers and Chemicals in an interaction with CIOTech Outlook, shares his opinion on how the role of CIOs has evolved in the chemical industry over the past decade, especially with advancements in digital transformation and technology adoption, the strategies that are effective for CIOs in managing cybersecurity risks and more.

How has the role of the CIO evolved in the chemical industry over the past decade, especially with advancements in digital transformation and technology adoption?

Today, the role of CIOs has evolved significantly across industries. Businesses are focusing on automating routine tasks as well as leveraging technology for smarter decision-making & faster turnaround times owing to the increasing emphasis on technology & digital solutions. Organizations must operate at a much faster rate in order to stay relevant & resilient in today’s VUCA world, driving the need for expediting the delivery of services & products.

Technology plays a major role in achieving these goals. Traditionally, Chief Information Officers were responsible for maintaining systems as well as handling every day user requirements. However, today, businesses are increasingly relying on IT for solving real-world problems & support key management decisions, with technology being at the forefront & government pushing for digital adoption. Technology today influences employee & customer experience, safety, sustainability and revenue generation as well in several industries.

Technology is also enhancing production cycles, minimizing physical intervention by automating manual tasks, ensuring shop-floor safety and enabling predictive maintenance in the manufacturing and chemical industries. Over the past two decades, the role of CIOs has shifted to one that is business-driven & functionally integrated from purely technical.

What strategies are effective for CIOs in managing cybersecurity risks, given the increasing digitization and interconnectedness of systems in the chemical industry?

Today, several manufacturing companies have begun to recognize the significance of having a dedicated & skilled CISO for managing cybersecurity risks. However, most of CIOs still handle cybersecurity in addition to overseeing technology & digital transformation. In this capacity, while CIOs should identify potential risks, develop and implement mitigation strategies, manage security incidents as well as regularly review security policies across platforms, ensuring compliance with industry regulations is also crucial.

In order to confirm that the controls function correctly, regular security checks are vital. And, external audits help in identifying vulnerabilities for addressing them promptly. For CIOs, educating employees on cybersecurity best practices as well as raising awareness regarding potential threats is crucial. Humans remain the weakest link, often falling prey to data breaches and phishing, despite advanced security tools & layers. Therefore, it is the CIOs responsibility of equipping them with the skills and knowledge that is required for protecting themselves as well as the organization’s critical infrastructure from cyber threats.

With sustainability becoming a critical focus, how are CIOs leveraging technology to support sustainability initiatives and meet regulatory compliance in the chemical industry?

Organizations like ours today are driven by data, leveraging technology to improve decision-making as well as benefit from cloud solutions for reducing carbon emissions. Emerging tools which include IoT, Machine Learning, Artificial Intelligence, big data and analytics rendering valuable insights for tracking environmental conservation & key sustainability metrics. The concept of “smart-factory” refers to the digital transformation of manufacturing with an aim to enable real-time decision-making, optimizing productivity and increase flexibility. When it comes to sustainability, the focus is on reducing carbon emissions, maximizing yield & minimizing energy consumption. Advanced technologies have delivered amazing results in maintaining these parameters within regulatory limits.

CIOs can contribute to the overall sustainability objectives of the manufacturing industry by leveraging technology for optimizing the processes, ensuring carbon data transparency as well as support circular products & services. Technology is proving essential in driving sustainable practices across several industries, through data ecosystems.

Considering the rapid pace of technological advancement, what skills and competencies are becoming more crucial for CIOs in the chemical industry?

As Chief Information Officers we are often expected to know everything about technology, however, the role demands far more. While technological expertise remains crucial, we must update our knowledge continuously to stay ahead. Also, CIOs need a range of various other skills for bridging the gap between IT and business.

CIOs today act as influencers as well as cross-functional facilitators, requiring a deep understanding of business operations. Also, our insights should align with organizational goals, making effective communication essential. In order to comprehend the challenges as well as propose a tech solution which simplifies workflows, we often step into the shoes of business leaders.

CIOs should also possess the ability of evaluating strategic data from a business perspective for ensuring alignment with goals while minimizing resource waste. Furthermore, understanding marketing, sales, as well as market conditions, is important since it helps in grasping real-world challenges around deliverables & the significance of agility in decreasing turnaround times.