With enterprise IT increasingly expected to deliver innovations that boost the top line, the tech team at Liberty Mutual went the extra mile by creating a money-making solution that spun off into a new company.
Two out of every three CIOs now view creation of revenue-generating initiatives as a key job responsibility, according to the 2020 State of the CIO. Typically, this involves delivering technologies that boost existing revenue-generating processes or enable new ones in cooperation with the business. But there are exceptions, as some IT organizations have succeeded in developing products that bring in revenue in the form of sales to other companies.
Liberty Mutual’s IT department did just that, starting with an internal workforce platform it developed called myHub. The experience provides insight into how CIOs, their technologists and organizations as a whole can foster the kind of innovative culture that leads to such successes.
“It’s a great example of an environment where you have an innovative CIO who can have a broad impact,” says Jackie Fenn, an analyst and fellow emeritus in the CIO Research group at Gartner.