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Sagar, I agree with you that the divide between It (capital I) and the business exists, and that the responsibility to address it sits squarely on the shoulders of the CIO.

The one reason is that CIOs do not manage information properly as an organisational resource, as does the C-level executives in charge of finances, HR and sales. How many CIOs have information dashboards? See this blog post for examples of the aspects that should be measured:

Secondly, at this day and age too may CIOs are still responsible for Technology too. That should be allocated to a technically oriented CTO (the traditional domain of iT). Information as a business resource should have a business focus, and the CIO should manage it to the extent that information contributes directly to the bottom line. To do that, the most important requirements is that the CIO must understand what information can and should mean to the business.

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