A conversation with Sanjib Sahoo, Chief Technology Officer, tradeMONSTER
THE ENTERPRISERS PROJECT: Is there anything about the role of open source that has enabled you to work in a more innovative way?
SAHOO: Absolutely. Open source creates curiosity in technology. Technologists always want to go and explore things. With open source business, instead of using a commercial license, you look at the code. You understand what you’re putting it on, and try to optimize and tune it your way. What I do is take a list of open source technologies that we use, distribute across my team and build up a skill matrix. Which means, “Here’s code X. I want you to build your skill on this open source technology.” My team members work, innovate, customize and come up with proposals on how that code/technology can be used. To me that is also innovation, because innovation is not only about creating a cool product, innovation is about doing something in a different way that adds value to your business.
To me open source has a great role in innovation, because innovation, collaboration, and passion within the team is intertwined. We are the only trading firm in the nation running primarily on open source technologies and still achieved 99.99% uptime due to constant innovations from my team. A CIO doesn’t have the time to innovate. You have to have the team behind who does that.
TEP: It sounds like the way you approach innovation is different.
SAHOO: I think totally differently. Taking calculated risks and willingness to fail fast is key. Apart from that, one of the other things I do is focus on creating a CIO X Factor. Most CIOs are not digitally transforming themselves. They are not out in the media, and not doing social analytics. They are not coming out as a thought leader. Having an X Factor makes you believed and accepted within your team and by your business stakeholders. The more you go out and voice your opinion, the more people call you.
At the end of the day it’s about more than CAPEX and OPEX. We need to be more strategists than tactical. In order to create acceptance, you need to earn a seat at the table. In fact, talking like a business guy leads to your business and stakeholders accepting you as a well-rounded leader.
TEP: Yet there are certainly CIOs who feel they are still looked at as overhead and their main function is to keep the lights on. What kind of suggestions do you have for them to move beyond that role?
SAHOO: In my opinion, there are three things that a CIO can do in order to take a seat at the table. First, connect. Second, disrupt. And third, transform.
Connect means a CIO has to connect with their own team, not just as an innovator but as someone that knows what’s going on. Give financial updates to the team. Make everyone dream the same dream. Connect with stakeholders. Connect with peers. Create that X Factor when connecting with media. Create a brand image of you which is much more beneficial in your life. Write something. Blog something. If the industry accepts you, your stakeholders will accept you.
Disrupt means a CIO always has to focus on innovation. Come up with an idea or model and test your model by proof of concept. Think how you can create business value and do your homework. When you do that, that’s when you get a seat at the table. You have to show that you understand things in a more overall well-rounded approach rather than just looking at IT objectives. Focus on taking calculated risks and chance of success.
The next thing is Transform. You have to be more data-driven. More organizations are building analytics for data-driven strategy and decision making, which means that the model of driving an organization is moving from subjective to objective. Look at your goal. What are the numbers? There is an opportunity for a CIO that is using a quantitative tool. Since the CIO can be more data-driven, they can talk that same language and take part in those decisions in the board room. That will help them to transform to being more strategist than just technical. When you think in more analytical terms, you are transforming the organization.
Sanjib is an award winning CTO/CIO and is part of a new wave of strategic CIOs. His visionary leadership and approach to innovation have been recognized widely for helping to build an award-winning online retail brokerage, tradeMONSTER, and an HTML5 patent-pending mobile trading platform. He has been with tradeMONSTER Group since it was founded in 2006 and directs all aspects of IT for tradeMONSTER and its financial media site, optionMONSTER.
