Innovation has become a crucial factor that determines growth trajectory of organizations across the globe. Those companies which intend to stay at the top of their games understand the need to constantly come up with new strategies to succeed in the long run. But often, many businesses fail because they tend to be risk-aversive and fail to innovate.

In order to effectively overcome these challenges, organizations need to designate a single person in control of all innovation programs in a company to suitably establish uniformity of command. Ideally this person needs to be the master of cross-functional value chain and lead from the front. Thus, creating a job profile that is set to become a major one in the next few years. The Chief Innovation Officers (CIOs) are set to take over the responsibility of ensuring that the companies manage to stay afloat through their innovative and creative strategies.