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The role of the CIO has undergone enormous change over the last decade. The letters "CIO" have come to mean more than chief information officer. Today, it's necessary to wear multiple hats, including chief intelligence officer, chief innovation officer and chief integration officer.

"The traditional CIO who keeps the lights on and ensures that everything is running is completely obsolete," states Debbie Krupitzer, digital manufacturing and industrial IoT lead at consulting firm Capgemini. "The role has evolved and those that don't keep up with the changes will likely find themselves out of a job."