Make IT A Profit Center
For the first time with some of the companies I am investing in, we are talking about putting the chief technology officer on the board. Why? Because it is an area we can turn into a profit center. We can drive 20 percent savings if IT is implemented properly, but also we can make our people more competitive, particularly in sales and marketing. When you can provide IT solutions like tablet-based enterprise solutions and get people trained on it, it is a competitive advantage. I'll give you an example: In my mutual fund company, O'Leary Funds, we now use tablet solutions to show the performance of every one of our funds against the competitors in a way that has never been done before. Real-time closing prices by the minute.
(O'Leary pictured far left with Adam Shaffer, senior vice president of marketing for PCM)