What are some crucial steps towards being a transformational CIO?

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CIO (CIO) in Healthcare and Biotech, 51 - 200 employees
Be able to understand the big picture and devise a strategy that aligns with the company’s vision

Build consensus through collaboration

Check your tech ego at the gate, be authentic

Align, Align and Align technology road maps to business strategy/outcomes

Communication - It sounds very obvious but has to be done at all level, especially during execution communicate and celebrate even small wins to keep the motivation up at all levels particularly at the staff level

Tough Decisions - at the end of the day, must be willing to make tough decisions, during any transformation, multitude of decisions points will come up, its the leader’s ability to synthesize the information and make the right decisions and also ensure buy-in from key stakeholders

Chief Information Officer in Services (non-Government), 51 - 200 employees
Steps toward becoming a transformational CIO deal with understanding the technology innovation landscape and using that knowledge to position the organization for growth and competitive advantages. 
CIO in Travel and Hospitality, 10,001+ employees
Start by improving communications - both towards own organisation and your internal customers, vendors etc. Many times there are good / excellent things done but especially in IT nobody is communicating them in understandable way.
CIO in Healthcare and Biotech, 201 - 500 employees
Be well read and well informed
Understand the business and where the organization fits in the larger ecosystem

Build a great team capable of delivering on promises
CIO in Transportation, 1,001 - 5,000 employees
Listen to the business, stay on top of industry trends, seek an opportunity to quickly deliver a business win. These "wins" are cumulative - they will give you the credibility to deliver more opportunities where IT can make a difference in the value chain. The business will see you as transformational when the perception of the IT department shifts from "IT is an overhead cost the we need to manage down" to "IT is a growth engine" . 
CIO in Media, 2 - 10 employees
Being business oriented rather than technologically focused and really understanding the business problem and/or drivers of success is key. That said being close to the business through strong relationships will also give you the trust factor and latitude to deliver. And having a very good understanding of change management and the organization's dynamics eg: culture, adds to the likelihood of success. To wrap up knows the business, knows the management, knows the culture and finally can translate/innovate the delivery of IT solutions at speed.
CIO and Chief Content Officer in Services (non-Government), 51 - 200 employees
A transformational CIO has a vision of what could be.  Transformation by definition means that you move from where you are to where you need to be. 

You don't have to make up that vision yourself.  It's probably preferable if you do not.  You need to collaborate with your peers, understand the corporate strategy and vision and find a consensus of where you all need to go.  As an aside, we do a survey of CIOs every year and we found in one of them that there was a big corelation between the budget increase in IT and the perception of the CIO as a "collaborator".  

Leaders who can "co-create" with their peers and their employees will have a much better chance at succeeding.

Last, and I focus on this in my book Digital Transformation in the First Person, you have to "sweat the small stuff" and engage at every level, with determination and what I can only call "organizational courage".  Take some chances, make some mistakes, but always, always always come back to that vision and the path to get there.  When you act like a human, humans will follow you.  When act like a...    You can finish that yourself.
CIO in Telecommunication, 1,001 - 5,000 employees
I think everyone has the right answers above, I would summarize as:

 - As CIO you’re a businessperson first.  Each transformation project must have a business justification and associated ROI.

- As CIO you’re part of a business team.  Communicate with your peers, align with the company’s strategic objectives. Share the wins.

-  As CIO you need to deliver business results.  Small repeated wins develop credibility and trust while also allowing for course correction. 

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