Technology Priorities for CIOs in 2024
With the constant advancements in technology, the role of CIOs in their strategic direction continues to grow in importance. As technology becomes more involved in business operations, CIOs face an even greater challenge in ensuring business resilience and competitiveness.
To meet this challenge, these managers must focus on the areas that will best enable them to lead their organizations effectively in this dynamic technology environment. These areas include staying at the forefront of emerging technologies, promoting digital transformation, and fostering a culture of innovation. By prioritizing these areas, CIOs can help their organizations stay competitive, agile, and resilient in a business landscape that is dynamic and changing.
5 technological priorities CIOs should keep in mind in 2024
1. Investment in AI
Artificial Intelligence (AI) is driving a major transformation in IT operations. According to IDC, 71% of companies already use this technology and many more are already analyzing how to use it. In this profound revolution centered around AI, particularly notable in 2023, CIOs must stay on course. They need to persist in its implementation to enhance operational efficiency and improve productivity across all areas.
However, AI doesn’t work on its own, it’s more of a powerful tool that needs to be strategically programmed for each organization to fit effectively. To do this, CIOs must build skilled teams, collaborate closely with specialized vendors, and ensure that AI aligns with the company’s business goals. An important emphasis would be integrating AI into all facets of the organization, decision-making, operations, improving the customer experience, etc.
Automation is essential for improving business ability and reducing operational costs. In fact, a study by WorkMarket found that 70% of companies believe that an automation solution is necessary to create more effective teams.
CIOs must identify processes amenable to automation, prioritize them based on their impact on business objectives, and evaluate the solutions available in the market. For example, a study reveals that according to 18% of IT leaders, the highest return on investment from automation occurs in the human resources department of companies.
It is for these reasons that it is crucial for the organizational environment to involve employees and train staff in new technologies to maximize the benefits of automation.
3. Cyber Security
In an increasingly threatening digital world, cybersecurity remains a top priority for CIOs. The protection of data and systems against cyber threats must be comprehensive. IT managers must lead the implementation of robust security practices, adopt advanced detection and response technologies, and ensure ongoing staff training on security issues. To collaborate with cybersecurity experts and participate in information-sharing communities is essential to advance threats, but it is essential for the leaders of each company to evaluate each vendor and the effectiveness of those solutions as a backup for the company, where effective protection is guaranteed.
4. Cost Reduction
A cost reduction strategy is an essential goal for every organization and optimizing technology infrastructure is one of the most valuable keys to reducing costs.
It is the responsibility of CIOs to lead the way in technology implementations to reduce costs. These directors must ensure that technology is carefully chosen and implemented effectively to achieve the desired results. It is crucial to consider the organization’s specific requirements and available resources.
Currently, cloud solutions, server virtualization, AI, and advanced management systems are some of the means to optimize costs, however, constant evaluation of emerging technologies is also essential to remain competitive in the market.
5. Improve customer experience (CX)
Improving the customer experience is a necessity in today’s digital age, and businesses that fail to do so risk losing out to the competition. CIOs should prioritize adopting technologies that can significantly improve customer engagement.
There must be close collaboration between departments to provide feedback on points of improvement in the customer experience that can be improved through innovative solutions. Throughout 2023 we saw how consumer habits have evolved and being prepared for a company to be one step ahead is undoubtedly a competitive advantage.
In 2024, the role of the CIO is crucial in shaping the technology direction of organizations. By focusing on strategic investments, CIOs can effectively lead in a dynamic business environment, ensuring brand relevance and innovation. The success of any organization in a world that is increasingly dependent on technology is closely linked to the CIO’s ability to make technological decisions aligned with goals and objectives.
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WorkMarket 2020 In(sight) Report. (2020). workmarket. <https://images.adpinfo.com/Web/ADPEmployerServices/%7B085dfeb6-e471-4e88-b8fb-dc0b2b9b2b07%7D_2020-In(Sight)-Report.pdf>
salesforce. (2020). IT Leaders Fueling Productivity With Process Automation. Salesforce. <https://www.salesforce.com/content/dam/web/en_us/www/documents/platform/it-leaders-fueling-time-and-cost-savings-with-process-automation.pdf>
Taylor, A. (2023, 8 noviembre). New study validates the business value and opportunity of AI – the official Microsoft blog. The Official Microsoft Blog. <https://blogs.microsoft.com/blog/2023/11/02/new-study-validates-the-business-value-and-opportunity-of-ai/>