Pressure is mounting on CIOs and business leaders as they attempt to guide their companies toward greater efficiency and success. Reducing costs and transforming IT infrastructure are primary objectives but, if the current estimates are any indication, the task will be a difficult one this year.
Gartner’s 2023 CIO research has shown that technology budgets won’t adequately keep up with the global inflation rate, creating a triple squeeze of economic tightening, talent scarcity, and supply issues forcing executives to realise faster value.
Consequently, CIOs must focus on becoming more agile and efficient to maximise their impact with fewer or similar resources. This can be achieved through careful examination of business strategies and review of existing solutions and data management.
We’ve had some debate and discussion internally about how the year ahead will unfold, what will continue and how things will shift.
We expect to see some reassessment of the technology gains over the pandemic and Gartner survey agrees; “the top two objectives were to improve operational excellence (53%) and improve customer or citizen experience (45%).” Services that are no longer delivering value to customers will be wound back. We expect to see a greater focus on data management and security continue.
Some areas that we’ve been discussing are:
Data Management & Analysis
In 2023, data management and analysis will play a crucial role in IT projects and ongoing operations. We expect the well publicised customer data breaches of the last year in Australia to focus the minds of leaders on risk reduction. Whilst marketing and IT teams have difficulty ‘letting go’ of data the additional risk of holding onto aged data that’s emerged in the last year may whet the appetite to act.
Leading companies will rely on data-driven decision-making to inform their strategies. IT teams will need to develop proficiency in these tools and analytics to deliver solutions. Companies will seek employees with strong analytics and critical thinking skills. The emphasis on data management and analysis is driven by its ability to improve resource utilisation, understand customer behaviour, and identify cost-saving patterns.
Security and Compliance
In 2023, IT teams will focus on security and compliance. With cyber-attacks and data breaches on the rise, companies’ need for secure systems and processes has become a top priority. IT teams will require a broad understanding of risk management and cyber security to protect sensitive customer data and prevent malicious attacks. Organisations must provide teams with adequate training and resources to effectively implement compliance protocols. A focus on security and compliance not only protects the business but also builds trust with customers and stakeholders. By creating a culture of security and compliance awareness among all employees, organisations can ensure the safety and regulatory compliance of their operations.
Greater Collaboration is Required with Other Departments
IT teams will require greater collaboration with other departments within the organisation to deliver solutions that effectively meet the business’s needs. This collaboration will help IT teams understand each department’s unique requirements and challenges and implement solutions that take these into account. The trend towards greater collaboration is driven by the changing nature of technology and its increasing impact on business operations. With business teams taking a more active role in product ownership and system maintenance, IT and business teams will need a higher level of technical capability. All teams’ increased collaboration and technical capability will lead to better alignment between technology and business goals, allowing organisations to achieve their objectives more effectively.
Personalised Customer Experiences
The customer experience has become a critical factor in the success of any business. With the rise of digital transformation, businesses have been able to create personalised experiences that are tailored to each individual customer. By leveraging technology, businesses can provide customers with an experience that is both efficient and effective.
This includes providing customers with access to information quickly and accurately, as well as being able to answer questions in real time.
Personalisation at scale is also possible through the use of data analytics and AI-driven solutions. These technologies allow businesses to gain insights into customer behaviour and preferences, enabling them to create more targeted experiences for their customers.
Additionally, this data can be used to develop strategies for improving customer service and creating more engaging experiences. By utilising these tools, businesses can ensure they are providing their customers with the best possible experience every time they interact with them.
Experience
86% of IT leaders agree that the experience a business provides is as important as its products and services. The experience is all about the emotional connection that customers and employees have with the company and how they feel when they interact with its team. They understand that creating positive experiences is crucial for building strong relationships and fostering loyalty.
In order to deliver a positive experience, IT leaders will focus on creating seamless and intuitive technology solutions that make it easy for customers and employees to interact with the business. This will involve using digital platforms and tools that enable customers and employees to access information, receive support, and engage with the business in meaningful ways. The emphasis on creating positive experiences will require businesses to think beyond traditional technology solutions and consider the emotional impact of their technology choices. By prioritising the experience that their business provides, businesses will be better equipped to meet the evolving needs of their customers and employees.
What’s next?
Hitting the sweet spot for IT and digital projects in 2023 is going to be a complex game. It will require teams to be agile, adaptive, and collaborative as they work to manage data, ensure compliance, and engage with other departments. As the pieces of the puzzle come together, it is clear that this year will be a time of transformation for many organisations.
The success of these projects depends on an organisation’s ability to view data as both a source of information and insight and risk to manage. By leveraging data to inform decisions and predict outcomes, companies can drive process improvement and create more effective strategies for their operations. IT teams must maintain a commitment to security and compliance to protect against cyber threats.
Collaboration between departments has become essential for successful project outcomes. Just like a conductor directing an orchestra, it is essential for each member to have a unified vision in order to create beautiful music. In this way, teams can bring their unique skill sets together in harmony to achieve greater results than any one team could accomplish alone.
If you are part of a debate on the business / IT roles, responsibilities and relationships, invite us in. We bring a fresh perspective that can help keep your business up-to-date. Let us join the discussion and help you move projects forward into 2023. Leonie offers exclusive coaching sessions to help decide the best approach for any situation. Let’s talk possibilities, progress and potential – book a call today.