5 areas CIOs must closely monitor in 2024
As technology continues to progress, CIOs must strengthen their focus to ensure they determine any potential anomalies and are capable of responding to them effectively.
CIOs had to manage several challenges last year. Generative AI transformed the opportunities available with new tech, governments started introducing new regulatory frameworks and global events disrupted business operations. Taking all of these factors into account, CIOs had to be agile and ready to respond quickly.
The lessons learned from previous events will be critical for future strategies, especially as CIOs navigate businesses through digital transformation. One of the biggest lessons from 2023 was the requirement for adaptability. Businesses capable of pivoting quickly in response to emerging and new tech or global events showed higher success. Remaining agile will continue to be a priority for 2024. CIOs must remain agile, proactive and adaptable to manage new challenges successfully.
This year, digital transformation will remain a top priority in everyone’s strategy, particularly with evolving regulations. As businesses integrate more advanced technologies, cybersecurity should be considered a top priority. Taking into account the challenges that lie ahead, interpreting warning signs or detecting early error signals can deliver significant advantages for CIOs. Being creative and agile isn’t just a process to beat competitors, it’s also vital for survival.
The progression of AI
In the last year, businesses have focused heavily on harnessing the potential of AI, and now organisations are determining how to take it to the next level. Being creative and scaling what features work is critical for future success. For technological solutions, this requires time, talent and the resources to consistently experiment with new solutions, and then incorporate these into your business process. The rise of GenAI in all business areas is critical to remain ahead of the competition, but companies need to be aware of the potential of GenAI, its opportunities and its challenges.
While AI is at the core of technological progress, its potential to be misinterpreted and the ethical challenges have become quite recognised. Any strategy incorporating AI and business transformation must be planned carefully.
Organisations must be very adaptable, especially bearing in mind that new technologies can be accelerated at an unprecedented speed, impacting business plans in new ways.
How Geopolitical events could disrupt operations
As we manage rising geopolitical tensions, businesses are experiencing a range of challenges. CIOS need to pay close attention to global changes and be considerate of external influences. For organisations working in geopolitically sensitive regions, it's critical to ensure they have a structured contingency plan in place.
The focus on culture and talent
In selected industries, talent shortages and skills gaps are considerable challenges that organisations must tackle. The accelerated rise of technology is widening the skills gap, especially within emerging technologies. To attract and retain talent, businesses must ensure they create a workplace that meets employees' expectations. This could include adopting flexible remote working plans and providing additional support to employees.
Security remains a priority
As tech progresses, the scale and complexity of cyber-attacks increase. Businesses must be capable of determining new patterns emerging within AI. To operate safely, businesses must focus on security, and many industry leaders strongly believe an organisation must have a dedicated security officer.
Investing in data management
Businesses must prioritise how they intend to manage their data. This requires investing money and resources in reliable systems that manage, store and protect information. Through this process, businesses can make better decisions, increase efficiency and ensure data remains safe.
As data increases and the need for structured data management becomes more important, a potential issue would be the lack of a scalable data strategy that can maintain paces with insights from AI systems.