C-suite executives will need to cross several hurdles, ranging from privacy concerns to a lack of skilled workforce in 2020.
In 2020, tech leaders will continue to focus on digital initiatives, but at the same time, they will need to overcome an array of challenges. In fact, according to experts, one of the concerns for businesses has been the errors that occur from digital transformation processes.
Emerging Risks Monitor Report from Gartner reveals that while companies continue to prioritize and fund digital initiatives, over 66% of the companies fail to deliver their promises. C-suite executives say their most challenging issues revolve around security threats and data privacy, and a shortage of top talent with required skill-sets.
Tech leaders will face several challenges such as security concerns, lack of skilled workforce, and more in 2020 and beyond.
- Data privacy concerns
Various departments in a company need to address particular requirements of the GDPR and the CCPA. Non-compliance with these regulations will lead companies into stricter and bigger penalties. Therefore, organizations need to design their architecture to address requirements, like the right to be forgotten. They need to implement this across all data repositories including private, public, and hybrid clouds. Companies will be presented with innovative features and solutions by next year to help address this critical need. More regulations from state governments will require enterprises to rewrite their current policies to comply.
- Weigh new technologies with return on investment
Companies considering AI and RPA will need to weigh the benefits of innovation with the needs of business, instead of just adopting trending technologies. One of the biggest challenges CTOs and CIOs will face in 2020 and beyond, is the need to find the right business case and balance resources to support this endeavor along with business growth The roadmap must prioritize the highest value add and lowest level-of-effort ideas, irrespective of whether the value comes from cutting-edge new technology or leveraging existing capabilities.
- Lack of skilled workforce
Enterprises will move towards automation for solutions owing to the current lack of a skilled workforce. The skill gap is rising at a time when data volumes are exploding due to digital transformation initiatives. In 2020 and beyond, IT teams should expect to see more focus on intelligent automation to help them do more with less.
- Data breaches and cyber security threats
Cyber attackers will move away from highly publicized attacks in 2020. They will look for simple strategies including gaining access to a network via a company’s vendor or third-party.
Data breaches will continue to cause problems for Fortune 1000 companies, due to holes in the security of the organization and its partners, unless the companies are able to focus their efforts on continuous monitoring for security threats.
C-suite executives and boards will face severe legal and financial consequences. They will witness breaches, attacks, and frauds impacting revenue, thereby forcing them to take a more informed role in cybersecurity. The increasing ransomware is another security concern executives will have to face in 2020. The C-level members now understand the importance of protection against ransomware attacks.