CIOs should prepare for a year of challenges in finding talent and providing operational improvements to the companies they support.
The major changes that will present challenges to leaders in enterprise IT first appear gradually, and then all at once. Before their full development, analysts and market observers frequently identify cutting-edge technology services or emerging market trends, giving technology leaders time to prepare, or it can be difficult to adopt those technologies on schedule.
In a year that analysts predict will bring economic challenges, the decisions made by CIOs could make or break companies.
Technology leaders must make an effort to evaluate the top IT trends and take appropriate action, whether it’s choosing new technologies, luring enough tech workers, or carrying out broader transformations.
The following predictions and analyses will be significant for businesses in 2023 and beyond:
It’s easy to believe the talent shortages of the past may disappear as employees search for new opportunities now that layoff news is once again making headlines in the new year. The challenge for business leaders is that new needs also increase as technology adoption advances. Firms are currently in a situation where their capacity to deliver innovation outpaces their capacity to retrain existing employees or find new hires with the necessary skills to fully capitalize on it. The problem with skills is not that we aren’t training enough IT personnel, but because it takes time to fill new skill gaps created by them.
Also Read: CIOs Must Commit to Building Inclusive IT Environment in 2023
According to data from Info-Tech Research Group 2023 Tech trends report, a review of technology investment categories for 2023 reveals 44% of companies intend to invest in AI next year. Companies that have made prior AI investments and those with investment plans exhibit the greatest growth in this category. Whether they use AI capabilities or not, by the end of the year, almost every company will have invested in some form of AI technology. This is because their software vendors will be pressuring them to. The largest area of software investment growth is AI. Everything is AI-enhanced now regarding the new categories of software that businesses are implementing.
Companies will be able to convert information into results if they have more and better internal data capabilities. However, the success and creation of those data products will rely on previously implemented strategies. Through comprehensive data quality and governance efforts, organizations must ensure that their base data is suitable for delivery and reuse. This prediction is a component of a larger change the company predicts for enterprise data capabilities. Forrester anticipates that by 2030, all communication between DataOps, MLOps, governance, analytics, and application developers will occur through a single pane of glass.
Even though macroeconomic and geopolitical worries are present, enterprise leaders prioritize IT investments in 2023. Spending will be focused on modernization, which is a major concern for organizations, as well as helping their workforce as they consider their hybrid working environment.
Also Read: How do CIOs of the Digital Age plan their successor?
As evidenced by its formal inclusion in more than 80% of data and analytics strategies and change management programs, data literacy will become an explicit and necessary driver of business value. According to the research firm Gartner’s Data literacy guide to D&A, data literacy will be crucial in enterprise data and analytics strategies this year.
The foundation of a successful D&A program and the key to achieving quantifiable business results is a workforce that is data literate. The expansion of self-service analytics initiatives has enabled business teams to analyze data and generate insights.
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Swapnil Mishra is a Business News Reporter with over six years of experience in journalism and mass communication. With an impressive track record in the industry, Swapnil has worked with different media outlets and has developed technical expertise in drafting content strategies, executive leadership, business strategy, industry insights, best practices, and thought leadership. Swapnil is a journalism graduate who has a keen eye for editorial detail and a strong sense of language skills. She brings her extensive knowledge of the industry to every article she writes, ensuring that her readers receive the most up-to-date and informative news possible. Swapnil's writing style is clear, concise, and engaging, making her articles accessible to readers of all levels of expertise. Her technical expertise, coupled with her eye for detail, ensures that she produces high-quality content that meets the needs of her readers. She calls herself a plant mom and wants to have her own jungle someday.
