Posted by According to the State of CIO 2023 research, which surveyed more than 800 IT leaders and 200 lines of business participants, most of the CIO’s time is spent on functional and transformative work. This might not come as a surprise as much has not changed when compared to last year. If you are interested in learning more about technology initiatives that are taking a major chunk of your IT investments, then this article is for you.
According to the survey, 84% of IT leaders’ time was consumed in functional tasks including security management, improving the efficiency of IT operations and enhancing system performance while keeping the costs in check. Apart from functional tasks, a majority of IT leaders were busy digitally transforming their businesses, which includes infrastructure modernization, aligning IT with business goals and sowing the seeds of long-term IT business partnerships.
In this article, you will learn about ten technology initiatives that are driving technology investments in 2023.
10 Technology Initiatives Driving IT Investments In 2023
Here are ten technology initiatives that are driving IT investments in 2023 and will continue to do so in years to come.
1. Security and Risk Management
With the enterprise attack surface expanding with each passing day, it is becoming easier for attackers to target your business. That is why IT leaders are concerned about security and risk management. In fact, security and risk management are their top priority when it comes to IT investment, which goes to show their importance.
Their focus is on identifying the security vulnerabilities in their systems and fixing them before they can be exploited by threat actors. That is why we are seeing most businesses investing heavily in tools that help them identify the risks and mitigate them.
2. Data and Business Analytics
Data is at the heart of the business decision-making process. IT leaders know that which is why they are diverting money towards data and business analytics tools and platforms. This allows them to take advantage of untapped opportunities and take the right business decisions at the right time. Not only that, but it can also give you a competitive advantage over your competitors by putting your business one step ahead of your competitors.
3. Legacy System Modernization
Are you still stuck with legacy systems? If yes, you are not alone. Many businesses still have legacy systems and they are planning to phase them out. IT leaders will continue to invest in legacy system modernization and ditch outdated technological hardware and adopt modern hardware.
4. Artificial Intelligence and Machine Learning
This might not be a big surprise for readers as artificial intelligence and machine learning is making waves these days. Businesses are harnessing the power of artificial intelligence and machine learning tools to automate mundane tasks. This will not only free up resources, improve productivity and efficiency but also reduce costs.
5. Cloud Infrastructure
With a vast majority of businesses already migrated from the best cheap dedicated server hosting to the cloud, IT leaders will now look to build upon their cloud capabilities by investing in more advanced cloud infrastructure. It will not only help them overcome the security issues associated with the cloud but also offer them more flexibility and scalability.
6. Information Technology and Operation Technology Convergence
Information technology and operational technology have always been considered as two separate functional units. 2023 will be the year when both operational technology and information technology converge to a single point. This will break down silos, improve collaboration and enhance productivity while improving the overall security of operational technology systems.
7. Infrastructure Consolidation
As more and more businesses adopt many different technologies, the need for infrastructure consolidation arises. Today’s enterprises use dozens of different tools, data sources, platforms, and frameworks, binding them all together is critical for smoother operations.
Whether you are using an internet of spectrum mobile of things, blockchain, artificial intelligence or cloud computing, everything needs to tie into one another. With integration and infrastructure consolidation, you will never be able to achieve the desired results. That is why IT leaders are dedicating a chunk of their IT budgets for infrastructure consolidation purposes.
8. Customer Experience Technologies
Apart from customer service automation, predictive analytics, businesses are also investing in other customer experience technologies for customer data management. That is not all, they are also providing them with safer and faster authentication and identification methods so users can login to their accounts easily.
Customers can interact with your brand at dozens of different touchpoints throughout their buyer’s journey. Businesses are investing in omnichannel technologies to deliver a holistic customer experience at every touchpoint. These technologies can also provide businesses with useful insights about customer preferences, which allows them to offer a more personalized customer experience.
9. Collaboration Tools and Platforms
Gone are the days when different functional units tended to operate independently and silos were a thing. Fast forward to today, enterprises are working towards eliminating silos and creating a cross-collaboration and communication culture. This means that every department will communicate and collaborate with one another.
That is where communication and collaboration tools can come in handy. They can improve the productivity and efficiency of business and keep all the departments and employees on the same page. Due to this, your business can not only complete more projects successfully but do so before the deadline.
10. Business Process Management
As more and more elements are added to the business process, it can quickly become complex and difficult to manage. You might need a business process management tool to stay on top of it and maintain full control over it. Without full visibility, you might end up missing critical details that can play a crucial role. Investments in business process management can reap rich rewards in the form of streamlined workflows, agility, improved control over processes and lower costs and risks. All these benefits can help your business work like a well-oiled machine and churn out innovative products faster than your competitors.