Three-quarters of business leaders surveyed by Boston Consulting Group (BCG) in 2023 said that innovation was their top priority. But just a fifth of those companies also said they were equipped and ready to do so.
CIOs today have a big job. Charged with creating strategies and executing technology plans that align with business goals, CIOs are central in determining whether companies succeed. Unlocking success amid an ever-evolving technological landscape takes careful consideration, agile strategy planning, and paying attention to emerging technological trends.
Top Challenges for CIOs
After a historic pivot as the pandemic hit, CIOs are now getting back to focusing on core functionality to ensure their company’s future. There’s no shortage of challenges, including unravelling accrued technical debt, streamlining processes, and adopting new technology.
Here are just a few of the top challenges CIOs are encountering in 2023:
- Economic uncertainty. While digital transformation remains crucial, economic headwinds are making tech investments more challenging.
- Cost efficiency. Cloud costs are spiralling at a rapid pace. Garter reports that 60% of businesses can expect cloud cost overruns through 2024.
- Risk management. Failing to adapt the right tech solutions can lead to obsolescence. Yet, tech investments are expensive and do not always produce the desired outcomes.
- Talent shortages. A global shortage of skilled technology talent continues. 81% of businesses in an EY survey said they have a shortage in both workers and skills necessary to compete.
- Cybersecurity. New technology creates new opportunities but also increases cybersecurity concerns as companies become increasingly reliant on cloud solutions and IoT.
- Modernisation. CIOs are also juggling maintaining and migrating legacy systems to modern tech solutions while ensuring minimal disruption.
On top of these challenges, CIOs also have to manage organisational change. Many workers are already feeling overwhelmed, burned out, and fearful of their job prospects amid profound technological change. CIOs must employ change management strategies to ensure user adoption and effective tech solutions.
Help With Innovative Tech Solutions
Being a CIO can be a lonely job. The consequences of your actions (or inactions) can make or break company futures and careers.
We’re at a critical juncture right now. It’s estimated that as many as 90% of legacy applications will need to be replaced by modern systems and innovative solutions. This creates significant risk and opportunity. To be successful, CIOs must focus on a long-term strategic plan to analyse, evaluate, and innovate tech solutions.
Fortunately, you don’t have to go it alone. When you work with Mondo Ventures, you get expert guidance from professionals that are at the forefront of digital transformation, helping companies like yours deploy the right technology to modernise and futureproof business.
Our team creates digital business models for success and excels at business turnarounds and growth. We help companies launch quality digital products in-market faster.
We help CIOs make better decisions about technology and innovation. Get in touch with the Mondo Ventures team today to help unlock your success.