Top Strategic Priorities For CIOs In 2023

CIO strategic priority

No CIO can ignore the significant business opportunities presented by technological advances: lower costs, more efficient supply chains, more secure networks and storage, more dynamic and reliable software products, more personalized customer service, and if IT -Directors and their teams will choose the right path, more loyal customers.

So, here’s our list of the most important tasks for CIOs and the opportunities they should take advantage of this year.

This list cannot be considered exhaustive. Depending on the industry, company size, level of technology maturity, and business maturity, your organization may have other priorities. But we recommend that you at least consider these priorities.

  1. Take care of your digital authority

It used to be said that “digital” leaders (Chief Digital Officers, CDO) will replace most of the CIOs. In 2014, IDC analysts predicted that by 2022, CDOs responsible for “delivering IT products and digital services” will displace CIOs in 60% of companies worldwide. The following year, they were joined by PwC experts who believed that CIOs, who then headed digital directions in 40% of companies, in three years would be responsible for them in only 31% of organizations.

However, Forrester Research predicts that the concept of CDO will disappear within five years. It will simply become obsolete as “digital transformation” in any company will go beyond a few ad hoc initiatives and become a mainstream, revenue-generating business. In doing so, CIOs will take control of the digital strategy, working with CEOs and other senior executives across sales, marketing, HR, and operations.

This does not mean that the CIO can sit idly by. 2022 is the year when CIOs, who are still in the position of external observers, must assert or restore their digital credibility. This has even been discussed at CIO conferences and other international summits.

  1. Take a fresh look at information security

Several notorious security breaches in 2017 highlighted the cost of weak data security practices. A company’s CEO, CIO, and chief information security officer lost their jobs as a result of a breach that occurred when the company failed to patch a known vulnerability on its key systems in time. As a result, she had to spend millions of dollars to eliminate the consequences.

Not many companies can claim that this is not possible for them. It may be that only one unmodern system separates you from such consequences. And, as the above example confirms, information security is for the CIO (and executive director, CEO) the same priority as for the director of information security (CISO).

Every CIO needs to understand that the cloud is the strategic choice. As high-level security has become a core competency of most major cloud providers. Not surprisingly, according to a recent global study of large enterprises by Longitude Research. The higher an organization’s level of cloud maturity, the greater its confidence in its information security capabilities.

Push traditional business boundaries

As the Internet of Things (IoT), machine learning, and advanced data analytics. As other advanced technologies become commonplace in enterprises. CIOs are getting better tools to help companies carve out niches in related industries. Even if they have to partly disrupt their business to do so. own business models.

“Everything starts with data,” says Jim Moffatt, head of Deloitte Global Consulting. Today, there is so much data available that it is possible to better understand customers. And interact with them in fundamentally different ways. The question is what to do about it? But the potential for changing business models and moving into related fields is truly unprecedented.”

Consider providing your company’s products as a subscription service

The benefit of these potential business models and related areas is that your company will start offering its products on a subscription basis. Companies today charge monthly fixed or usage-based payments for literally everything from razors, food, music, business software, etc. Moving from selling products to recurring services is a priority for CIOs. Because it requires specialized systems for merchandising, pricing, billing, payment, revenue management, and analytics.

By Mussarat Zafar

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