CIO/CTO Agenda study results: 2023 key issues
Business environment and risks
- 2023 is expected to be a difficult year as the global economic downturn progresses due to recession, inflationary pressures, geopolitical turmoil and talent shortages.
- Organisations must consider multiple disruptive global scenarios in their planning for the next three to five years.
- Aligning your organisation to a strategy that can mitigate external and internal risks is difficult and must be based on a strong cross-discipline approach.
Technology agenda and critical development areas
- Global technology spending is expected to grow in 2023 due to increased spending on digital transformation initiatives necessary to meet business needs and challenges. A common trend of more automation across business functions is driving investment.
- Approximately 73% of organisations have a major enterprise transformation initiative. Organisations consider technology investments carefully to get the right balance of the integration provided by ERP and suite solutions versus the more specialised functionality available from point solutions.
- Explore opportunities to digitise processes that drive additional value, such as AI enablement. Workloads across business functions are expected to grow more than budgets and headcount. Leaders are relying on technology to help fill the productivity gaps.
- Organisations are looking both internally and externally with vendor partners to drive more value. Doing more with less investment.
- Digital technologies need to achieve enterprise scale. Advanced analytics, cognitive computing/artificial intelligence (AI), robotic process automation (RPA) and digital point solutions are, in most instances, meeting or exceeding business goals. However, many are stuck in pilot projects or small scale deployments.
- As more technology projects are identified, organisational disconnects hold back many firms from achieving digital transformation despite being a goal for approximately 45% of those surveyed in this study.
- The cloud has moved to the front as being the platform organisations must leverage for agility, growth and transformation.
- Forty-two percent of organisations have legacy solutions that must be replaced and many of these applications are limiting agility, functional ability and impairing competitiveness.
- Twenty-three percent of organisations expect to be 100% cloud-based by the end of 2025, up from 7% by the end of 2023.
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