As the digital realm becomes a pivotal battlefield for innovation and market leadership, entities across various sectors are bolstering their digital infrastructure. A recent study highlights six strategic areas that leaders in information technology should incorporate into their investment plans.
Delving into the evolving role of IT functions, a comprehensive study titled ‘The future of IT’ delves into how these functions are becoming integral to organizations as they shift towards digital-centric business and operational models. The study acknowledges the critical role of information technology in driving progress and innovation.
The investigation builds on earlier findings that point to a surge in digital transformation investments, especially within the Middle East, where a proactive stance towards embracing cutting-edge technologies is evident among executives.
At the helm of IT leadership and digital transformation initiatives is the Chief Information Officer (CIO), who in 2024 is presented with a complex and varied investment agenda. To streamline decision-making, researchers have identified six essential investment domains for the upcoming year.
The first domain is the consumption of IT as a service, or XaaS, which sees a shift in services, products, and technologies towards an ‘as a service’ model. The second crucial area is data management, which is the cornerstone of advanced analytics and AI solutions utilization. Cybersecurity ranks third, given the escalating threats posed by digital adversaries.
The fourth area addresses the acute shortage of critical IT talent, emphasizing the need for creative recruitment and retention strategies essential for propelling digital change. Fifth is the focus on enhancing efficiency and process optimization, recommending that IT departments digitize their workflows to bolster overall organizational digital transformation.
The final area highlights the importance of IT in supporting Environmental, Social, and Governance (ESG) goals, particularly in reducing carbon footprints through direct actions (e.g., optimizing data centers) and indirect initiatives aimed at assisting other business functions in achieving their sustainability objectives.
“The future of IT is ripe with potential,” notes Fadi Al Sheikh, a partner at a leading consultancy firm. “To adeptly steer through the ever-changing IT landscape, CIOs and their teams must prioritize mastery in six key areas – XaaS, data management, cybersecurity, talent development, process innovation, and responsible operations.”