Top Priorities for CIOs and CEOs in 2022-23

The last two years have been a roller-coaster for business leaders especially C-suit due to the pandemic. And to prepare for the upcoming years here are some of the top priorities for CIOs and CEOs in 2022-23.

Prioritizing sustainability

Environmental sustainability is a topic that requires urgent attention.

Because of rising interest in the subject, more and more people(including customers) desire to make decisions based on how businesses manage their ecological footprint.

A 2017 study on corporate social responsibility reveals that 87% of customers will see a business more favourably if it caters to social or environmental issues.

Now one effective way to achieve this is to migrate to Cloud. Cloud is environment-friendly. Here is how :

Due to its scalable nature, businesses can utilize only what it needs hence reducing the need for extra IT resources.

Adopting cloud technology enables you to cut down the use of paper and saves not only the environment but also improves efficiency rate.

According to a study by Microsoft, Accenture, and WSP, the cloud can help large businesses cut their carbon footprint by up to 30%. It becomes more significant for small businesses where the net energy and carbon savings might be greater than 90%.

These actions benefit not only the environment but also the company’s bottom line.

Make cloud the focal point of your IT strategy

The above point already cleared how the cloud can help in saving the environment. The percentage of new digital workloads deployed on cloud-native platforms is expected to increase from 30% in 2021 to over 95% by 2025, according to Gartner.

We all are aware that migrating to the cloud provides scalability and reliability, Increases mobility, simplifies and improves IT operations, and reduces cost.

But Cloud can offer much more than that. Businesses can rise to a new level by utilising the cloud’s advanced analytical capabilities.

For instance, sensors can be attached to machine components, data is then gathered and stored in the cloud. That data can be used to improve equipment maintenance by using advanced analytics.

Another example could be, Using advanced analytics to predict clients’ buying patterns. Companies can help this to send tailored offers in accordance with their preferences. This contributes to higher sales.

Cybersecurity Is Important Now More Than Ever

Cyber attacks like security breaches and phishing are increasing today at a skyrocketing pace. The C-suite now needs to work on controlling the cyber risks of their organizations now more than ever.

According to Forbes,  76% of CEOs admit to bypassing security protocols to get something done faster hence sacrificing security for speed.

To safeguard their company from all types of cybercrime, CIOs must establish a robust cybersecurity plan with many levels of defence.

Every organisation must modify and keep updating its cybersecurity defenses to keep up with ever-evolving cybersecurity threats. CIOs can protect data from potential attacks by deploying authentication elements like two-factor authentication (2FA) and multi-factor authentication (MFA).

Additionally, businesses can set up phishing training sessions to educate employees on cybersecurity and keep everyone up to date.

Also, there is now a talent shortage in cybersecurity for many firms. CIOs need to focus on creating a strong talent pool and address the talent gap in cybersecurity.

Digital transformation is the way to go

No matter what industry you’re in, digital transformation is here to stay. So embrace it, and make sure your company does, too. 

Moreover, the pandemic accelerated digital transformation across various industries. 77% of CEOs reported that the pandemic helps speed up their companies’ digital transformation plans. 

Traditional systems may be still working but they are slowing down the business. Every organization in this era needs to stay ahead of the game. 

C-Suite Are Enablers of Digital Transformation. The C Suite needs to understand how powerful they are in motivating their team to embrace digital change. Here, the CEOs and CIOs are responsible for leading the squad as captain.

Most firms fail to achieve the intended outcomes after “going digital” due to the lack of planning and consistency in the process.

Therefore, it becomes imperative that C-suit  should constantly develop and communicate business strategies, and the outcomes they will achieve.

Conclusion

C-Suite executives must evolve with the times since they are the ones who will determine how the business will run. With a lot on the plate, CXOs must set priorities based on their urgency in order to maintain their competitiveness. Should you have any queries, feel free to Contact Us.