As businesses navigate the complexities of today’s market, forward-thinking CEOs and leaders are actively involving IT organizations in their executive leadership teams to drive effective decision-making and shape future business strategies.
Together they are:
Within an uncertain economy, executive teams are weighing the pros and cons within their organizations to develop rolling 60-day plans and contingency plans. This helps with prioritizing and moving towards long-term strategies.
As we presented in a prior blog, the cloud can deliver a consistent ROI today and beyond. According to a recent study by Gartner, cloud spending is expected to grow by 20.4% in 2024, reaching $591.8 billion globally. Those who have been late to adopt a cloud solution are now faced with the critical reality of the benefits the cloud can provide, including enhanced employee work environments, customer experiences, and vendor relationships, as well as flexibility, cybersecurity, and scalability.
As part of their planning, some will execute cost-saving strategies to invest in technologies and IT services that will allow them to thrive in this new world. One such strategy is implementing a cloud solution that can offer trading capital expense for variable expense and reducing hardware expenditures. However, this requires an understanding of cost-management details to avoid disaster if not properly addressed.
Data recovery and security continue to be at the forefront of IT priorities to support a hybrid workforce, new business demands, and third-party integrations. There is a crucial need to build resilience for unforeseen risks to operations in the current volatile operating environment. According to IBM, the average cost of a data breach in 2023 was $4.45 million, highlighting the importance of robust security measures.
Generative AI (GenAI) is moving from proof of concept to large-scale implementation. According to a recent survey by PwC, 44% of US CEOs believe GenAI will boost their profits this year. CEOs are leveraging GenAI to enhance efficiencies, improve products, and drive profits. The key steps involve identifying which parts of the business can benefit from GenAI and how to scale its use effectively. This technology is not just about automating tasks but also about providing new insights and speeding up innovation (McKinsey & Company) (PwC).
Many CEOs are focusing on optimizing operating costs to drive growth. This involves integrating new technologies and improving operational efficiencies. The use of GenAI and other digital tools can help reduce costs and speed up innovation (McKinsey & Company) (Deloitte United States).
Top priorities for some businesses are fast-tracking productivity, automation, and other strategic initiatives to better serve their customers in a digital and network environment.
Businesses that have primarily leveraged personal engagement are finding new technologies to deliver their services. Those that have a digital channel are extending technology to better meet customer needs. B2B purchasers and consumers are accelerating the adoption of the digital sales channel. A report by McKinsey indicates that digital interactions are now two to three times more important to customers than traditional sales interactions.
All of this includes ensuring that the technologies which capture data follow strict privacy rules and cybersecurity best practices within the company, as well as new third-party collaborations.
We’ve long recognized the shortage of a skilled workforce in IT and cybersecurity, and this continues to increase the gap. Some businesses have put hiring on hold or are juggling current staffing strategies. Others are trying to contract with experienced engineers for immediate needs, as well as IT solutions for the emerging business environment.
An IT MSP (Managed Service Provider), like Protelligent®, is an alternative strategic and cost-effective solution to the challenge of finding skilled people within this new workforce. They give you direct access to expertise, flexibility, and IT solutions to fit your business needs.
Protelligent works alongside your teams to help provide the levels of strategy, service, and support required in times like these, including the necessary IT and security training for your team.
For a variety of reasons, some businesses may have to downsize or close altogether. If this occurs, it is not the time to forget one’s IT security and compliance responsibilities.
Leaving sensitive data and personal information on drives would be in breach of increasingly stringent regulations. The General Data Protection Regulation (GDPR), which came into force in 2018, imposes significant financial penalties for non-compliance.
As layoffs happen, don’t forget passwords, email, company presentations, confidential documents, customer information, etc. – all are created and saved on company devices and must be managed accordingly.