Market trends

The 5 biggest challenges for CIOs in 2024

Joris De Groot

Written on 25 Apr 2024

Joris De Groot
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With the advent of A.I. technology and increasing reliance on digital assets, CIOs face new challenges and responsibilities. In this article, we look at the current business environment and discuss the top five challenges CIOs will face in 2024. Global business trends have a direct impact on the main challenges:

1. AI-driven digital transformation

The digitisation of business processes and systems continues at a rapid pace. The revolution in AI technology offers great prospects for everyone. On the other hand: missing the AI train means you will fall significantly behind your competitors. At the same time, it is clear that AI is still in its infancy, sometimes even scaring the crap out of its own inventors.

CIOs should be attentive to choosing the right A.I. architecture and associated data governance. The presence of a good database architecture offers a big advantage in this, as it makes the step to applied A.I. technology smaller.

You also need to ensure that this digital transformation supports business objectives and contributes to a better customer experience. In this, examining the potential use cases and properly evaluating the return-on-investment is always the best way to start.

2. Data privacy and security

Data privacy - and security - remains one of the biggest concerns of CIOs. The IT war is in full swing and the number of malicious actors is increasing by the day. Companies are collecting more and more data from customers and employees, making them more susceptible to cyber attacks and data breaches.

In the future, specialised quantum computing and A.I. acceleration will quickly bypass current encryption methods and spoofing detectors, so this challenge will only increase.

In 2024, CIOs will need to continue investing in the latest security technologies to protect their data from cyber attacks and to comply with new data protection laws and regulations.

3. Difficult economic climate

In a time of war and a less stable economic climate, budgets are handled more cautiously.

It becomes harder to defend investments as a CIO. Outlining the right technology roadmap and strategic direction was always important, but even more so today. That makes it harder to start innovating or investing in rather risky ventures. While innovation is just what is needed to keep up with technological revolutions going on today.

4. Data migration

Migration to the cloud -and modern data services-will continue to be a major challenge for CIOs in 2024. Many companies have already started migrating to the cloud, but for some it remains a difficult challenge. CIOs will need to ensure a successful migration without compromising business operations. This may mean developing new skills and establishing new processes to ensure a smooth migration.

5. Cost management

Growing dependence on IT systems coupled with inflation and unstable economic cycles also continue to increase IT costs. In 2024, CIOs continue to face the challenge of keeping these costs under control.

Future-proof collaboration contracts have become all the more important. This may mean looking at new ways to cut costs, such as outsourcing IT services or using open source software. In addition, CIOs will need to continue investing in the latest technologies to stay competitive and grow.

Conclusion

These challenges are achievable, but at the same time they pose a tough challenge. Sharing experiences and collaborating with your local partners becomes more important than ever. To be ready for these challenges, you need a digital roadmap, because the investments ahead are impossible to manage in one year. Finding the right balance between innovating and protecting will be difficult. Surviving the AI revolution is only possible by closely monitoring progress.

As CIO, you are tasked with preparing your organisation for tomorrow's digital reality. Is your organisation ready for a digital transformation?

Our experts devised a digital maturity scan.

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