Top 5 Challenges that CIOs Face in 2016

The Top 5 CIO Challenges for 2016
The role of CIOs has been evolving rapidly recently due to the incredible advancements in technology. In the past, CIOs were mainly focused on the technical aspects of running their department, whereas nowadays they not only look after technology, but also help the business to grow. Therefore, it is essential that CIOs work closely with other departments to help drive the business forward. Let’s face it – it’s been said already that the toughest job in the corporate world today is the CIO’s, but it is also the most interesting one as they get to work in leading the digital transformation journey. However, CIOs needs to constantly change and adapt to new business environments to stay competitive and relevant.

#1: IoT
The Internet of Things is not the next big thing. Instead it’s already here; with the likes of wearable technologies, Google Glass, self-driving cars, and everything being robotic, CIOs are in a difficult position. Recent research by Cisco has shown that there will be 50 billion devices connected to the Internet by 2020. Indeed, CIOs should be paying attention to this challenge and make plans for how to better deal with it. Emerging technologies such as IoT will create a significant challenge for CIOs, therefore it is essential for them to get involved with their relevant stakeholders to leverage IoT into their overall IT business strategy.

#2: Big Data
Data is everywhere nowadays – there is more data now than there has ever been before, but the question remains as to what we should do with it. It’s a complex challenge for CIOs who need to know what to do with this data and how can we improve our business by leveraging it. A study by Accenture indicates that 66% of top executives claim that they may lose their market position in the next three years if they do not adapt a Big Data strategy. It is evident that Big Data will make businesses adapt quicker and CIOs must take a leading role in creating a Big Data framework focused on agility, flexibility and rapid decision-making.

#3: Security
It’s a fact that security is one of the biggest challenges CIOs face these days. A report carried out by CyberEdge states that around 52% of IT managers around the world expect a cyber-attack in 2016. Without a doubt, dealing with data leakages will continue to remain a high-priority task for CIOs. Thus, CIOs should find a balance between innovation and technology in order to create a comprehensive security strategy that includes technology, processes and policy measures.

#4: Digital Transformation
Transformation has become a buzzword these days among CIOs. Studies shows that CIOs expect their digital budget to go up from 16% to 27% during the next few years. Almost all organisations are finding it difficult to make digital a competitive advantage. A recent research by Accenture revealed that digital transformation needs leadership that aligns with other relevant stakeholders with a shared vision.

#5: People
It is widely accepted that recruiting and retaining talent, especially IT talent, is another significant issue that CIOs have these days. The lack of experienced IT staff is posing a huge challenge to businesses worldwide. It’s often been said that finding the right talent is a top barrier to success for CIOs. As a result, it is crucial for CIOs to come up with a plan and make attracting the right IT talent one of their top priorities, as well as using creative ways to build a strong platform to hire, train and retain top talent.

Conclusion
As mentioned above, in today’s digital economy, CIOs face several challenges such as IoT, Big Data, security, digital transformation and finding and retaining IT talent. Given the complexity of those issues, CIOs must look for opportunities to engage with the right IT outsourcing company in order to deal effectively with this matter and come up with a strategy that is aligned with overall business and corporate strategy. As one of the leading IT outsourcing companies, Kosbit has had extensive experience in assisting many CIOs in meeting and dealing successfully with those challenges.