CIOs Top Five Priorities for IT Investments 2020
- Posted by Adham Jan
- On June 25, 2019
The IT department is the nucleus of every industry today. There is simply no way to compete without placing a priority on the types of digital transformation that offer your end users the best customer experience. For CIOs, that means that the road forward is as quickly changing as the path to get here.
In every industry, we see the need for robust IT teams. In many cases, the CIO is no longer managing an extensive in-house team. They’re finding ways to outsource tasks while prioritizing strategies. In 2020 and beyond, there will be an even greater push to use cloud computing to keep businesses constantly in the loop. Information is secure and updated in real time. This direction means that team members are often global.
As the priority on customer experience and convenience rise, CIOs will continue to delve into IT investments that meet the current and future demands of the market. So what does that mean for your budget in the coming year?
1. Digital Transformation Remains a Priority
Digital transformation has been the rallying cry since 2018. But that transformation isn’t so much a destination as a travel plan. As the technology continues to evolve, we’ll see more and more priority on creating, editing, revising, executing, and then revising again when it comes to your digital transformation strategy. Artificial Intelligence is certainly coming into play in some real and sometimes surprising ways. As your company invests in new technology to streamline processes and automate mundane tasks, AI will continue to push the envelope for your business.
2. Customer Experience and its Place in Your Strategy
Customer experience is the driving force behind a large portion of your IT investments. There are, of course, other motivations. But customer experience is the key to bringing value to your consumer. There are many ways that your company can invest in new IT to improve the customer experience in 2020. Some investment possibilities include AI options, like chat box, that allow your customer constant access to help for basic questions and issues. Many companies are also finding ways to upscale their traditional programs to allow for real time gathering of data to better serve the customer at the moment. Some options might include check out kiosks to help consumers find products that are personalized for them.
Integrating current and past data with ongoing cloud computing and real time analytics are some of the things that the customer won’t necessarily understand but will aid in better overall experience on their end.
3. Security Is Critical
All the concern over customer experience and AI might lead you to believe that security takes a back seat in the investment plans of 2020. The truth is that security will continue to be a major concern for the duration. As more and more technology rolls out to better serve your company and the consumer, hackers will continue to study ways to take advantage of breaches and loopholes in coding. They’re also very adept at using human error, such as weak passwords and poor security protocols among employees, to gain access to secure data. As we move into 2020 and beyond, there will be new security options to help make your data more secure without compromising your company’s ability to compete with other companies offering instant and excellent customer service.
4. The Low Code / No Code Options
Low code applications allow you to create unique workflows with relative ease. These are often called drag and drop, because the bulk of the programming is already there to build your workflow by simply taking different widgets or coding and moving it the place you’ve deemed correct for your uses. With low code applications, developers can personalize these functions even further by adding their own coding.
No code applications allow anyone, without any programming knowledge, to create their own workflow in the same drag and drop manner. With no code, you wouldn’t need to add coding, you’d use the out of the box creation already available. These two options offer some excellent benefits for your IT needs. It saves a wealth of time because you don’t need highly trained developers to create very professional, fully functioning applications. They also bridge the gap between your industry’s expertise and your IT department. These workflows can be created by business experts who understand nuances of the industry, and they’re easily understood by executives and employees. In short, these options can streamline the workload for your very overbooked IT department.
5. Investing in Application Modernization
Legacy systems can hinder your progress into the next phase of technology simply because they segment the data. We talked a bit about application modernization in the section of customer experience. There are seven different modernization approaches and your company will need to spend time developing a cohesive strategy to allow for streamlined modernization without wasteful spending. Often, it will be a matter of prioritizing where to integrate and at what schedule. Trying to modernize all of your legacy applications at once proves too costly for most companies.
When you take a step back and look at the big picture, the priorities for your IT investments will prioritize your customer’s experience in some way. These may be necessary backend upgrades that the customer will never see but will enable your system to better personalize their experience. Some of your investment dollars may be earmarked for legacy upgrades which will ultimately help consumers. Security investments continue to be imperative as new threats continue to evolve, though this particular expenditure makes it difficult to fully judge the ROI.
