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Technology is evolving rapidly and presents a number of significant challenges for the IT department. Modern CIOs, CTOs and IT leaders must prepare appropriately for change to stay relevant and competitive through these challenges.
More and more companies are becoming increasingly dependent on technology. The approach that remains successful for most companies is to outsource IT services in areas that are not part of their core competence. Outsourcing these areas or using workforce expansion, a specialized form of using outsourcing resources, is critical.
Inflation is another major concern, as production costs reduce profits for many companies. To succeed, IT leaders must push the boundaries and create solutions to stay afloat.
As technology changes, the challenges could present the perfect opportunity for IT leaders to deliver more business value than ever. Successful IT leaders identify these changes and immediately adapt to these evolving challenges. Here are a few measures to stay in business even as the world recovers from an economic recession:
Related: How Technology Can Succeed in Today’s Market Conditions
1. Find and retain talent with modern skills
The rapid growth of new technologies such as machine learning, AI and data science are becoming essential skills in the business world. And as a result, more companies could face an IT skills gap where the supply of qualified IT professionals does not match the IT skills needed. While most IT companies have a digital strategy, only a few have the skills to deliver these strategies.
The big challenge for CIOs is to bridge this gap while operating at full speed to maintain a competitive advantage. One way to do this is by paying a premium for quality skills or outsourcing IT consultants as you search for new talent.
2. Find out what works for your business
Use a data-driven approach to mitigate business risk and generate profit. Gather enough information before making significant changes to your business. Assess the facts, metrics, and data you have to make strategic decisions that align with your business goals, objectives, and initiatives.
Data and analytics are always critical to the success of an IT business. The pandemic has awakened most companies to step up their data efforts. Forbes reports a strong rise in data collection over the past decade, from 1.2 trillion GB to 59 trillion GB. But only a fraction of companies are leveraging the potential of this data to drive business success.
3. Allocate a reasonable budget to data management
Reserve a different budget for data initiatives such as data analytics and machine learning. The special budget allocation can lead to substantial cost savings through good implementation. It also simplifies things when your stakeholders are empowered to work with data when making decisions. In a rapidly changing IT world, strong data practices will be essential for the new era of business.
Related: Trends That Will Shape the IT Industry in the Years to Come
4. Build a ransomware strategy
CIOs and CTOs must act proactively to combat the risk of a ransomware attack. Malware software holds ransom money for your business by encrypting files on an infected network or computer and making them inaccessible.
And so, you have to pay ransom to restore file access. Unfortunately, these attacks are on the rise and can cause severe downtime for your services while you troubleshoot these issues. Cyber attacks are lucrative as attackers realize that companies would rather pay ransom than lose their confidential business documents.
IT leaders can’t wait for a system attack to make a plan. A ransomware strategy is a top priority for top CEOs. It is aimed at those who want to keep valuable information away from prying eyes and avoid business outages.
5. Practice Innovation Leadership
Innovation leadership combines different techniques for motivating employees to develop creative ideas for creating innovative products and services. The innovation leader supports the company’s mission and vision to achieve the desired results.
As new technologies and processes emerge, organizations are innovative to ensure their continued success and have a competitive advantage amid uncertain market conditions. IT companies are likely to struggle or even go bankrupt without visionary leadership.
Urgent challenges that require innovation include:
Working with limited resources
Respond quickly to business needs
Create specific solutions in the form of products and services that are not currently on the market
Embrace decentralized software
Cloud computing is here to revolutionize business, and most organizations are quickly adopting it. Software as a Service (SaaS) offers specific functionality that integrates easily with your business model and provides built-in applications to support your work.
In addition, because cloud services are subscription-based, you eliminate the extreme financial risk of having to build your own. You also do not pay the high costs for setting up a complex IT infrastructure in your business premises.
Integrating SaaS into your business also gives you a lot of flexibility. Since your apps and documents have external hosting, you can easily change your usage plan. This includes bandwidth and space requirements to meet your needs. You can also remotely access your software from anywhere as long as you have an internet connection.
And you don’t have to worry about data loss and downtime. The cloud backs up your software so you can restore it whenever you want.
Related: Closing the skills gap through innovation
6. Benefit from consistency
When you are consistent in your business, you can quickly gain valuable insights into your market, learn from your mistakes and potentially identify a new market niche. Keep learning from market insights through the good, the bad, and the ugly. Consistency helps you identify challenges and, in turn, opportunities that you can turn into a lucrative business idea.
The last takeaway
Technology managers are used to rapid changes. As new software hits the market, old ones evolve. And sometimes, market uncertainty has little to do with the IT industry, but does affect your business performance.
As a technology leader, you need to be very flexible. You need to quickly review and re-evaluate your business strategies to ensure you continue to innovate and keep your business profitable, even during economic volatility.