Chief Information Officers (CIOs) are responsible for staying on top of technology trends and owning the overall technology and IT strategy for an organization. With the technology landscape continually evolving, it can be difficult to ensure your organization’s technology stacks up and that you are spending in the right areas. Demand for robust technology has never been higher, and industries are expecting IT leaders to deliver solutions that are cost-effective and address multiple needs.
As a CIO, what areas are you prioritizing in your organization’s technology budget? Having a solid spending strategy is key to accomplishing business goals and providing a seamless work experience for both clients and team members. Here are 4 key areas CIOs are investing in to remain competitive in today’s evolving marketplace.
1. Funding secure and stable systems.
CIOs want to ensure that their systems are working for their business goals and not against them. One of the top areas CIOs are spending in is confirming that the current systems they are funding are secure and meeting the needs of their organization. Many CIOs are spending toward application programming interfaces (APIs) so that their data can flow seamlessly between their systems without inconsistencies or instabilities. We’re seeing CIOs strategically use APIs to future-proof their systems by creating a digital ecosystem of integrated platforms that drive data insights and results for the long term. With systems communicating effortlessly and generating consistent data, CIOs can rest assured that their technology stack can be utilized for years to come.
In the past couple of years, cyber-attacks have become the 3rd largest market in the global economy and are only continuing to grow. Investing in a robust cybersecurity strategy and ensuring proper protocols are in place has never been more important for CIOs to protect their organization. From routine security assessments to network security, cyber insurance, and more, there are many avenues that CIOs are allocating their budget toward to ramp up security procedures and employee training if an attack does occur.
3. Modernizing legacy operating systems.
Most organizations have legacy systems and want to continue getting value out of them. Purchasing a new system is often costly and requires change management and implementation, two areas that take time to accomplish and can cause hiccups in overall operations. Although there are long-term advantages to purchasing new software, CIOs are armed with both the technical aptitude and business acumen to determine the best course of action.
4. Unlocking useful data.
Organizations generate a tremendous amount of data on a daily basis. For that reason, Business intelligence and analytics is a top-of-mind topic for organizations leading in their space as they use actionable insights to drive business decisions and streamline operations. CIOs are investing in options to achieve that goal and unlocking useful data insights that are typically hidden or often overlooked by most organizations today.
With technology constantly changing and the demand for industry-leading software higher than ever, managing a technology budget as a CIO has gotten increasingly difficult, but knowing where others are prioritizing their dollars provides a great place to start. Every organization has different needs and goals they want to accomplish, so spending priorities will always differ, but the areas mentioned above are crucial for creating a long-term technology strategy that works for both clients and employees.
At BerganKDV, we partner with organizations to help them develop a strong technology and IT strategy. We offer managed IT services that provide innovative technology stacks with robust cybersecurity and game-changing virtual chief information officers (vCIOs) for smaller companies that may not have the resources for their own in-house IT team. Our technology experts work with clients to assess their technology needs and deliver the software solutions required to accomplish their goals.
Want to learn more about our managed IT service offerings? Contact us today and we would be happy to discuss them further with you! Let’s talk!