3 Major Challenges CIOs and CTOs Will Face Over the Next 5 Years

The role of the modern CTO and CIO has been ever-evolving over the last few years. What was once a purely technical role has now been transformed into a balancing act between driving new strategic initiatives and managing IT operations.

In 2021, given the season of disruption and uncertainty the world is in, one thing is certain — change is inevitable. In fact, according to a recent study, 44% of organizations expect a fundamental shift in their product/service offering or their business model over the next three years.

In such a scenario, what are the top IT challenges that CIOs and CTOs are expected to face over the next few years? Let's explore.

1. Security and data protection

Countries worldwide have begun to implement stringent data regulation policies, which means that CIOs and CTOs have to devote extra time and attention to data management. For instance, the EU introduced their new GDPR policy in 2018, while the recent California Consumer Privacy Act (CCPA) requires organizations to rewrite their existing policies in accordance with the new regulations.

And so, over the next five years, CTOs and CIOs will have to update digital policies, introduce better security measures to safeguard data and keep a tight grip on data flows within the business.

2. Digital Transformation

In 2021, digital transformation continues to be a hot topic, especially among C-suite executives. In fact, in a recent survey, 93% of CTOs and CIOs believe that their organization is either in the process of implementing digitalization or plans to within the next few months.

However, according to McKinsey, there is only a 45% chance that an organization's digital transformation project will deliver the expected profits. And so, to ensure success, CIOs and CTOs will have to:

• Invest in skilled talent
• Create clear priorities and link them to measurable business outcomes
• Adopt agile practices

3. Bridging the Skills Gap

With organizations worldwide accelerating their digital transformation efforts, the demand for skilled tech talent is at an all-time high. Recent research shows that eight in ten CIOs are worried about not having the right mix of tech skills available within the organization.

To address this issue, some businesses are turning towards contract workers. However, this is a short-term solution that isn't sustainable in the long term. It also presents other challenges such as data security and IP protection.

While 2020 was one for the record books, the next five years are a time of enormous change for businesses — a period that will transform the challenges that CTOs and CIOs face into a sustainable and secure business model.

Source:http://www.apsense.com/article/3-major-challenges-cios-and-ctos-will-face-over-the-next-5-years.html

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