From right-sized AI governance to enhanced customer
experiences, Info-Tech's latest report highlights the top five
priorities that CIOs must consider in 2024 and beyond to launch
exponential value creation.
TORONTO, April 18, 2024 /PRNewswire/ -- As artificial
intelligence continues to reshape the digital landscape, CIOs and
IT leaders are at a pivotal point, tasked with navigating the
profound opportunities and challenges this disruptive technology
presents. The CIO Priorities 2024 report from Info-Tech
Research Group explores the critical capabilities and initiatives
CIOs must prioritise to effectively leverage generative AI. Drawing
from the insights of the firm's Tech Trends 2024 report, the
CIO Priorities 2024 report includes a comprehensive industry
analysis and outlines five key initiatives poised to drive
significant value across diverse organisational contexts in
2024.
Info-Tech's research offers a strategic roadmap for CIOs and IT
leaders to not only address but capitalise on the transformative
potential of generative AI, ensuring their organisations can thrive
amid the surging exponential growth of technological
innovation.
'In our assessment of the 2024 IT landscape, generative AI
emerged as the clear trend, a focal point of our Tech Trends
2024 report,' states Brian
Jackson, Principal Research Director and lead analyst for
the report. 'This technology introduces significant
opportunities and challenges. The critical question for CIOs and IT
leaders is which capabilities need enhancement to leverage these
opportunities and which initiatives should be prioritised to
navigate the accompanying enterprise risks effectively.'
According to the CIO Priorities 2024 report, the 2024
landscape demands that CIOs and IT leaders transcend traditional IT
management roles to become the drivers of innovation, with
generative AI serving as the critical vehicle in this journey. This
evolution necessitates a comprehensive evaluation of organisational
capabilities, identifying areas ripe for AI-driven transformation.
The research emphasises that this transformation is about
reimagining processes, unlocking new efficiencies, and navigating
the complexities of integrating such advanced technology. The
report provides a strategic framework to navigate this intricate
landscape, empowering IT leaders to fully leverage generative AI's
potential within their organisations.
'Generative AI is one of the few technologies that almost all
of our CIOs are being asked about by the Board or CEO,' says
Michelle van Wijk, an Executive
Counselor at Info-Tech Research Group. 'In order to be
successful, CIOs have to identify opportunities and risks, build
platforms to take advantage of the technology, manage the
increasing number of core systems that incorporate AI, as well as
inform and educate their CEO and Board.'
Published in February 2024, the
report is informed by extensive research, including Info-Tech's
Future of IT survey and in-depth interviews with CIOs from a
diverse range of industries and geographical locations. This
comprehensive approach ensured a broad level of insights, capturing
the experiences of leaders from large organisations with over 2,500
employees to smaller entities and spanning IT budgets from under
$1 million to over $100 million.
The industries represented in the study were equally varied,
encompassing Media, Technology, Construction, Transportation,
Government, Manufacturing, Gaming & Hospitality, Financial
Services, and Not-for-Profit sectors. The international perspective
of the respondents, from regions including the US, Canada, the Middle
East, Great Britain,
India, Central America, and South America, added a global dimension to the
research.
To delve deeper into the different levels of IT department
maturity and its impact on organisational priorities, Info-Tech
segmented the survey respondents into two groups based on their IT
maturity levels: high maturity and low maturity. High-maturity
respondents, totalling 154, identified their IT departments as
either "expanding" or "transforming the business," indicating a
strategic role of IT in driving business growth and innovation. In
contrast, the 530 low-maturity respondents described their IT
departments as at the "struggling," "supporting," or "optimising
the business" stages, highlighting a more foundational or
operational focus.
The segmented approach allowed for a nuanced analysis of how IT
maturity influences priority setting and strategic planning,
revealing insights about how more mature organisations are pursuing
opportunities and mitigating risks as AI cascades through the
industry. By examining the priorities and planning decisions of
high-maturity IT departments, Info-Tech's report aims to offer CIOs
and IT leaders a valuable starting point for developing their list
of priorities for 2024 and tailoring them to their organisation's
unique context and goals. The following priorities are what the
firm recommends be top of mind for CIOs and IT leaders over the
coming months:
- Augment the Business with Generative AI. The firm's
survey findings indicate a cautious approach toward adopting new
generative AI features among organisations, particularly those with
lower IT maturity. This caution is possibly due to vendor risk or
intellectual property concerns. In contrast, high IT maturity firms
are more proactive, with more than half reporting either planning
to apply for beta access to new features or planning to move ahead
upon their general availability. CIOs and IT leaders need to
strategically integrate Gen AI capabilities into business
processes, deciding whether to develop in-house solutions or
procure them.
- Right-Size AI Governance. The report explains that
organisations are facing a balancing act with risk management and
fostering innovation. When asked about who is responsible for AI
governance, 30% of respondents from both high and low IT maturity
organisations reported that it is the role of the CIO. Furthermore,
only 20% of low IT maturity and 32% of high IT maturity
organisations stated that they use explainable models as part of
their AI governance. This year, CIOs and IT leaders must design and
establish AI governance frameworks that provide necessary oversight
and specific policies that align with existing risk management
practices without imposing bureaucracy and auditing that stifles
innovation.
- Update Vendor Risk Assessments. The research
underscores the increasing threat of supply chain attacks, where
cybercriminals exploit vulnerabilities in the software tools and
services used by organisations. This threat makes companies
susceptible to the risks of their vendors. Survey results indicate
that IT leaders from both low and high IT maturity groups perceive
third-party vendor vulnerabilities as a moderate concern, rating it
as a 3 out of 5, potentially underestimating the risks. According
to the survey, 51% of low IT maturity organisations plan to
increase their cybersecurity budget by 1%-10% over the previous
year, while that number is at 38% for high IT maturity
organisations. To mitigate these threats, especially those related
to AI, Info-Tech advises that CIOs and IT leaders establish or
update their vendor risk assessment programs to include AI-specific
considerations.
- Exponentially Increase Innovation. According to the
survey data in the report, CIOs identified innovation as a key
driver for maintaining competitiveness and enhancing customer and
employee experiences. Survey data shows that 46% of high IT
maturity organisations have conducted a pilot or done more advanced
integration of AI into the business, compared to only 27% of low IT
maturity organisations. Despite AI being earmarked as a primary
area for new investment in 2024, many organisations report not
having conducted proofs of concept or pilots with AI to validate
business cases. Nearly 50% of high IT maturity firms have already
invested in AI and plan to invest more in 2024 versus 30% of low IT
maturity firms. To harness AI's full potential, CIOs and IT leaders
must prioritise expanding their exploration of AI use cases, moving
from ideation to pilot testing more rapidly.
- Exponentially Improve Customer Experience. Analysis
of the survey data reveals that IT leaders are moderately concerned
about potential disruptions to their organisations due to changing
customer behaviours, second only to cybersecurity incidents. With
60% of respondents emphasising customer relations and 59% focusing
on customer service in their digital transformation efforts, the
emphasis on customer-centric areas is evident. CIOs recognise the
potential of AI to significantly improve customer interactions,
either by refining the way their organisations connect with
customers or by integrating AI into ongoing digital transformation
efforts. By embedding AI into customer journey interactions, CIOs
and IT leaders can automate, augment, and reduce friction at every
point of the customer journey, accelerating service delivery and
enhancing overall satisfaction.
The CIO Priorities 2024 report also includes insights in
the form of case studies from technology experts at organisations
such as the Phoenix Suns, Aecon Group Inc., Alliance Resource
Partners LP, Year Up, and Brosnan Risk Consultants.
As organisations navigate the complexities of a rapidly evolving
digital landscape, the CIO Priorities 2024 report outlines a
roadmap for IT leaders seeking to harness the full potential of
generative AI and drive exponential value creation. With
comprehensive insights, practical case studies, and strategic
recommendations, the report will equip CIOs and IT leaders with the
knowledge and tools necessary to transform challenges into
opportunities, ensuring their organisations not only adapt but
thrive in the face of technological advancements.
For exclusive media commentary from Brian Jackson and , experts on technology trends
and CIO strategy, or to access the complete CIO Priorities
2024 report, please contact pr@infotech.com.
About Info-Tech Research Group
Info-Tech Research
Group is one of the world's leading information technology
research and advisory firms, proudly serving over 30,000
professionals. The company produces unbiased and highly relevant
research to help CIOs and leaders make strategic, timely, and
well-informed decisions. For more than 25 years, Info-Tech has
partnered closely with IT teams to provide them with everything
they need, from actionable tools to analyst guidance, ensuring they
deliver measurable results for their organisations.
Media professionals can register for unrestricted access to
research across IT, HR, and software and hundreds of industry
analysts through the firm's Media Insiders program. To gain access,
contact pr@infotech.com.
For information about Info-Tech Research Group or to view the
latest research, visit infotech.com and connect
via LinkedIn and X.
Media Contact: Sufyan Al-Hassan,
Senior PR Manager, Info-Tech Research Group,
salhassan@infotech.com | +1 (888) 670-8889 x2418
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