5 business technology predictions for 2023
It's 2023, and the world of business technology is on the cusp of major transformation. Here are 5 predictions for the year that CIOs should keep an eye on:
- Shortages in critical skills will limit the benefits from IT investments
“The skills issue isn’t that we’re not just training enough IT staff. The challenge is we’re creating new skills requirements and it’s taking time to fill them.” said Rick Villars, group VP, Worldwide Research at IDC.
As businesses around the world continue to invest in digital transformation, there is a growing concern about the scarcity of critical IT skills that are needed to capitalize on these investments.
Organizations must therefore prioritize the development of their IT talent pool in order to stay ahead of the curve. This could involve training existing employees, recruiting from outside sources, or partnering with a third-party vendor. The key is to ensure that the necessary skills are acquired in a timely manner so that companies can capitalize on the full potential of their IT investments.
- AI will receive the most net-new investment by organizations by the end of 2023
The future of enterprise technology is Artificial Intelligence (AI). According to the latest studies, AI will receive the most net-new investment by organizations by the end of 2023. AI technology is quickly becoming a game-changer in the business world, transforming how companies and organizations operate.
AI is helping companies improve their customer experience, streamline operations, and better understand their products, services, and customers. More and more businesses are turning to AI-based solutions to increase efficiency, reduce costs, and gain competitive advantages.
“Almost every organization by next year will be investing in some sort of AI capabilities, whether they’re using them or not, because their software vendors are going to be pushing them to,” said Brian Jackson, principal research director at Info-Tech Research Group.
- One-quarter of companies will deliver data products in 2023
Data-driven products are transforming the way companies do business, and the trend is only expected to grow. According to a recent survey, nearly one-quarter of companies plan to deliver data products in 2023.
“You really need to make sure that you’ve got your base data that’s fit for reuse and delivery through data quality and data governance efforts as a whole,” said Kim Herrington, senior analyst at Forrester.
With data products, companies can better understand customer needs and develop more effective strategies. By leveraging data-driven insights, companies can create better customer experiences and drive more revenue.
- A recalibration of enterprise strategy will drive 15% growth in IT investment next year
“I do think that there will be targeted spend around things like modernization, which is a big focus for organizations, but also supporting their workforce as they think about their hybrid working environment,” said Bola Rotibi, chief of enterprise research at CCS Insight.
With a recalibration of strategy, businesses can ensure that their IT investments are best utilized to tackle the most pressing business challenges. This can be done through the implementation of new technologies, the modernization of legacy systems, and the development of new processes and workflows.
These changes can lead to a 15% growth in IT investment next year, enabling businesses to stay competitive and remain well-equipped to take on the ever-changing market.
- Data literacy will become an explicit and necessary driver of business value, demonstrated by its formal inclusion in over 80% of data and analytics strategies and change management programs.
Data literacy is quickly becoming an essential driver of business value and is now formalized in over 80% of data and analytics strategies and change management programs. Data literacy is more than just managing data - it's about understanding the context and implications of data, having the ability to interpret data, and using the insights to inform decisions. This requires a combination of technical and analytical skills, as well as the ability to interpret, communicate and collaborate effectively.
“A data-literate workforce is central to an effective D&A program and critical to driving measurable business outcomes,” said Gartner Analysts Sumit Agarwal and Joe Antelmi in a report. “With the expansion of self-service analytics initiatives, business teams are empowered to analyse data and generate insights.”