Chief Information Officers (CIOs) are responsible for staying on top of technology trends and owning the overall technology and IT strategies for an organization. With the technology landscape continually evolving, it can be difficult to ensure your organization’s technology stacks up and that you’re 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. Below are four areas CIOs are investing in to remain competitive in today’s evolving marketplace.
1. Funding secure and stable systems
CIOs want to make sure their systems are working for their business goals and not against them. One spending priority for CIOs is confirming all their current systems are secure and meeting the needs of their organization. Many CIOs are investing in 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 may feel more confident knowing that their technology stack can be used for years to come.
2. Focusing on Cybersecurity
In the past couple of years, cyber-crime has become the third-largest market in the global economy, and it’s 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 training to increased network security, cyber liability insurance and more, there are many avenues CIOs are allocating their budget toward to ramp up security procedures and mitigate their risk of a potential data breach.
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. Instead of opting for new systems, we’re seeing more CIOs focus their attention and budget on ways to improve and upgrade existing systems. And if a new system is the answer, CIOs are seeking solutions that promote integration and scalability so that their organization can get the most out of them.
4. Unlocking useful data
Organizations generate a tremendous amount of data on a daily basis. For that reason, business intelligence and analytics (BIA) has become 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 ways to elevate their reporting and tap into useful data insights that are typically hidden or often overlooked by most organizations.
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. Knowing where other technology leaders are prioritizing their dollars can help you determine what changes need to be made to your budget, if any. Every organization has unique needs and goals they want to accomplish, so spending priorities will always differ, but the four areas mentioned in this article are crucial for creating a long-term technology strategy that works for both clients and employees.
At Creative Planning Business Services, we offer managed IT services that provide innovative technology stacks with robust cybersecurity and game-changing virtual Chief Information Officers (vCIOs) for organizations that may not have the resources for their own in-house IT team. Our team works with clients to assess their technology needs and deliver the software solutions needed to help them toward their goals.
Want to learn more about our managed IT service offerings? Contact us today — we’d be happy to discuss them further with you!
