challenges, trends and the future of technology • Foundry

Since the dawn of digital transformation, the CIO’s role has become almost fluid with the level of adaptation it has made. In fact, 87% of CIOs are more involved in leading digital transformation initiatives compared to their business peers. So what should CIOs expect this year? And what do the boots-on-the-ground CIOs report back?

At Foundry’s Inspire to Connect event, CIO.com’s editorial team drew on their vast industry knowledge, constant dialogue with CIOs, and recent industry studies to provide valuable insights into the ever-evolving landscape of digital transformation. Speakers included myself, CIO, Ken Mingis, Executive Editor, Computerworld US, Amy Bennett, Editor-in-Chief, CIO, Computerworld, CSO, InfoWorld and Network World and Ann Bednarz, Executive Editor, Network World.

“IT leaders want to make sure they stay on top of what’s happening in the technology world, and figure out how to get the right information to make the best decisions for the next five years.”

Ken Mingus, Executive Editor, Computerworld, USA.

Here, we dive into the insights of CIOs on topics crucial to understanding today’s technology buyers and navigating a dynamically changing technology landscape:

What are the everyday challenges or pain points that we may not be aware of in their roles as technology leaders?

Faced with everyday challenges such as security threats, economic uncertainty and the operationalization of AI, as well as a rapidly evolving landscape to navigate, the job of a CIO is no easy task. According to Foundry’s 2024 State of the CIO research, 85% of CIOs agree that the CIO is becoming a change maker, increasingly leading business and technology initiatives. Additionally, 80% of CIOs agree that they are tasked with researching and evaluating potential AI additions to their technology stack.

CIOs everyday challenges and pain points:

CIOs are addressing issues such as constantly evolving threats, the specter of ransomware attacks, and the heightened attention of board-level stakeholders. Faced with the technology skills gap and the erosion of traditional career paths, CIOs are challenged to build and retain a skilled workforce. In the area of ​​innovation, CIOs are pushing digital and innovation agendas, while facing barriers related to implementing generative AI. Staying abreast of happenings in the technology world is a top priority for CIOs, ensuring they are well informed and adaptable. Budget alignment is a persistent challenge for CIOs who must strike a balance between allocating resources to maintain existing systems and investing funds for new innovations.

What are IT leaders and technology buyers reading, and how are they consuming that information?

Tech buyers use a diverse range of sources to gather information about technology innovation trends and supplier options. However, 87% of IT buyers say it’s challenging to find high-quality content. The challenge lies in filtering through the abundance of information and emphasizing the need for curated, reliable sources. So where do tech buyers turn to find their high-quality content?

Types of content and information technology buyers consume:

Technology buyers still rely on traditional sources such as industry conferences, publications and established vendor relationships, recognizing their enduring importance despite the evolving landscape. Online resources such as technology websites, blogs, and social media platforms play a significant and dynamic role in keeping IT decision makers abreast of the latest developments in technology. Peer networks and professional associations contribute significantly to knowledge sharing and provide opportunities to learn from peers in the industry, improving understanding of market dynamics.

What are the most important pieces of data that IT leaders rely on while making a cybersecurity investment decision?

Faced with the pressure to demonstrate return on investment (ROI), IT leaders prioritize this key aspect when making investment decisions. Here are some key KPIs and areas of information that IT leaders rely on when making cybersecurity investment decisions:

IT leaders prioritize ROI over price. Their main focus is to achieve tangible returns with a clear timetable. There is considerable pressure on demonstrating ROI in IT product purchases. Providers are expected to recognize and address the pressures involved in these decisions.

“IT leaders are looking for successful acquisitions and a clear return on investment, with a growing emphasis on the need for meaningful customer connections and insights from real-world implementations.”

Amy Bennett, Global Editor-in-Chief for CIO.com.

Along with important pieces of data, the top technology initiatives driving investments are security risk management (45%), machine learning/artificial intelligence (AI) (44%) and business process automation/IT automation (44%). These initiatives represent a proactive response to the challenges and opportunities presented by the digital age.

How do you undertake the buying process? The stages, the resources and the teams involved?

CIOs play an important role in the buying process and in deciding on strategic investments for the organization. Working closely with other stakeholders, 79% of CIOs have a strong educational partnership with the CEO/board. In 2024, greater emphasis will be placed on working more frequently with line of business managers during specific stages of the technology purchasing process such as determining business needs and evaluating products and services.

The stages, resources and teams involved in the technology buying process:

Stability and reliability in suppliers is of crucial importance, which aligns with the long-term plans of organizations to ensure continued efficiency and support. Operating in a global marketplace, it is increasingly important for IT leaders to stay informed about global events, as technology decisions have widespread impacts. Awareness of the global context is key to making informed and strategic choices. Recognizing the trend of increased collaboration and shared processes between network and security teams, IT leaders are navigating a complex decision-making landscape. With an average buying team size of 25 people and months of research, decision making involves careful consideration. IT leaders prioritize making sure new products work well with their current systems. They want to avoid buying something that ends up unused with features they don’t need. Understanding how a product integrates and its practical use is crucial for them.

Challenges of messaging to the data audience while driving a business outcome standpoint.

When it comes to reaching B2B and IT audiences, creating compelling messages is essential to business success. Tailoring your messages properly involves understanding the unique challenges and priorities of your audiences.

Approaches used by CIOs to craft messages to reach and connect with a data audience:

Prioritize understanding customer challenges rather than promoting a specific point of view in pitches. Emphasize the importance of establishing a genuine customer connection in pitches. Look for pitches that offer a realistic view, including success stories and challenges customers face. Actively seek out client connections and stories that provide valuable lessons to readers. Recognize the value of contacting companies that have deployed the technology and sharing practical experiences.

“It is crucial to shift the focus from driving a specific point of view to addressing the challenges of clients, ensuring that the story resonates with their real struggles and aligns with the ultimate goal of achieving meaningful business outcomes .”

Amy Bennett, Global Editor-in-Chief for CIO.com

What trends will we see in technology leadership and technology purchasing in 2024?

As budgets rise and the digital landscape continues to evolve, this year will be shaped by notable trends in technology leadership and technology purchasing. Security, rising costs and investments in AI dominate the top three reasons why budgets will increase in 2024. These trends highlight how important it will be for technology leaders to encourage growth and innovation.

Trends CIOs Identified in Technology Purchasing for 2024:

Generative AI (Gen AI) takes the spotlight in 2024 and introduces challenges associated with its adoption. Tech companies are focusing on upskilling workers and making strategic investments in the existing workforce. Amid transformative shifts in the labor market, a key focus on skills development is emerging. There will be a significant emphasis on sustainability-driven procurement reflected in the IT landscape. Increasing interest is observed in energy-efficient servers, and sustainability metrics are becoming an integral part of decision-making processes in the industry.

Closure

CIOs are positioned to play a pivotal role in driving growth and innovation amid transformative changes in the digital age. In 2024, the CIO will face numerous challenges, including those around increasing security threats and AI adoption. Despite this, the role of the CIO is stronger than ever as their visibility within the business continues to increase and technology budget growth is positive.

Want deeper insights into the evolving role of the CIO? Download Foundry’s latest research, State of the CIO 2024.

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