5 Things On CIO's Minds Heading Into 2024
Technology has become increasingly important in driving business success, and in recent years, CIO’s have earned a seat at the table and are proving that their role in defining business strategy is critical. In today’s digital world, CIOs must help their companies utilize technology as a business differentiator delivering innovative systems that are linked to business goals and objectives.
New technologies, such as generative AI, are poised to reinvent business processes and disrupt entire markets. CIOs must play a pivotal role guiding the business to think about things differently while harnessing the technology to create solutions for the business, customers and employees.
As we turn the corner to the final quarter of 2023, we see a trend in what is on CIOs’ minds looking into 2024.
1. Generative AI
- The impact of generative AI, including ChatGPT and other large language models (LLMs), will be a significant transformation driver heading into 2024. Technologists believe that this new type of technology is a game changer.
- Generative AI will be an essential part of business and technology strategy in 2024 and beyond and will take up a significant amount of technology budgets going forward.
- More than 50% of organizations IT and business decision makers have said they have generative AI on the near-term adoption track; and over 45% will spend a significant part of their budget on generative AI applications.
2. Data and Analytics
- With AI completely upending technology strategies and budgets, it will be essential for businesses to clean up their digital core and data in order for AI to be useful. Proactive CIOs will take steps to centralize, cleanse and prep unstructured data for use in generative AI.
3. Cyber Security
- Malware, ransomware and phishing attacks continue to cause havoc for businesses. As organizations become more digital, the likelihood of cyber-attacks will increase. In 2024, it will be paramount for businesses to invest in a robust cybersecurity platform and actively seek out cyberthreats. AI will also be a factor in helping detect and defend against these threats.
4. Digital transformation (DT)
- In 2024, DT will remain a priority for organizations as they try to remain competitive in this fast paced, technology driven world. CIOs will need to align their DT initiatives with all other business goals and objectives. DT will have to continue to evolve as generative AI capabilities are in high demand.
5. Workforce
- The demand for tech talent continues to be high and employers are now also seeking out expertise with generative AI tools. Generative AI is emerging as a valuable skill for technical roles such as software development, engineering and data science.
In this ever-changing digital world, CIO’s must help their companies utilize technology as a business differentiator. Keeping the above trends in mind, IT will be a critical piece of business strategy in 2024. CIOs will need to ensure their IT goals are aligned with business goals and that technology investments deliver maximum value and contribute to their organization’s success.
Unlocking Success with AI Strategy Consulting Services from NAC
In the rapidly evolving landscape of business and technology, artificial intelligence (AI) has emerged as a game-changing force. To harness its transformative potential, organizations are turning to AI strategy consulting services that provide tailored guidance on integrating AI technologies into their operations.
Notch Above Consulting (NAC) has built a team with diverse skills in AI, including researchers, data scientists and business strategists to help clients define a strategy and build customized roadmaps aligned to business goals. A well-defined AI strategy can drive innovation, efficiency and competitive advantage.
“Our strategy consultants work closely with businesses to develop tailored roadmaps that outline the steps required to implement AI effectively. AI can be like the wild west in many ways, so having a clear plan is paramount to avoid common pitfalls” says COO Matthew Sheehan.
It starts with defining a strategy that involves a holistic approach to align AI initiatives with business objectives. It’s not all about implementing new tools, but rather taking a top-down approach and digging into the current technology landscape to identify opportunities for AI integration and mitigating potential risks including data privacy and regulatory compliance.
The typical roadmap guided by NAC consultants entails:
1.) Assessing data quality and availability
2.) Talent and Skills development to identify gaps
3.) Change management to ensure a smooth transition to AI-powered processes
In a recent use case, NAC was approached to help a current client explore the benefits of AI-Powered features available in Salesforce and how to leverage them. By defining a strategy and assessing the current state within their existing technology, NAC identified multiple areas in which AI-powered features would be beneficial including: Sales & Marketing Automation, Predictive Analytics, Customer Service and Support, Sales Forecasting and Pipeline Management, Lead Scoring and Qualification, Intelligent Workflow Automation and Automated Data Entry and Cleansing to name a few.
In a world where AI is reshaping industries, it is imperative to understand that it’s not a ‘One-Size-Fits-All’ approach, but having a well-crafted AI strategy is paramount for success. AI strategy consulting services bridge the gap between technological capabilities and business objectives, enabling organizations to navigate the AI landscape with confidence. By partnering with experienced AI strategy consultants like Notch Above Consulting, businesses can unlock the full potential of AI and position themselves as leaders in their respective markets.
To learn more about Notch Above’s AI consulting services contact info@notchaboveconsulting.com to schedule a free consultation.
Consultant Spotlight
Ashwin Ratanchandani
Managing Director
Ash has been with the Notch Above team since it’s early days and has been a powerful contributor to the company’s vision and growth. Ash is constantly challenging himself and the team to stay current with the latest technology trends and enablers, and has brought significant value to our clients. With a background in computer science and years of experience working with leading tech companies, such as EMC (Dell), Ash is passionate about helping businesses harness the power of technology to achieve company’s objectives. Ash has helped clients with org redesign, cost optimization, Salesforce implementations and AI and Analytics. Ash has also helped recruit and attract new consultants to the team. Thank you Ash, for your commitment and dedication to making NAC a success!
NAC Celebrates 5 Years in Business
Notch Above celebrated their 5 year anniversary aboard the Adirondack III Schooner out of historic Boston harbor. It was a beautiful September night for a sail and the team took full advantage of the weather and rare chance to gather as a group to celebrate the milestone. Chartered by a team of professionals at Boston Harbor Cruises, the event was fully catered with delicious appetizers, beer and wine, allowing the team to enjoy the experience of sailing and taking in the beautiful city views that can only be seen on the water.
ceo corner
2023 has proven to be another year of uncertainty – will the economy recede or will the “slow but shallow” dip eventually turn? Will we have workers return to office, or will hybrid and at home work continue? What will happen with all this downtown office space? For us, we have largely ridden the wave. Our clients have continued to execute against strategic priorities. We are working with many clients on digital transformations, which involve new and flexible CRM and ERP solutions, improved ecommerce, and service solutions that keep customers happy! There has also been an uptick in clients looking to improve their back office IT operations; with a desire to improve their internal net promoter score. And of course many clients are exploring the possibilities of AI!
In working with clients, the greatest compliments we can receive are ones like this one from a Chief Product Officer who we are working with to drive Agile transformation. He said “A sign of a great partner is that you don't notice the lines of employment while in meetings or collaborating. I'm so very impressed with the Notch Above Consulting team and the experience they bring to such intricate Agile transformations.” As we look forward to 2024, we are excited to partner with clients to leverage technology to create strategic leverage. We will be doing so from our new office location in Newton MA. If you are ever in the area, reach out! Would love to connect over coffee.
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