The year 2023 has been a year of significant technological and business shifts, and companies are gearing up for 2024 with a focus on expansion and growth. Forrester’s predictions for 2024 emphasize the crucial role of CIOs in driving growth through technology.
1. Challenges in Achieving Growth Plans:
Forrester predicts that only 1 in 10 technology leaders will successfully achieve growth targets set by CEOs. There is often a disconnect between tech strategy and business strategy, leading to project delays and budget overruns.
2. Generative AI’s Impact:
Generative AI is set to play a vital role in improving productivity and creative problem-solving, with potential gains of up to 50%. As employees naturally incorporate generative AI into their work, companies will need to establish guidelines for its use.
3. Shadow HR and Talent Needs:
The rapid evolution of tech skills will require companies to rely on “shadow HR,” external partners who can provide specialized skills. Forrester expects that 20% of leaders will turn to external partners to meet their talent needs.
4. Partnering for AI Success:
Large professional services firms are investing in generative AI capabilities. CIOs are likely to partner with these firms to close the AI skills gap, but overreliance on partners may neglect internal skill development.
5. Geopolitical Pressures:
Geopolitical unrest, shifting regulations, and other challenges will cause two-thirds of businesses to reassess their tech operations. Rising regulations will impact technology and operational decisions, potentially requiring adjustments to global operating models.
In 2024, CIOs and technology leaders will face significant challenges and opportunities. The ability to align technology strategies with business goals, harness the potential of generative AI, address talent gaps, and navigate geopolitical pressures will be crucial for success.