News & Views

From real estate firms to not-for-profit organisations, I have witnessed a common thread among the executives I work alongside: the right technology initiatives are a must-have to drive business outcomes and success.

In particular, the CEOs I have spoken with revealed concerns about cybersecurity, leveraging AI to improve operations, and continually adapting their technology stack to create a competitive edge. These conversations made it clear that these are not isolated insights but a broader consensus on what it takes to thrive in the current business landscape. These are the top 10 priorities that I have observed.

1. Generative AI

When used effectively, generative AI empowers organisations to enhance their products, improve customer service and quickly tap into new market opportunities. For example, generative AI supports customer service by using data to deliver insights for agents or creating responses to resolve queries. If you plan to leverage generative AI in your business, I encourage you to take a strategic approach rather than simply 'switching on' the technology. Integrating generative AI can become costly and time-consuming without a carefully planned strategy.

2. Digital transformation

Digital transformation has remained a top priority for many years because it requires continuous efforts. EY's Global CEO Outlook report found that 95% of CEOs plan to maintain or accelerate their transformations this year. Right now, CEOs' digital transformation efforts focus on implementing emerging technologies such as automation and AI. Organisations that pause digital transformation efforts risk falling behind their competition as the technology landscape changes.

3. Cybersecurity

Cybersecurity also remains on the agenda for CEOs. Today's organisations need layered security strategies that cover firewalls, antivirus software, application controls, multi-factor authentication (MFA) and user awareness training. Additionally, many of the leaders I speak with want to align with the Australian Cyber Security Centre’s (ACSC’s) Essential Eight Maturity Model, with a goal of achieving a minimum maturity level of two. 

Leadership should drive a cybersecurity-minded culture across the business. By prioritising security in business practices and encouraging continuous education on cyber threats and safe online behaviour, leaders can instil a sense of responsibility among employees, making cybersecurity a collective effort.

4. Regulatory compliance

Compliance with regulatory requirements sits high on the priority list for two reasons: it helps a business prevent attacks and builds customer trust. Adhering to these standards maintains trust and minimises penalties associated with non-compliance, particularly if your business experiences a data breach. Similarly, focusing on meeting regulatory requirements, like prioritising cybersecurity, is an effective measure to fortify the business against cyber attacks.

5. Cloud adoption and management

The cloud offers scalability and flexibility unattainable with on-premises servers. Private, public and hybrid environments allow organisations to tailor their cloud setup to their specific needs, enhancing efficiency and operational effectiveness. Cybersecurity is also part of good cloud management; the CEOs I have spoken with have expressed their desire to ensure their business works securely in the cloud.

6. AI and automation

AI and automation transform organisations by handling manual, repetitive processes and giving your team more time to focus on tasks that drive business outcomes. Together, AI and automation drive improved efficiency and accuracy and enable predictive analytics that support data-driven decision-making. Organisations adopting AI and automation can optimise resource allocation, reduce errors, and deliver excellent services, ultimately driving competitive advantage.

7. Edge computing

Edge computing allows businesses to process and access large amounts of data faster. This technology minimises latency, enhances speed, and improves reliability, crucial for the real-time data processing needed to support devices that use AI and the Internet of Things (IoT). Processing data close to the source also allows businesses to make quicker decisions, reduce operational costs, and enhance customer experiences.

8. Business continuity and disaster recovery

The cost of cybercrime in FY 2023 rose 14% from the previous year. Impacted small businesses incurred average losses of $46,000, and medium businesses experienced the highest costs, averaging $97,200. With costs continuing to rise, leaders must assume that a data breach or cyber attack will eventually impact their company. Business continuity and disaster recovery (BCDR) can minimise the impacts of an incident by creating data backups and recovery procedures to respond quickly and keep disruption to a minimum. The leadership team should advocate for developing these procedures and ensure that BCDR exists within the business.

Source: ASD.

9. Reducing the organisation’s carbon footprint

Sustainability is increasingly becoming the focal point for organisations aiming to reduce their carbon footprint. Adopting energy-efficient technologies, such as advanced cooling systems, server virtualisation, and renewable energy sources, will help companies achieve net zero emissions. These practices lower the organisation’s environmental footprint and contribute to a more sustainable and responsible technology sector.

10. Resilience to supply chain disruptions

The COVID-19 pandemic introduced serious supply chain issues that have pushed preparedness for disruptions further up the priority list. Approaches to enhance resilience include diversifying suppliers, investing in predictive analytics for better risk management, and developing contingency plans. Flexibility and innovation in supply chain management – such as adopting digital platforms for real-time tracking and automating inventory management – can also help the business build resilience.

Conclusion

In 2024, CEOs will prioritise many technological advancements to steer their companies towards sustainable growth and competitive advantage. The technology guiding these priorities will help organisations drive innovation, security, and resilience. By focusing on solutions that drive long-term success, leaders can prepare their organisations for the complexities and uncertainties of today's business landscape.

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