Trace3 Survey: CIOs Identify Top Challenges, Priorities for Business Transformation
Trace3, a pioneer in business transformation solutions, today announced results of an original survey which identifies the challenges and priorities of harnessing technology innovation for business transformation.
According to the survey of more than 200 CIOs and IT directors, 67% of respondents believe that technology is a “business enabler” and is “mapped to strategic objectives,” which has elevated the role of CIO within upper management.” In fact, staying current on the latest technology was cited as “critical” by 45% of respondents and “important” by 49%.
However, nearly a third, or 28% of respondents, view technology as an “afterthought” in practice, when it comes to how it supports a company’s strategy. In addition, only 60% of respondents believe the IT function is “well prepared” to support business transformation through the innovative use of technology. Also, 39% of respondents believe they are only “somewhat prepared” or minimally prepared” to leverage technology.
“Businesses today are working to embrace technology innovation in a way that drives measurable business outcomes in the form of efficiency, competitive advantage and industry disruption,” said Todd Gallina, Vice President of Marketing for Trace3. “Our survey results show most businesses have prioritized technology-led business transformation as a strategic imperative. However, many struggle to stay current on the most disruptive technologies on the market as well as how to integrate them into their current ecosystems.”
Respondents cited data analytics (74%), Cloud (64%), Cyber Security (63%) and AI/ Machine learning (44%) as the “most important” categories for business transformation.
“We are delighted to support CIOs as they navigate this challenging landscape to identify disruptive technologies to advance their businesses forward in accordance with their specific goals and objectives,” added Gallina.
62% of respondents say new technology “has not evolved fast enough” to meet all of their needs, which requires constant updating and replacing. 28% cited that “people” are the biggest challenge, citing challenges in aligning teams and priorities so that technology can be deployed and utilized. Only 6% and 4% cited “process” and “cost,” respectively, as a challenge to business transformation.
Other Key Findings:
76% of respondents consider their companies to be “innovative” in which “everyone is encouraged to experiment with new technologies” to move the business forward. Only 16% consider their business to be reactive, finding and adopting new technologies “based on business needs.”
The majority of respondents (72%) cite “efficiency” as the key ingredient for business transformation. 67% cite “competitive advantage”. Speed to market and customer service were less important at 39% and 35% respectively.
47% of respondents consider the CIO function to be “important” in moving the business forward. Only 39% consider the CIO role to be “critical,” where technology drives all important initiatives. Only 12% consider IT to be focused on “back-end processes” only, and fewer (3%) rely on IT for “helpdesk” functions primarily.
47% of respondents have a healthy appetitive for innovation, “constantly looking for new ways to embrace technology” to move the business forward. 33% of respondents were “hungry” for technology with a desire to make it part of the company DNA. Only 16% were happy with the “status quo” and just 2% are “uninterested” in technology.
This survey was conducted online in Q2 2018, featuring more than 200 responses from CXOs, Vice Presidents / Directors of Business Operations and Senior Management.
As a fully integrated Transformative IT Authority, Trace3 is the premier provider of IT solutions and consultation services. Through elite engineering and dynamic innovation, Trace3 empowers executives and organizations to keep pace with the fast-moving business landscape through the transformative power of IT. Please visit our website at www.Trace3.com.