In the dynamic landscape of global business, CEOs are continually adapting their strategies to align with evolving challenges and opportunities. At the Gartner IT Symposium/Xpo 2023 held in Orlando, Kristin Moyer and Mark Raskino, Distinguished VP Analysts at Gartner, provided insightful assessments of CEOs’ shifting priorities for 2024 and offered guidance on how CIOs can effectively respond.
Key CEO Priorities for 2024
Growth and Technology: CEOs prioritize growth as their foremost business goal, closely followed by a strong emphasis on leveraging technology.
Risk Management: Anticipating 2024, CEOs are heightening their focus on risk management. This includes concerns about both macroeconomic uncertainties and the potential disruptions driven by rapidly advancing technologies.
Action and Investment: CEOs acknowledge the urgency to initiate significant actions and investments. Investors are becoming less tolerant of excuses based on uncertainty and are demanding proactive steps.
Investment Parameters: A significant 57 percent of CEOs stress the need for higher returns in the upcoming year. Inflation, in some cases, has temporarily inflated profitability, urging CEOs to strategize and secure sustainable returns.
CIOs Navigating the Future
Heading into the next year, CIOs play a pivotal role in shaping the post-crisis business strategy. CEOs are particularly relying on CIOs to unlock the potential of generative AI, viewing AI as a growth engine rather than merely a tool for headcount reduction.
Addressing Gender Disparity in IT Leadership
Kristin Mettraux, VP of Research at Gartner, highlighted the pressing issue of the declining number of women in IT leadership roles. The pandemic has led 88 percent of women leaders in IT to reevaluate the significance of work in their lives. Sponsors have a crucial role in driving career progression for women, emphasizing the need for formalized mentorship and sponsorship programs.
Empowering CIOs for Board Expectations
Tina Nunno, Distinguished VP Analyst at Gartner, outlined strategies for CIOs to meet evolving board expectations:
Cybersecurity and Risk Management: Demonstrating a comprehensive approach to managing risks, particularly in cybersecurity, AI, talent, social responsibility, environmental impact, and supply chain.
AI and Technology Maturity: Providing clarity on AI capabilities, potential use cases, and technology maturity, while managing expectations and addressing associated risks.
Social Responsibility and Stakeholder Transparency: Utilizing technology for social data collection and analysis, enhancing transparency, and showcasing progress on social issues.
Environmental Sustainability: Aligning environmental sustainability initiatives with enterprise strategy and leveraging technology for efficiency and cost reduction.
Talent and Supply Chain Strategy: Ensuring that staffing and supply chain technology strategies align with enterprise objectives and focusing on innovation to drive productivity and resilience.
The Gartner IT Symposium/Xpo 2023 shed light on the critical need for CEOs and CIOs to remain agile in their strategies, leveraging technology and collaboration to address emerging challenges and opportunities in the dynamic global landscape.