2023 is rushing by and with it comes a myriad of challenges for CIOs. Cyber-attacks are becoming more commonplace, regulations are becoming more complex and Environmental, Social and Governance (ESG) are at the forefront of many industries. From economic uncertainty and global instability due to political issues and the increasing popularity of hybrid and flexible working, CIOs are tasked with navigating digital transformation and implementing AI to stay competitive. So, with the first quarter almost complete, we review five things all CIOs should have on their ‘to-do’ list to succeed in this ever-changing landscape.

1. Find and retain top talent: CIOs are finding it ever more critical to retain top talent, especially with the continued shortages that many high-tech industries are experiencing. Businesses are facing complex customer demands and top talent is required to keep up. Those who find and retain talent are more likely to have success in competitive markets. With mainframe developers retiring and young developers having little interest in mainframe careers, CIOs need to focus on purposely finding talent that they can future-proof. Retaining top talent will also be key in implementing AI. Before considering AI adoption, it is important to know where the data lies, as having a robust data management strategy is key. As is the difference between artificial intelligence and machine learning. The two terms are often used interchangeably, but they have subtly different applications.
2. Innovate effectively: Innovation is vital to staying ahead of the curve, but CIOs need to focus on innovating in areas that really matter. Improving customer experience with advanced analytics is key, as is embracing AI and the Metaverse. These areas are where organisations are focusing their technology budget and with good reason. The future is creating immersive, predictive and real-time customer experiences from beginning to end. CIOs should also consider exploring new innovations in blockchain, quantum computing, 5G, and edge computing to drive innovation.
3. Focus on being resilient and flexible: The COVID-19 pandemic and the current political uncertainties have  highlighted the importance of being resilient and flexible in the face of change as do. Many CIOs are focused on four strategic areas: recovering revenue, developing operations, rethinking the organisation, and accelerating the adoption of digital solutions. CIOs need to be prepared to adapt quickly to new situations and technology trends. Though mainframe infrastructure offered a sense of control and safety, utilising cloud technology can provide the necessary flexibility and resilience to adapt to changes. Moving to the cloud can also enable CIOs to make use of AI and machine learning, which can help optimise operations and drive innovation.
4. Embrace Environmental, Social, and Governance (ESG): Sustainability and ESG are becoming increasingly important to customers, investors, and regulators. CIOs need to be at the forefront of this movement, using data to provide real-time insights and reduce resource usage. CIOs should also work to reduce the environmental impact of their operations, such as by reducing energy consumption and using renewable energy sources. Implementing ESG initiatives not only benefits the environment and society but can also help improve a company's bottom line. Also, Millennials and Gen Z now represent over half of the workforce in the UK, and many of these individuals consider a company’s social and environmental commitments when they are deciding where to apply for a job.
5. Spend efficiently and reduce costs: As inflation rises and IT budgets remain constrained, CIOs need to find ways to reduce costs without compromising on quality or innovation. Negotiating contracts, holding back on buying new tech, and reducing recruitment could be effective ways to save costs. Moving to the cloud can also provide long-term cost savings while enabling innovation and flexibility.

Bonus: Successfully implement AI in your company: AI is becoming increasingly important for companies to stay competitive. According to PwC’s report, Bot.Me: A revolutionary partnership, 67% of executives believe AI will help people and machines work together to improve operations — by combining artificial and human intelligence. However, implementing AI can be a complex process. CTOs and CIOs should start by identifying business problems that can be solved by AI and assemble a team of skilled professionals to benchmark an initial solution. It is also important to involve stakeholders early in the process to ensure successful adoption and to consider the ethical implications of AI.

But what is a CIO and why do you need one?

A Chief information-Technology Officer is an executive position responsible for the management, implementation, and usability of information and computer technologies. A CIO predicts the future of computer technology trends that give a business an advantage over others and the day-to-day operations of maintenance of all computer systems.

The role of a Chief Information Officer in 2023 is more important than ever before. CIOs must be adaptable and future-proof their operations to stay ahead, they need to:

• Understand the implications of external trends.
• Determining what capabilities are most important to support the organisation.
• Understanding how to help pursue new opportunities.
• Mitigate new sources of risk via preparation.
• Monetise data insights

The key to 2023, will be to become lean without losing essential capabilities, enabling the organisation to rebound faster and stronger from the economic uncertainties, whilst matching customer experience to employee engagement.

Therefore, CIOs must be strategic and initiative-taking in their approach, understanding the importance of balancing long-term sustainability with short-term goals. By prioritising these five key areas, CIOs can position their organisations to thrive in the years ahead, and make a meaningful impact on their industry, their customers, and the world at large.

If your business does not yet have a CIO, it may be time to consider adding this role to your executive team.

Redline Executive offers an extensive portfolio of executive search services and strategic planning, assisting high-technology and engineering businesses to build world-class teams. For more information on Executive roles like Chief Information Officer, please call Andy Raymond on 01582 450054 or email ARaymond@RedlineExecutive.com.