If 2020 taught us anything of value, it was that there were opportunities for change. Some of the changes were enforced as people had to work from home, but many CEOs began to understand how investing in digital tools will help the business. It will help keep people working from home and allow companies to move forward. Too many found out that their digital tools were outdated rather than sizzling like Mega Joker.
Harsh decisions
A lot of money from now on will be invested, but the concern is that much of it will go into unsuccessful or unsuitable items. The figure in lost investment is likely to be a staggering $761 billion worldwide by 2023. As the cost increases, so does the responsibility to get things right. The decisions were taken away from middle management and up to the CEOs. Knowing what is at risk, they need to be ruthless with their investments.
What Can Investment Do?
With the right equipment in place, the business can thrive. It will be the CEO’s role to understand what employees do and what tools they need to help them. They are in the perfect position to be a go-between for staff and management. It would be hoped the staff would make sensible suggestions regarding what they wanted, and management would be open to the CEO’s suggestions.
Vision
It will help if the CEO has a digital background. There may not be time to learn what each piece of equipment does. They need to know what must be done, what equipment will do the job, and then research the best company or brand. The entire board must be behind the digital upgrade as some countries will not survive if they are not.
Consequences
If the CEO is not on top of their game, the company could lose out. There have been too many Chief Information Officers trying to keep the old system going rather than upgrading in the past. Maintaining the status quo should not be an option when others are competitors looking ahead. A recent survey said that 70% of companies are now accepting it is time to change, and even if they dont manage it this year, they will be by 2022.
Why Now?
Many are saying that there is an increased number of cyber-attacks and cyber threats. When the system is old, it will have old security, and hackers are experts at breaking into them. There is still the worry that the wrong choices will be made. CEOs are looking ahead and researching what equipment is in the final stages of testing. It could be worth waiting a little longer and getting the updated version. No board will be happy to find the fortune they have just spent in IT is the only state of the art for six months before the upgrade appears.
Realistically the coming year is going to be better for business than the previous one was. If you have come through the last 12 months with your workforce intact and your accounts in the black, digital investment is a must. As most CEOs intend to invest, yours must.
