According to Gartner, technology was projected to hit $4 trillion last year. The fastest growth rates are occurring in enterprise software, IT services, and data-center spending as the cloud is booming and cyberthreats continue.
Member’s of CNBC’s new TEC Council initiative provided four key themes and leadership principles regarding where the money is going and why.
First, customer obsession comes before digital transformation. 7-Eleven CEO Joe DePinto states that the company’s biggest threat isn’t their competitors, but understanding the customer. He states, “Do not start with digital, be customer-obsessed and digitally enabled.” Creating an experience for the future of the customer is pivotal, tech is just the facilitator of the experience.
Second, cybersecurity threats can’t slow as threats continue to grow. It is easy for criminals to access systems through simple methods and though there is a low success rate in hacking, the consequences are highly valuable.
Third, many companies need to rethink from top to bottom. Data analyses and insights are important when considering how to enhance the customer experience.
Lastly, tech needs more seats at the boardroom table. Boards of directors need to be asking the right questions, such as, “How will AI transform or disrupt my business?” and they need digital expertise directly on the board.
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