McKinsey: How CIOs can Navigate Emerging Technology Trends – Technology Magazine
From advances in AI to cybersecurity and developments in quantum computing, today’s technology landscape is undoubtedly complex, with trends continuing to evolve at speed.
But, according to McKinsey & Company, not all trends are created equally. The ability to swiftly assess business trends and convey their significance to the business has become a vital skill for today's Chief Information Officers (CIOs). Yet, evaluating trends and deciding on the appropriate level of engagement is rarely straightforward.
CIOs require a clear framework for evaluating trends and determining the appropriate approach: whether to be a first mover, fast follower, slow adopter, or non-participant.
With this in mind, McKinsey has created a four-point guide to help CIOs navigate technology trends and help determine whether a trend is worth pursuing.
Clearly one of the top technological trends in recent years has been the rise of generative AI, but other trends such as cloud computing, blockchain and extended reality have each had impacts on the business landscape.
According to a McKinsey report authored by Oliver Bossert, Gérard Richter and Klaas Ole Kürtz, there are many reasons why attempts to turn a promising trend into a profitable one for any given business may fail: ranging from insufficient talent to leadership nonalignment.
According to its report, McKinsey has found four trends that add value have inherent attributes that make them particularly valuable to any business:
McKinsey highlights that each of these factors plays a crucial role in determining whether a trend is worth pursuing. While not every trend may excel across all parameters, identifying any significant shortcomings is essential before committing substantial resources.
“The call on whether and how to adopt a trend is not a one-time decision,” the report authors write. “It requires continual review as technology matures and evolves, new implementation models and supporting services scale, or the market situation shifts. But CIOs who use the four parameters as a compass to determine relevance and think through their engagement options can better guide their organisations toward turning trends into value.”
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“The call on whether and how to adopt a trend is not a one-time decision,” the report authors write. “It requires continual review as technology matures and evolves, new implementation models and supporting services scale, or the market situation shifts. But CIOs who use the four parameters as a compass to determine relevance and think through their engagement options can better guide their organisations toward turning trends into value.”
******
Make sure you check out the latest edition of Technology Magazine and also sign up to our global conference series – Tech & AI LIVE 2024
******
Technology Magazine is a BizClik brand
IBM and Salesforce's expansion of their partnership shows how watsonx’s is making inroads in enterprises across sectors
Fortinet is deploying its Security Fabric platform as part of a partnership with FC Barcelona, aimed at providing cutting-edge cybersecurity
Google Cloud is empowering enterprises to realise the transformative potential of Gen AI with its new Generative AI Ops offering
Technology Magazine is the ‘Digital Community’ for the global technology industry. Technology Magazine covers the '7 Pillars of Digital Journey' – Digital Transformation, Cloud Computing, Cybersecurity, Digital Ecosystems, Strategic Alliances, Data & Data Analytics and AI – connecting the world’s largest community of enterprise IT and technology executives. Technology Magazine focuses on technology news, key technology interviews, technology videos, the 'Technology Podcast' series along with an ever-expanding range of focused technology white papers and webinars.
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
But, according to McKinsey & Company, not all trends are created equally. The ability to swiftly assess business trends and convey their significance to the business has become a vital skill for today's Chief Information Officers (CIOs). Yet, evaluating trends and deciding on the appropriate level of engagement is rarely straightforward.
CIOs require a clear framework for evaluating trends and determining the appropriate approach: whether to be a first mover, fast follower, slow adopter, or non-participant.
With this in mind, McKinsey has created a four-point guide to help CIOs navigate technology trends and help determine whether a trend is worth pursuing.
Clearly one of the top technological trends in recent years has been the rise of generative AI, but other trends such as cloud computing, blockchain and extended reality have each had impacts on the business landscape.
According to a McKinsey report authored by Oliver Bossert, Gérard Richter and Klaas Ole Kürtz, there are many reasons why attempts to turn a promising trend into a profitable one for any given business may fail: ranging from insufficient talent to leadership nonalignment.
According to its report, McKinsey has found four trends that add value have inherent attributes that make them particularly valuable to any business:
McKinsey highlights that each of these factors plays a crucial role in determining whether a trend is worth pursuing. While not every trend may excel across all parameters, identifying any significant shortcomings is essential before committing substantial resources.
“The call on whether and how to adopt a trend is not a one-time decision,” the report authors write. “It requires continual review as technology matures and evolves, new implementation models and supporting services scale, or the market situation shifts. But CIOs who use the four parameters as a compass to determine relevance and think through their engagement options can better guide their organisations toward turning trends into value.”
******
Make sure you check out the latest edition of Technology Magazine and also sign up to our global conference series – Tech & AI LIVE 2024
******
Technology Magazine is a BizClik brand
“The call on whether and how to adopt a trend is not a one-time decision,” the report authors write. “It requires continual review as technology matures and evolves, new implementation models and supporting services scale, or the market situation shifts. But CIOs who use the four parameters as a compass to determine relevance and think through their engagement options can better guide their organisations toward turning trends into value.”
******
Make sure you check out the latest edition of Technology Magazine and also sign up to our global conference series – Tech & AI LIVE 2024
******
Technology Magazine is a BizClik brand
IBM and Salesforce's expansion of their partnership shows how watsonx’s is making inroads in enterprises across sectors
Fortinet is deploying its Security Fabric platform as part of a partnership with FC Barcelona, aimed at providing cutting-edge cybersecurity
Google Cloud is empowering enterprises to realise the transformative potential of Gen AI with its new Generative AI Ops offering
Technology Magazine is the ‘Digital Community’ for the global technology industry. Technology Magazine covers the '7 Pillars of Digital Journey' – Digital Transformation, Cloud Computing, Cybersecurity, Digital Ecosystems, Strategic Alliances, Data & Data Analytics and AI – connecting the world’s largest community of enterprise IT and technology executives. Technology Magazine focuses on technology news, key technology interviews, technology videos, the 'Technology Podcast' series along with an ever-expanding range of focused technology white papers and webinars.
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
