As part of our Magnus PI research, we learn lots about the wide and varied decision-making units we often target. CIOs are a common audience, so here are some insights into the challenges many are facing.

Managing vast amounts of complex data is one of the top priorities for many businesses. It is an asset that can be leveraged for improved sales planning and forecasting, better engagement with customers, and more. CIOs can help business leaders better handle analytics and other data-driven issues. They can also leverage Cloud operations and data monitoring to help companies improve performance and results. Increasingly, customer experience is one of the defining characteristics of a business today. In fact, more consumers cite customer experience as a factor in their purchasing decisions – in B2B and B2C.

Attrition of IT professionals

Attrition of IT professionals is one of the most significant issues facing today’s organisations. According to a recent survey by Gartner, IT workers are 10.2% less likely to stay with an organisation than their non-IT colleagues. As a result, organisations must take measures to retain IT professionals.

In the age of the digital economy, companies are expecting more from their chief information officers. This includes addressing the issue of changing organisational culture. According to Gartner research, CIOs will be responsible for culture change as much as the chief human resources officer. In addition, 46% of chief information officers identify culture as the most challenging issue when it comes to making changes.

The problem of talent retention differs depending on age and geography. Younger IT workers are twice as likely to quit as those over 50. According to Gartner’s Global Labour Market Survey, compensation is the top attraction factor for IT talent. Earlier studies suggest IT employees were satisfied with their salaries, but today, many of them are looking for better compensation packages or more flexibility. To counter this issue, CIOs must determine the right mix of benefits and perks, while also balancing the needs of their employees.

Managing a healthy network

Managing a healthy network is one of the most important tasks for a CIO. It allows CIOs to build credibility and become change agents in the organisation. A good network also helps support digitisation initiatives. Without a solid network, digitisation efforts will be ineffective. Additionally, a poor network can damage CIO credibility by causing staff to not see them as change agents.

CIOs must be exceptional communicators. They must communicate company goals and updates to all departments. They also must be adept at working cross-functionally to ensure that all parties are on the same page. Managing a network is not easy and must be done properly.

Today’s CIOs are expected to oversee new functions and projects. They are also known as Chief Innovation Officers and Chief Digital Officers, and they oversee game-changing initiatives like social media and e-commerce. They are also responsible for information security and risk management. And in the future, CIOs will have to take on even more responsibilities. As the role of the CIO evolves, they will need to handle new areas of business, such as people and facilities.

Data privacy regulations

Data privacy regulations are one of the biggest challenges Chief Information Officers face and businesses need to implement plans and procedures to ensure compliance. GDPR, soon to be replaced in the UK by the Data Protection and Digital Information Bill, is one of the strictest data privacy regulations on the planet and applies to all businesses in the EU. Non-compliance with the regulation can result in substantial fines. Under the law, a company can be fined up to EUR20 million, or 4% of its global revenue.

In addition to the General Data Protection Regulation (GDPR), there are several local, state, and federal laws that govern the use of personal information. For example, a smart doorbell service may not be legal in some jurisdictions, while a webcam service may not be legally required in another. In addition, different data types have different rights.

Fortunately, the relationships between CFOs and data privacy leaders have been increasingly collaborative over the past few years. However, many privacy leaders and CISOs still discuss strategies and objectives in isolation, without alignment to the overall business strategy. CFOs can help their colleagues by encouraging them to link their activities to business goals.

Getting everyone on board to work towards a common business goal

CIOs have many challenges to face, and one of the biggest is driving a digital culture within their company. While some staff members are happy to embrace the change, others may be resistant. Whether a new system is used by a small group or the entire company, the CIO must deal with the challenges of adoption.

As the number of remote workers in the workforce grows, CIOs are required to find new ways to accommodate them. For example, some organisations may not have the budget for a permanent IT employee, so they should consider hiring interns to help fill those roles. They should also create job descriptions for these interns so that they are well-matched to the company’s needs.