The risk of a global economic recession has increased significantly yet, the pressure to keep delivering is immense. In August 2023, IDC Asia/Pacific curated the IDC Live Summit, an IDC annual show that provides thought-provoking and actionable insights, convenes CIOs, senior IT executives, and business leaders to address ways to live and thrive amid fragile market conditions of 2023 and beyond.
A new wave of major disruptions
Businesses are disrupted anew with economic instability due to worsening inflation, conflict in Ukraine, supply chain disruption in China, rise of cyberattacks and tightening monetary policy measures imposed around the world. For CIOs and IT leaders, the question is how you can protect your digital investments against this pool of disruptions.
No matter how much you plan, uncertainties will always be beyond your control. The good news is that you can mitigate these impacts with the help of trusted research, data, and partners.
The key lies in industry collaboration
IDC defines industry ecosystems as partners, customers, suppliers, service providers, industry organizations, governmental entities, experts, and competitors within and outside your industry that you can dynamically collaborate with to drive business growth and innovations.
These partnerships hold the key to making the impossible possible. Having a flexible industry ecosystem of partners is an important element of the digital-first organization and necessary to support the resource-constrained organization.
Make Gen AI and cloud strategies a success for your organization
Generative AI tools such as ChatGPT are breaking the norm with their groundbreaking potential — questions are answered instantly, and results are provided in minutes. What are its limitations and how does this impact your business’s data governance strategy? At IDC Live Summit, Dr. Geraldine Wong, Chief Data Officer of GXS Bank explored how you can maximize the capabilities of generative AI in business processes without compromising your customers’ privacy.
Training large-scale generative models can be computationally expensive. Thus, to enable cost optimization in the cloud, Dr. Thangavel Sakthivel, Director at Government Technology Agency of Singapore’s Solution Architect Office shared cloud cost management best practices, and the path to achieving a sustainable and effective cloud transition.
Are the roles of CIOs endangered?
Aside from businesses itself, many CIO careers are at risk. IDC predicts that 60% of CIOs will find their roles being challenged by line-of-business (LOB) counterparts who can better demonstrate the ability to align technology with the organization’s mission and customers by 2026.
With LOB managers now heavily involved in making technology decisions, how will the roles of CIOs further evolve in the digital-first world?
Reflect and reinvent
An IDC prediction states that 40% of total revenue for top Asia-based 2000 organizations will come from digital products, services, and experiences by the year 2026. To achieve these, digital-first CIOs must redefine their enterprise value by creating a financial, ecosystem, and ESG/sustainability impact in the digital business era.
Getting your CEOs involved
Chief Executives steer companies through market uncertainties. Chin Wei Jia, Group Chief Executive Officer, Health Management International and Yvonne Lim, Director, BizTech Group, Infocomm Media Development Authority discussed how leading CEOs ensure alignment between digital business challenges and technology priorities by emphasizing agility, resilience, strategic planning, collaboration, innovation, and effective communication.
IDC LIVE Summit Available on IDC Arena
Catch IDC LIVE Summit on IDC Arena by visiting https://www.idcarena.com/idc-live-2023.
Be sure to hear other interesting use cases featuring Prudential Singapore, Mercedes-Benz Singapore, SP Digital, CapitaLand Investment and more.
The much-anticipated show on how businesses thrive amidst the fragile market conditions and the evolving roles of CIOs is now available on IDC Arena. Navigate your business as we touch on the C-suite focal points of growth, sustainability, technology and innovation.