Technology is changing the way we live and work at a fast pace. New developments like blockchain, artificial intelligence, and machine learning could change the world we live in. At Barclaycard, we recently began to investigate whether these emerging technologies are already influencing the way business is conducted or whether they are just hype. We also study the changing role of the chief information officer and the growth of diversity in the field of technology.
Create the hype
Research and development requires investment, and 42% of CIOs say their companies are increasing their spending to take advantage of emerging technologies. The Internet of Things, artificial intelligence, and virtual reality top the list of technologies CIOs plan to use in the next five years. In fact, almost six in ten (56%) CIOs at UK companies believe they will be ready to implement the Internet of Things in five years and 30% are already using or testing the technology. . At Barclaycard, we are exploring the use of blockchain in various pilot projects, especially to verify identity, and we are not the only ones. A third (35%) of CIOs tell us they have adopted or are testing blockchain to improve transparency and data security. One in five (20%) is in testing or using quantum computing. This suggests that for UK CIOs these technologies are out of fashion. In fact, it shows that we are already at the point where next-generation tools are becoming a reality for businesses.
Image Credit: Shutterstock (Image: © Shutterstock)
CIO 2.0
We also explore the changing role of the IOC, taking a closer look at the impact on talent research and appropriate skills. More than three-quarters (78%) of those surveyed say that today's CIOs need a broader skill set than they did five years ago to achieve business goals. bigger, like driving growth or being more accountable for improving the customer experience. This trend has led 53% of CIOs to align more with other teams in the business than they did five years ago. A third (35%) reported that they now work more closely with their CEO. CIOs are also becoming increasingly involved in payments: four in ten (42%) report that it is a more important goal for them, and the majority (73%) say that Payment technology has become more and more of an issue. part of the boardroom discussions. It's not just about payment processing, though: 70% of CIOs also say they want better access to payment data to help them achieve their business goals and improve their organization's decision-making.Embracing greater diversity.
As part of the research, we examined the composition of technology teams in the UK. Recruiting a diverse workforce isn't just the right thing to do. As the need for new skills increases and the search for talent intensifies, it is essential that companies be able to access the widest range of skills and experience and use less technical skills. traditional. It's clear this is already happening: Nearly two-thirds (64%) of CIOs reported that their team members came from more diverse backgrounds than five years ago, including nationalities, age, and credentials. and socioeconomic background. Additionally, seven in ten CIOs (70%) believe that their team now has more women than five years ago. Diversity brings benefits to the entire organization, but technology has always been a difficult area to encourage greater representation. This is why these conclusions are particularly welcome. We hope that we will focus even more on people of diverse backgrounds who work in the field of technology.The challenge is to continue.
The development of exciting new technologies means that the world around us is changing. It is often said that we are currently experiencing the fourth industrial revolution with artificial intelligence, machine learning, and robotics transforming the way we live and work. Today's CIO needs to stay on top of these changes and help their businesses invest in the right technology. But they must also retain their own skills and recruit diverse talent within their teams, ensuring that they are preparing for the future together with the company. Keith Little, Barclaycard Chief Information Officer- Protect your business from the latest computer threats with the best antivirus