Deloitte tech trends report finds 4 things worth watching for CIOs

2 Jun 2016

Deloitte has issued a new report charting the latest tech trends that will define the coming years for chief information officers (CIOs), and four topics appear to be the most pressing for Irish CIOs.

The report, entitled Tech Trends 2016 – Innovating in the Digital Era, is the seventh issued by Deloitte and discusses how these top trends are driving new products and services, upending long-standing business models, and rewiring rules of customer engagement.

The theme of this year’s report focused on technological advances that will impact business in the next 18-24 months, which, it’s safe to say, would push them to the forefront of any company’s short-term strategy.

Four key findings

The report is being promoted as being rather important for Irish CIOs to monitor as, following its latest CIO survey, it found that, despite innovation being a top business priority for 52pc of Irish CIOs, just 22pc of IT budgets are allocated to innovation and growth.

From the report, four key areas of technological growth have been pinpointed, with a focus on connectivity of devices, as well as a rapidly shifting marketplace for both consumer and marketer.

The first is the development of blockchain technology, which allows for  distributed ledgers and smart contracts, which make it much easier to track and pay for goods and services regardless of a national financial structure.

Secondly, augmented reality (AR) and virtual reality (VR) devices, which are just beginning to hit the market, could soon have a major impact on how consumers order products or services, with the option of getting to try them before they buy them.

The same goes for the potential for businesses to use it to show what they do in a way that would have once been considered science fiction.

Thirdly, the report continues, the value of the internet of things (IoT) lies not in the quantity of sensors deployed or new devices connected, but rather in IoT’s disruptive potential for reimagining business processes and rewiring business, government and society from smart cities to autonomous vehicles.

New and uncharted territory for CIOs

Finally, the social impact of exponential technologies has been highlighted for CIOs to watch out for by asking the question: what responsibility do companies have to expand their reach beyond their own walls and help leverage exponentials to drive greater good in society?

Similarly, how do they balance commercial opportunities with the ethics and morality of exponential technology adoption?

Speaking of the report, Peter Kearney, partner in Consulting at Deloitte, said: “In the age of digital innovation, CIOs are exploring largely uncharted territory and need to evaluate new technologies against the practical realities of today.

“This calls for CIOs to inspire, revitalise and transform ‘business as usual’ across the enterprise. They must evaluate the positive impacts these technology trends could have on their organisations, in order to support investment decisions.”

Main image via Shutterstock

Colm Gorey was a senior journalist with Silicon Republic