Of the 37 technology executives who participated in the Deloitte survey, 65 per cent of the respondents claimed cybersecurity to be a priority in terms of preferred technology, followed by cloud computing at 62 per cent and AI/ML at 54 per cent, stated the company’s Sprint to Excellence report.
The report said cybersecurity was expected to be the top priority due to the growing reliance on technology. The survey highlighted a rising focus on cybersecurity measures within organisations and across sectors, as they store sensitive data in the cloud and use interconnected systems.
Deepa Seshadri, Partner, and CIO Program Leader, Deloitte India, told business line, “To understand our clients’ priorities, we conversed with them while considering that digital transformation has been a priority. From a digital standpoint, there has been growth, but we wanted to see where the focus for these organisations lies in the current 12-18 months timeframe and the next three years. Most respondents see investing in technology as a way to grow because technology has evolved into a business issue.” She added that these respondents were some of Deloitte’s Fortune 500 clients.
Responses were collected to understand how the technology stack is evolving, changing business models, and required leadership skills. Among the leading verticals investing in cybersecurity, the consumer industry and life sciences & healthcare (LSHC) stood out, with 32 per cent of the respondents prioritising this area in terms of investment. Energy, resources & industrials (ER&I) was another industry where 21 per cent of respondents preferred allocating resources for cybersecurity. Following are sectors like financial services (FS) and technology, media, and telecom (TMT) at 16 and 11 per cent respectively.
However, the financial services sector prioritised cloud computing investments significantly higher than other verticals with 48 per cent of the respondents saying they will switch to the cloud. ER&I and the consumer industry follow behind at 24 per cent each. “Cloud computing was a top technology due to the unparalleled scalability and agility it offers to businesses. With a significant increase in corporate data being stored in the cloud, its adoption across various sectors has risen sharply,” said the report.
Artificial Intelligence/Machine Learning (AI/ML) is another technology gaining traction. The report observed a surge in interest stemming from the potential of AI/ML to automate tasks, improve decision-making, and drive innovation. Of the respondents, 25 per cent from the consumer industry and financial services said they are prioritising investments in this area.
Among technologies evolving in the next 2 to 3 years, 94 per cent of respondents bet big on Generative AI, followed by the human-machine interface (Industry 5.0) at 55 per cent and augmented reality (AR) at 44 per cent. Industries like consumer and financial services are bullish on GenAI adoption with 31 per cent and 28 per cent of the respondents voting in its favour. The consumer industry is also likely to spearhead the adoption of Industry 5.0 and AR.
Alongside, in the next 2-3 years, the respondents stated their organisations would use future technologies in sales and marketing (73 per cent), operations and maintenance (70 per cent), supply chain logistics (51 per cent), and human resources (49 per cent), planning and strategy (46 per cent) and finance and accounting (43 per cent).
The survey gathered responses from a spectrum of IT leaders, with 51 per cent holding senior positions like Chief Information Officer (CIO), Chief Data Officer (CIDO), or Chief Information Security Officer (CISO). Chief Technology Officers (CTOs) comprised another 16 per cent and other IT leaders accounted for the remaining 33 per cent. In terms of industries, the consumer and financial services sectors accounted for 30 per cent and 27 per cent of the respondents, respectively. Insights from other industries, including ER&I at 16 percent, TMT at 14 per cent, and LSHC at 14 per cent, were included.
Deloitte recommended that because of a shift in the preferred technologies, CIOs must remain agile to adopt future technologies across business functions. The report said that while cybersecurity, cloud, and AI/ML will remain important, GenAI and human-centric technologies will be key drivers of future digital transformation. “The focus of technology applications in sales and marketing, operations, and maintenance will likely continue. That said, CIOs will have to shift the technology application prioritization towards supply chain logistics and human resources,” said the company.
