The business environment is in the midst of a perfect storm. The COVID-19 pandemic threatens to resurface anytime. Geopolitical tremors can disrupt the already fragile supply chains. Climate upheaval adds to the uncertainty. Amidst such challenges, Industry 4.0 leads businesses into major digital transformation. All this while, a looming recession and increased competition strains the bottom line.

In 2024, businesses must adapt and evolve to overcome unprecedented challenges and grow. They can no longer be content with the status quo, even if it currently works well. In a connected and digitised world, IT leaders have a greater responsibility to fuel enterprise growth.

A Forrester study concludes that only 10% of technology leaders will drive growth in 2024. These 10% do the following things the other 90% do not do.

1. Aligning technology with business strategy

Successful IT leaders drive growth by aligning technology with business strategy. They understand the enterprise strategy and goals. IT leaders now play a prominent role in shaping the enterprise strategy of many enterprises. These leaders:

• Analyse the technology landscape to identify technologies that address challenges or enable opportunities. They prioritise tech investments based on their potential impact on business goals and return on investment (ROI). 
• Forge partnerships with business leaders to co-create a shared vision for growth. They have to understand the challenges faced by business leaders and provide workable solutions. All the while, they have to maintain customer focus. They also have to translate tech jargon into tangible business impact.
• Track the impact of technology initiatives on business. They develop and track key performance indicators. 

2. Embracing agility and flexibility

The business world is a whirlwind, and even the best-laid plans have a short shelf life. Rigidity spells doom in Industry 4.0. IT leaders can fuel enterprise growth by: 

• Implementing digital transformation initiatives to build flexible platforms and scalable architectures. Resilient processes adapt to the ever-shifting landscape and fickle customer expectations.
• Promoting agility for continuous adaptation based on the shifting business environment. An agile approach ensures technology solutions evolve alongside the changing business needs.
• Establishing platforms that support open communication and collaboration. Business growth in today’s digital age depends on a seamless collaborative environment. Successful project execution depends on the ability of cross-functional teams to collaborate seamlessly. 

3. Promoting innovation

IT leaders are no longer mere tech stewards. In Industry 4.0, they become strategic partners tasked with driving innovation. In today’s digital era, everyone has easy access to technology. In such a democratised and level playing field, competitive advantage comes through innovation. Only enterprises that succeed in breakthrough innovation can offer something new or different. Such companies will win the customer’s heart and purse.

The onus is on IT leaders to:

• Promote an innovation mindset across the enterprise. This entails a cultural shift where the rank-and-file asks questions. It also requires a change of approach from the “fix it if it’s broken” mentality to a more proactive “reimagine everything” approach. 
• Encourage creative collisions and experimentation. Empower teams to challenge assumptions. 
• Empower the workforce by upskilling them and providing training on new technologies. A skilled and competent workforce is the biggest asset of any enterprise. Investing in them motivates them to deliver their productive best, and increases retention. Investing in them offers a solution to the skills shortage that cripples many companies. It also has an important role in managing resistance to change. Resistance to change is inevitable as digital transformation initiatives get underway.
• Promote transparency. Talented employees work in an open atmosphere with easy access to information. Such a seamless and positive work atmosphere gives them free time and energy to experiment and innovate. 

4. Facilitating data analytics 

Data is the lifeblood of enterprises in today’s digital age. Effective data analytics offers a treasure trove of actionable insights. Customer behaviour, efficiency, and productivity insights.

IT leaders contribute to enterprise growth by promoting a data-driven enterprise. Towards such end, they invest in:

• Seamless systems that capture and analyse data. This may include data lakes and APis.
• Intuitive, user-friendly dashboards that pull data from various sources and provide actionable information. Business managers may, for instance, integrate data related to customer behaviour. Or they may gather data related to worker productivity to improve internal efficiencies.
• AI to uncover hidden patterns, predict trends, and personalise experiences.

5. Investing in Artificial Intelligence and other emerging technologies

Artificial Intelligence (AI) is costly, resource intensive, and requires considerable technical expertise. But IT leaders who can pull it off reap valuable competitive advantage.

AI offers unlimited potential to fuel enterprise growth. Many companies deploy AI-powered robots to improve internal processes and reap efficiency gains. Walmart Labs, for instance, implemented AI-powered robots to scan shelves and manage inventory. Service firms can use AI-powered chatbots and assistants to handle customer queries and resolve issues. 

As things stand, almost half of the enterprises are gearing up for the widespread adoption of AI to enable intelligent automation. 31% of enterprises have already automated 25-50% of their IT processes, leading to significant time savings. The key automation areas include everyday tasks, sales documentation and social media content. 

AI initiatives will boost productivity and creative problem-solving by 50% in 2024.

6. Strengthening cyber security

The stakes of cyber security have never been higher. Cybercriminals have a free run, targeting and attacking their victims at will. These attacks can cause severe financial and reputational damage and have even led to the demise of the enterprise. 

IT teams need to:

Revamp the enterprise security architecture to factor in the changed nature of threats. Effective protection in today’s widespread network and partner ecosystems depends on moving away from perimeter protection to a zero-trust approach. 

Deploy the latest technologies to strengthen enterprise network security. For instance, Marriott implements blockchain to secure guest data and protect against data leaks.

IT leaders who confine their efforts to traditional roles, such as maintenance and technical support, do a disservice. Success depends on focusing on business growth as their primary role. Those who get it right can propel their enterprises to new heights in 2024 and beyond.