Will Your Business Be Competitive in 10 Years?

For a moment think about these statements:

• Technology has evolved and is evolving faster than ever before.
• My enterprise is facing unknown competitive threats.

After considering these statements, how would you answer the question of whether your business will be competitive in 10 years?

With the countless factors that exist across every sector, the question is very difficult to answer. The pace of positive, negative and unclassified technological advancements is exponentially greater than ever before. How will your enterprise and IT governance structure survive these exciting times?

Consider Your Enterprise’s Risk Appetite
Information technology is now a core component in achieving business objectives. So if we look at it from a business growth point of view while anticipating current trends, your strategy may have to shift to focus on digital channels. What this means for your business is that you need a digital footprint that is both secure and user-friendly. With every new strategy you may have new risks, so your company’s risk appetite has to be considered.

What type of IT service and infrastructure would you need to deal with multiple types of digital connections that deliver standard functionality across these channels? How would this impact your resources and IT management options? Do you need to move to the cloud? Broadening the enterprise’s digital footprint can create the possibility of multiple connections to your services via numerous known hardware (e.g., tablet, watches, laptops, cell phones), along with anything that can be digitized. Your traditional business structures are now expanded with newer delivery options, so supporting demand now requires a rethinking of traditional network structure to handle the new scales. This can become an issue for many enterprises.

The security aspect of the future cannot be overlooked because you now have a wider attack surface and crippling ransomware to deal with. If your security fails, this affects customer perception, and you will not be able to honor the confidentiality and integrity of the user experience. Ransomware is quite destructive because not only does it affect the availability of the infected data, you also have to pay hefty sums to get back access to your data if there is no mitigation plan in place. Can your enterprise continue to meet the current industry regulations and maintain a secure infrastructure into the future?

GEIT Can Get You There
Within the next 10 years your enterprise will face the growing Internet of Things (IoT) landscape, with faster, more convenient delivery methods, harboring both increased risk and lucrative opportunities.

With a flexible governance of enterprise IT (GEIT) model, you could construct a relevant framework that looks at how the enterprise’s strategic plans and IT work together. You could look at continuous improvement actions and keep this alive within the enterprise. You could ensure IT risk management is aligned with the enterprise’s risk appetite and that security is considered at all points. You could consider various means to optimize your IT resources and capabilities required, as all these are key to helping your enterprise adapt and remain relevant in the future landscape.

Ammett Williams CCIE, CGEIT, Telecommunication Team Leader – First Citizens, TT

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