What are the challenges facing the technology industry right now? The last couple of years have been unusual to say the least. Companies of all sizes have faced a multitude of issues, from a sudden demand for at-home and remote work, to dramatic changes in the security landscape.
Digital transformation has accelerated, set to reach a value of $1,009.8 billion by 2025 alone, and companies everywhere are investing more into opportunities for innovation.
As we head into 2022, it’s difficult to know for certain what the future might bring. The best way for companies to ensure they’re prepared for anything is to consider the potential challenges which may come their way.
What Are the Challenges Faced by the Technology Industry Today?
In many ways, the technology industry is experiencing a fantastic range of new opportunities. Over the last couple of years, although the pandemic has been problematic, it has also been responsible for accelerating digital transformation by around seven years. Tech solutions are now evolving faster than ever before.
Technology has been the key to not only surviving the pandemic, but ensuring that companies will continue thriving in the years to come. Of course, the speed of digital innovation experienced by 97% of executives hasn’t been easy for everyone to contend with.
As many companies have noticed over the last year, new innovation means new challenges, from lack of access to appropriate talent, to issues with privacy and compliance.
So, what are the challenges we need to prepare for?
1. Security Concerns
Technology is a critical component in making companies more secure. Unfortunately, as tools to protect and support businesses evolve, so to do the methods that criminals use to hack into valuable data stores and systems.
Since the pandemic, around 26% of executives say they’ve seen an increase in the severity, volume, and scope of cyber attacks. Similarly, as remote working opportunities evolve, 61% of employers have expressed concern about attacks targeting unprotected remote employees.
Moving into the new age of work, companies will need to ensure they have the right tools in place to protect against everything from phishing and malware attacks to ransomware strategies.
2. Widening Skill Gaps
Technology has long stood as a valuable tool for helping companies to accomplish goals more efficiently. However, these solutions can only have a direct impact on business operations when the right skilled professionals are available to leverage them.
Around 93% of employers are currently facing a significant skills gap among their IT professionals. All IT leaders, starting with the CIO, need to help in tracking down the talent required to leverage the latest technology solutions.
At the same time, technology companies will also need to search for employees capable of inspiring the next generation of innovations.
While the rise of remote and hybrid working employees could give teams access to a wider selection of talent, the correct management solutions will need to be in place to ensure these employees thrive.
3. The Rise of Robotics
Like many opportunities in the technology sector, automation and robotics is something of a double-edged sword. On the one hand, automation and Robotic Process Automation (RPA) solutions are becoming increasingly valuable at a time when companies need to work more rapidly and efficiently.
On the other hand, it’s easy for the implementation of robotics to cause problems with maintaining the human side of the business. Companies still need to maintain real, genuine connections with their customers as we move into a new age of digitisation – particularly in times of crisis.
Executives and business leaders can certainly benefit from implementing robotics and automation systems to support and empower their staff. However, the right strategy is needed to ensure a suitable balance between humans and robotics.
4. Business Continuity
Though most companies will be eager to put the last couple of years behind them, it’s worth noting the pandemic has highlighted some important issues with the way companies are run. We have discovered that workflows aren’t as efficient as they could be – plus, they’re not appropriately defended against the risk of disaster.
A significant challenge facing technology companies in 2022 will involve figuring out how to properly protect the business from the technology issues companies faced in 2020 and 2021.
This will likely involve the permanent implementation of various practices, such as hybrid and remote working. However, it will also mean looking for new types of resiliencies in business landscapes.
Perhaps most significantly, we’re likely to see an increase in the number of technology buyers and companies focusing on agility, the cloud, and flexibility in the years to come. The age of ‘fixed’ solutions for communications, analytics, and other services is over.
5. Regaining Trust
Though most companies have relied heavily on technology in the last couple of years to stay moving (despite the pandemic), trust in technology is low. Misinformation and an increase in cyber attacks have created a widespread distrust of technology.
People are concerned about what the future might bring, and we’re scrutinising every tech purchase.
For instance, in the future, it’s likely that artificial intelligence will only continue to gain attention as a tool for enabling employees, improving security through biometrics, and improving data analysis.
But before companies can fully leverage this, they first need to overcome concerns about AI solutions replacing human jobs or acting unethically.
To ensure technology can continue to change the world for the better, companies need to be prepared to prove its value. Real-time and historical analytics offering insights into the power of each innovation will be extremely useful here. The more proof companies can offer, the better.
Overcoming Technology Challenges in 2022
Technology is one of the fastest growing and most dynamic landscapes there is. However, as this environment continues to evolve, now at a more rapid pace than ever, it also brings with it a number of challenges.
Companies hoping to truly embrace the power of technology in the years ahead will need to ensure they’re prepared to tackle the challenges addressed above.