As fast as the technology industry has iterated and expanded over the past few years, it’s only reasonable that we’ve seen so many distinct challenges and problems emerge. And in the coming months, it’s the business leaders who handle these challenges well who will find success.
Every organization is different. A large, global company with a dozen offices spread out across three different continents is going to have different needs and experience unique points of friction when compared to a small startup in Southern California. But if we take a big picture view of the industry at the moment and study the sweeping trends, it becomes apparent that today’s tech leaders are facing many of the same issues.
As an industry, recognizing that these challenges exist is the first step. The second step involves counteracting and overcoming. In this article, we’re going to expose the top 10 challenges today’s tech leaders are facing, as well as some of the ways in which they’re responding.
1) Staying Ahead
The pace of innovation and iteration is scalding, particularly when compared to the past. It used to be that new and transformative technologies emerged every few years. Today, multiple disruptive solutions emerge every few months!
For tech leaders of smaller organizations, staying modern is a very real challenge. First, there’s the issue of staying on top of trends. You have to be a constant student of the industry in order to observe what’s happening and stay “in the know.” Second, there’s a cost problem. Quick pivots require cash and, in many cases, mean disrupting business processes to prepare for the shift.
2) Finding and Retaining Talent
This second challenge partially stems from the previous one. As new technologies are emerging and old ones are pivoting, advanced and proprietary skill sets are becoming a must. This includes skills in areas like AI, data science, analytics, programming, and software engineering.
The problem is that talent, as a whole, is lagging behind. The majority of businesses feel like they have sound digital strategies, yet a very small percentage believes they have the people and skills to deliver it.
Finding talent is hard enough, but then there’s the added layer of retaining top talent once it’s brought on. Tech leaders must find ways to engage and motivate team members beyond monetization.
3) Protecting Against Ransomware
It’s easy to hear the word “ransomware” and tune out. It’s a term that’s used a ton and, from the outside looking in, it’s tempting to write it off as something that “other” organizations deal with. But that’s a shortsighted view of a serious pain point.
Ransomware attacks might be declining on the consumer side of things, but that comes with a caveat. According to a recent report, the rate of detections within business and enterprise settings increased from 2.8 million in early 2018 to 9.5 million in 2019. We’ll save you from pulling out your calculator – that’s a 340 percent increase.
4) Data Governance
Rapidly evolving technologies – such as AI – are leading to imbalanced regulation and severe limitations at the application level. These issues with data governance, security, and privacy are proving to be a real challenge for tech leaders that want to pursue agile business innovation strategies.
5) Cloud Network Security Issues
We’ve seen massive shifts into the cloud over the past three or four years. Organizations small and large are moving their corporate workloads online – and for good reason. However, many tech leaders are finding it difficult to address network-related issues. Trying to move vast amounts of data, applications, and processes to a cloud data center creates problems that must be proactively addressed on the front end of the transition.
6) Insider Threats
Tech leaders are becoming privy to the idea that the greatest threats to their networks and sensitive data might not come from the outside. Research shows that as much as 34 percent of all breaches are caused by malicious insiders within the organization. That’s a tough number to swallow – and one that must be addressed proactively through limited access and better monitoring.
7) Cohesive Apps and Tools
It’s easy to find a good app or software for a specific purpose. Whether it’s cybersecurity, customer relationship management, sales, marketing, or some specific element of IT, there is an abundance of options. The bigger challenge is getting these solutions to work together as a cohesive unit. Today’s technology leaders must be aware of how each piece fits into the larger puzzle.
8) Scalable Processes
As companies grow and more apps, tools, software, and solutions are integrated into organizational technology stacks, it becomes increasingly difficult to scale processes. And when scalability is limited, growth stalls.
9) Misinformation
This might not be something on every tech leader’s radar, but it should be. While the general public is aware that pictures can be photoshopped, most are not aware of the fact that videos can be altered, as well. In fact, “deep fake” videos are the new preferred mode of attack. They can be used to make people seem like they’re saying things they’re actually not saying. For now, this is an interesting trend to watch. In the near future, it could be used as a weapon against businesses.
10) High Cost of Onshore Developers
Onshore developers are hard to find. There’s a serious lack of U.S. based talent and, when organizations can find it, the cost is astronomical. Traditionally, this has led businesses to pursue offshore developers. However, the time difference can be hard to get past.
Nearshore development is a superior option in today’s market. It operates much like an offshore relationship but features cost-effective talent that’s within the company’s time zone.
ZAGA Nearshore Development
When it comes to the specific challenge of high-cost onshore developers, ZAGA provides a superior alternative. With our nearshore development, businesses are able to leverage reliable talent and pursue cost-effective growth – all without sacrificing on quality. For more information – or to get some specifics on how we can help your business – please don’t hesitate to contact us today.