Prioritising Digital Investments in 2023: Insights from Industry Leaders
In the ever-evolving digital landscape, the significance of prioritising digital investments, consolidating technology stacks, and reorganising businesses to maximise ROI is paramount. At the HotTopics' "Food for Thought" lunch series, in partnership with Box, C-suite leaders shared their insights. As we approach an AI inflection point, their perspectives provide a roadmap for the future.
Prioritising Digital Investments:
- The Current Digital Landscape
- The Need for Strategic Prioritisation
- AI Investment: Opportunities and Challenges
- The Importance of Digital Fundamentals
- Download the Full Whitepaper
Featured Technology Leaders
- Danny Attias, CDIO, London Business School
- Jackie Ronson, recent CEO, AA-X
- Paul Coby, CIO, Persimmon Homes
- Lee Fulmer, Chairman, Transforming Data Collection Board, Bank of England
- Joanna Pamphilis, CDIO, Head of Investments and Markets Digital Products, UniCredit
- Lauren Walker, Head of Data & Analytics, Accenture Song
- Sarah Steels, Chief Transformation Officer, East of England Co-op Society
- Fergus Boyd, CTO, IP Individual
- Bjorn Ovar Johansson, CIO and NED
- Giles Lindsay, CIO, Satago
- Paul Ditchfield, VP Northern Europe, Box
The Current Digital Landscape
- Challenging Market Conditions: "We're witnessing some of the most challenging market conditions in recent memory, parallel to an AI revolution," notes a C-suite participant. This juxtaposition signals the dawn of a new societal era.
- The Role of Technology Leaders: Over the past five years, tech leaders have heavily invested in digital technologies. However, geopolitical events and economic forecasts have shifted the focus. As Paul Coby, CIO of Persimmon Homes, puts it during the event, "It's about fixing the basics and taking costs out of the business."
- The Rise of AI: The launch of platforms like ChatGPT has ignited the public and commercial imagination of AI. "Suddenly, technology leaders have to grapple with cost optimization and the exploration of emerging technologies," an expert remarks.
The Need for Strategic Prioritisation
- Balancing Act: With the business landscape in flux, level-headed prioritisation is essential. This requires trusted partners, skilled teams, educated boards, and a flexible supply chain.
- Insights from the C-suite: At the "Food for Thought" event, technology leaders like Danny Attias of The London Business School warned, "If you don’t collect the right data and review your processes, you shouldn’t be investing in AI right now."
AI Investment: Opportunities and Challenges
- Tangible Investments: Translating boardroom AI discussions into tangible investments remains complex. Lauren Walker from Accenture Song mentions, "ChatGPT and other LLMs may streamline internal processes, showcasing confidence in AI's future potential."
- Real-world Applications: Industries are leveraging AI in innovative ways. Paul Coby highlights, "AI allows us to visualize architectural designs and identify new building sites, bringing house buying into the 21st Century."
The Importance of Digital Fundamentals
- Data is Key: Before diving into AI, businesses must invest in data fundamentals. Joanna Pamphilis from UniCredit emphasizes, "If our processes are too complicated, we can't realize the full benefits of our digitalization efforts."
- People and Talent: Investing in the right talent is crucial. Jackie Ronson, recent CEO of AA-X, believes that "business leaders must have the right talent in the right place."
- Processes and Simplification: In the face of economic downturns, businesses must simplify. Fergus Boyd advises, "Focus less on the bleeding-edge and more on SEO, chatbots, and other essentials."
Navigating the digital transformation journey in 2023 requires informed decisions. The insights from C-suite leaders at the "Food for Thought" lunch series, in partnership with Box, provide a valuable guide for businesses aiming for long-term success.
Download the Full Whitepaper
For a comprehensive understanding and deeper insights from the C-suite leaders at the HotTopics' "Food for Thought" lunch series, download our full whitepaper. Dive into detailed discussions, case studies, and expert opinions that will guide your digital investment strategies for the coming years.
This Food for Thought lunch is in partnership with Box.
Join us at the next Food for Thought
Intrigued by the ideas we've shared today? Let's continue the conversation over a delectable three-course meal at our next "Food for Thought" event. Engage in thought-provoking debates, delve into industry trends, and network with global executives in London's prestigious venues. More than a lunch, it's a symphony of ideas shared across the table. Your seat awaits!
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