Industry executives and experts share their predictions for 2023. Read them in this 15th annual VMblog.com series exclusive.
Enterprise 2023 Resolutions To Stay On Steady Ground Amid Market Uncertainty
By Prasad Ramakrishnan, SVP of IT and Chief Information Officer at
Freshworks
As the year comes to a close, enterprise
organizations should reflect on successes and key takeaways to glean what
businesses might expect in 2023. So what are some of the areas that leaders
should pay extra attention to, as the economy tightens and companies reassess
priorities? It's a good practice to ask, "What do we actually use, and are we
using it in a meaningful way?" Often, doing so lays low on the priority list,
but when budgets are constrained, having full visibility of your organization's
applications is fundamental in making investment and divestment decisions.
So what should C-suite executives and IT leaders
keep in mind as we head into the new year?
Cut
bloatware - the #1 priority for CIOs
Bloatware is an $84B money pit for
businesses-that's $10M every hour of every day-and increasingly under scrutiny
in a rocky economy, rightfully so. For IT, it means doing more with less, and
cutting out discretionary bloatware spend. According to our recent ‘State of Workplace Technology: Bloatware' report, 89% of IT professionals waste time weekly due to
bloated applications and 54% say their company pays for software they never
use. On top of that, 40% say too much of their tech stack is hard to use. Just
about every CIO I speak with is planning to review (or in some cases is already
in the process of reviewing) their app inventory across the enterprise. It's
important to know which apps should be retired, maintained, replatformed or
postponed.
Company
headcount will increase in 2023...with bot workers
Customer expectations remain
high and to meet demand, companies will need to increase efficiency. This means
the deployment of more bot workers in 2023. Not only will this reduce human
dependence on mundane tasks, but it will reduce costs and lower the margin for
human error. We've started to see this trend with understaffed retailers, but
it'll soon be mainstream. Bots are a way to assist live workers while enabling
companies to achieve efficiency without increasing headcount. According to a
recent ‘CX Trends Report 2022: Looking back at a year's worth of
data,' businesses that offer chat support
with both agents and bots save over 37 hours in average resolution time. That's
93% faster than email support only. Bonus: human agents have more time to focus
on the more complicated tasks at hand.
Automation
rewriting automation
Despite many IT professionals
saying their organizations pay for tools they don't need, there is still a
disconnect between the tools accessible to them vs. what they actually
need. In fact, 47% of developers
report not having access to tools needed to build applications fast enough to
meet deadlines. However, next year
we can expect to see the next wave of automation, technology automating its own
development. Code will be written by AI engines, intelligently generating its
own code. As low code and no-code platforms continue to enable the technology
behind these innovations, we'll see more maturity, more time savings, cutting
down development time by 90%, and fewer errors and faster development.
Beware of
deal sweeteners
With the broader macro
environment we're in, expect to see creative sales offers in an effort to
secure longer-term contracts, but buyers beware. My recommendation is to review
and reevaluate your contracts on any subscriptions often to ensure you still
need them and know what the cancellation terms are if you aren't using them.
Being mindful of what you are subscribed to gives organizations more
flexibility when it comes to renewal time and stops you from buying more than you
need.
While we don't know for sure, signs are pointing
toward a challenging 2023, which means executives need to be laser focused on
efficiency and cost. Reevaluating what technologies your organization uses and
benefits from, as well as encouraging feedback from IT professionals involved
in the day-to-day activities, will help keep bloatware at bay. To keep them on
steady financial ground, business leaders need to recognize continued
technological breakthroughs changing how organizations approach strategic
direction and customer experiences.
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ABOUT THE AUTHOR
Prasad Ramakrishnan serves as
the SVP of IT and CIO for Freshworks, where he leads the company's IT
vision, strategy and execution. A seasoned IT professional, SaaS evangelist and
go-to thought leader on all things cloud and security, Ramakrishnan's expertise
is critical to the success of Freshworks' products as well as global work
culture.
Prior to joining Freshworks, Ramakrishnan served as CIO at Veeva where he took
a democratic approach to software adoption and empowered his employees - the
would-be users - to decide on the software they would use. His team voted for Freshservice,
Freshworks' ITSM (IT service management) offering. As an early adopter,
customer and advocate of Freshworks, it was only natural for him to join the
company.
Outside of Freshworks, Ramakrishnan serves on multiple boards and enjoys
spending time mentoring and advising other IT practitioners to help them become
IT leaders, as well as advising startup CEOs on GTM, product, IT and security
strategies to help them succeed in the world of startups.