Future business risk calls for IT inclusion, according to execs

In a global survey that Debbie Downer might appreciate, the consulting firm Protiviti and NC State University asked 1,304 executives not just what scares them now but what might scare them in 10 years.

The 11th annual Executive Perspectives on Top Risks for 2023 and 2032 researchers had C-suite execs rate 38 macroeconomic, strategic, and operational dangers, ranging from supply-chain concerns to regulatory scrutiny.

Respondents emphasized technical risks in their 2032 forecasts and less technical ones in their 2023 predictions.

For 2023:

1.     Succession challenges and ability to retain talent

2.     Economic conditions and inflation

3.     Labor-cost increases

For 2032:

1.     Succession challenge and the talent market (again)

2.     A lack of skills for the adoption of digital technologies

3.     “Disruptive” technological innovations

The survey findings suggest that companies will spend the next decade prepping for the deployment of advanced technologies, like data analytics and virtual infrastructures—implementations that elevate the role of the IT professional.

“The current top 10 risks don’t have as much emphasis on technology as the 10-years-out [risks]. So, what I think it is: It’s a great opportunity to plan,” said Toni Lastella, managing director at Protiviti.

Betting on new tech. Some digital and so-called disruptive technologies appear to pique the interest of today’s boardroom.

The advisory Deloitte released its own Tech Trends research this month, noting a growing enthusiasm for immersive internet experiences, artificial intelligence applications, and multi-cloud deployments.

“In the next two to three years, organizations should, and we believe will and are…putting their chips down across all three of those innovation sets,” Mike Bechtel, chief futurist at Deloitte, told IT Brew.

Recent surveys from the consultancy Info-Tech Research Group found that 63% of over 800 IT professionals plan to use AI to automate repetitive tasks.

While the Info-Tech conclusions showed only slight interest in the always emerging, never quite arriving area of virtual reality, Lastella has seen metaverse interest from at least one client with product teams all over the world.

“They’re actually talking to us to say, ‘How do we do a mini pilot to…create a virtual, metaverse-like experience where people can really get immersed in the new product and get a look and feel for it?” said Lastella.

An expanding role for IT. As companies make investments, IT will continue to play a supportive role, both in tech deployment and the assessment of risk—a definition that differs between execs and requires a conversation, according to NC State professor of accounting Mark Beasley, who spoke at a panel about corporate risk management earlier this month.

“The start is bringing people together and explicitly talking about what are the risk issues. What is your view versus my view? Let’s reach some kind of consensus,” said Beasley during the panel discussion.

When weighing in on both risk and deployment, the IT professional’s role expands beyond performing basic back-of-the-office functions.

“Customers are really looking for innovation. And where they buy, where they consume, it really is bringing technology and IT leaders to the forefront,” Lastella told IT Brew.—BH

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