The IT sector has witnessed constant evolution, innovation and remarkable growth. It has tremendously affected the way we live, work and communicate. As much as it offers growth opportunities, there are challenges galore. Here we discuss some significant challenges that can impede growth:
As technology continues to evolve, cyber security threats continue to increase at a rapid pace, with cases of data breaches doubling each year. Cyber attacks and data breaches fiddle with sensitive information and can wreak havoc on industry. Incidents of malware and ransomware attacks purported by cybercriminals mess up operations and expose critical data to criminals.
There exists an uncanny gap between technological advancements and the supply of skilled professionals. Finding skilled professionals is a huge challenge and retaining them is another. There is dearth of talent well-acquainted with emerging technologies such as AI and data science. It’s also a challenge on the part of the workforce to keep pace with the growth in technology.
Businesses grappling with obsolete legacy systems are fraught with increasing upgradation and maintenance costs leading to inefficiencies in dealing with innovation and newer technologies.
Abiding by the regulatory and industry compliance is a paint point for most businesses as more often than not it increases complexity and cost to tech operations.
There is added pressure on IT budgets to keep pace with the rising cost of emerging technologies, investments around securing facilities from evolving malicious cyber attacks and compliance requirements. There’s also a growing pressure to offer competitive pricing for IT products, services and solutions.
Addressing the problems in the IT sector as mentioned above would require a multi-pronged strategy involving technology, education, policy and collaborations. Here are a few solutions we recommend:
- As cyber attacks are the order of the day in the tech world, it’s worth every penny to invest in cybersecurity tools and applications such as firewalls, robust authentication and 24×7 surveillance, as well as in regular employee training and awareness programmes related to data breaches, cyber threats and data integrity.
- Investment in creating in-house employee training modules partnering with edutech or institutes to upskill and reskill the incumbent talent force to catch up with the emerging technologies can reduce attrition and improve retention.
- Go in for graded upgradation or modernization in a phased manner focussing on priority areas in the first phase.
- There should be regular audits to keep up with the changing regulatory laws and compliance standards. If there is a possibility, a dedicated team can be set up to keep abreast of the laws.
- Prop up cost-saving strategies by adhering to practices that improve processes and operations.
