The squeeze of inflation is being felt globally from the grocery store to the gas pump causing many individuals to tighten their budgets and brace themselves for a possible recession. Health systems across the country are experiencing anxiety surrounding the uncertain economic future. Early reports indicate an optimistic shift with declining inflation and a recovering job market, but within this conversation is a lot of conflicting information and it can be difficult to know how to best protect your organization in a risky climate.
Accompanying this uneasiness is the continuous push toward digital transformation. While the digital transformation movement was spearheaded by the COVID-19 pandemic, there has been increased desire to expand the introduction of novel technology capabilities. But with economic unpredictability looming, health system leaders face the dilemma of wanting to stay competitive in the technology space while remaining strategic in the decision-making.
These opportunities include:
The Metaverse – A platform that combines multiple technologies to enable social and economic activity in a digital world that is connected to the physical world. The Metaverse is more useful for understanding things as opposed to understanding people.
Generative AI – Algorithms that can be used to create new content like code and text. This tool is expected to receive the most net-new investment of all technology in 2023. Most businesses currently use generative AI for business analytics, intelligence or to identify risk and improve security.
Industry-Data Models – A way to design data models or dashboards that reflect an organization's needs and provide real-time insights. Most organizations are building their own data analysis but are missing out on best-in-class approaches from technology experts.
Sustained Digital Processes – Helps ensure your organization is executing the digital transformation. Automation and optimization require examining how processes are executed from both a top-down and bottom-up approach.
Environmental, Social and Governance (ESG) Analytics and Report – Prepare for a heightened regulatory environment with timely and accurate reporting on ESG metrics.
Zero-Trust Security – The shift from securing network boundaries to focusing on verifying users, assets and resources.
Recession Preparation – Be proactive about an economic downturn by aligning IT spending with business priorities. Lean into the economic pressures by aligning IT spending to your organization's goals and KPIs, focus spending on making the business more efficient, leverage digital technologies to enhance customer experience and prepare for emerging technologies now.
No one has a crystal ball, but fluctuation and uncertainty are a part of the nature of the beast that is the U.S. economy. By concentrating on communication and calculation, your organization can mitigate potential negative side effects.
Collaboration and careful decision-making not only protect your organization but positions your team to be proactive in an erratic market.
Previous CIO Cohort Discussions and other resources