By Marios Kapiris, General Manager of Kyndryl
Cyprus 2023 emerges as another year of significant challenges for both the domestic and international economy. However, despite any challenges, it is certain that the penetration of technology and the utilization of the solutions offered will continue to be a priority for businesses of all sizes in Cyprus, as the recognition of the resulting advantages is now universal.
Digital transformation is intertwined with the present and future of all organizations.
Virtually all types of services provided are indistinguishably linked to technology and largely rely on it. The experience most companies now want to have with their customers, whether new or existing, is now primarily digital.
We notice that the foundations have now been laid to make the most of technologies such as the immediate analysis and utilization of information, the transition to the digital cloud, cyber-security, and the use of artificial intelligence.
The diffusion of these technologies in the industry will also see that it will gradually contribute to the training of existing and also to the “hatching” of new talents.
At the operational level of companies, many of the habits brought by the pandemic seem to be here to stay.
One of them is the hybrid work model. Businesses should ensure that employees’ multi-channel work environment allows them to work uninterrupted, enjoying an optimal work experience and maintaining or even upgrading the work culture of each organization.
As Cyprus continues to become a destination for international companies, which seek to attract workers from abroad but also intensify domestic competition for top minds, the digital experience a business offers its employees can be key.
During the COVID-19 pandemic, it was thoroughly demonstrated that businesses that had adopted cloud technologies adapted more easily to new data and were able to better take advantage of any opportunities that arose. So even in 2023, with growth expected to be weak, the adoption and utilization of cloud technologies, most likely starting with a hybrid model, may be the best solution for flexibility and adaptability.
Cybersecurity and Resilience
As the Cypriot economy as a whole evolves technologically, beyond the advantages, security issues also arise.
According to research, 88% of companies worldwide now consider cybersecurity issues as a significant business risk that concerns the highest levels of an enterprise, rather than just a technology risk that IT departments deal with. it is much more likely that a company will be subject to a cyber-attack than to fall victim to a natural disaster, although the constant burden on the environment has increased these risks as well. So, in 2023, protection against any cyber threats will be just as important as any technological upgrade.
For 2023, the recording of data (Data), as well as its analysis and exploitation, will become an even more important factor for all businesses.
The correct and meaningful use of information is constantly gaining ground in various sectors of the economy and the existence of strong foundations and practices (DataOps) is now essential. If the evaluation and utilization of the data is not correct, then the messages received by the customers will definitely be problematic. Especially in Cyprus, where for most businesses the exploitation of data is at an early stage, further investment in good practices will provide a significant comparative advantage over the competition. Additionally, 2023 may be a milestone year for the gradual exploitation of the advantages offered by Artificial Intelligence. We believe that large financial organizations and regulated companies will be the first to include it in their operating model as Artificial Intelligence can offer important solutions in matters of trust, risk analysis, ethics, security and transparency.
The important role of telecommunications
The role of 5G and the Edge methodology will also be decisive as they unfold a series of advantages for businesses, such as real-time data analytics, personalized promotions which are particularly suitable for retail companies, to optimize processes throughout the scope of the supply chain and so on.