By Prasad Ramakrishnan, CIO, Freshworks
The United Arab Emirates has shrugged off the global crises of recent years to stand tall. The IMF estimates that the UAE economy grew 3.4% in 2023 and is set for 4% growth this year. Other calculations are even more buoyant, with S&P Global Ratings forecasting 5% growth for 2024, which comfortably outpaces the 2.8% global average.
Macroeconomics is a harsher reality for Europe and the Americas. This has everyone in colder climes clutching their purses just that little bit more tightly while UAE businesses are freer to innovate. However, that does not mean that caution is being thrown to the wind here. Prudent moves are part of the DNA of GCC business, and the Emirates’ enterprises will continue to ponder every investment carefully. They are unlikely to use 2024 to replace perfectly serviceable IT assets with the newest and shiniest, but neither will they shy away from the tech investments that allow them to grow and compete.
And so, the regional CIO’s job description retains the clause of making intermittent appeals to finance leaders and other decision makers to fund the update of complex legacy systems. The pitch is – as it has ever been – that “no spending” is not the same as “smart spending”. In a digital economy, revenue and profits rely on having the right digital tools in place. In that spirit, here are six pitches for investing in technology that should pique the interest of revenue-focused executives.
- Empower the workforce
Today, there are many platforms dedicated to the improvement of workflows and information management, allowing employees to perform more efficiently and more easily. By now, most executives in most disciplines, from HR to finance, accept that the employee experience (EX) has a direct relationship with the customer experience (CX).
Modern EX and CX solutions, such as user-friendly customizable ITSM (IT service management) tools, allow the workforce to deliver better products and services. It really is that simple. And just as simple is the concept that better products and services lead to higher customer satisfaction and loyalty metrics. Any CFO or CEO can fill in the blanks; for these are the circumstances under which revenues and profits grow. - Automate. Automate. Automate
Intelligent automation and generative AI are likely to see soaring adoption rates in the coming quarters. The reduction in manual workloads has another name: efficiency. And the resultant cost saving is another benefit. We often talk about freeing up our talent to perform tasks that are not only more rewarding for the employee (and hence, reduce workforce-attrition rates), but add value to the business. AI, in its many forms, is the most direct way to accomplish this.
“Streamlining”, “innovation”, “productivity drive”. Call it what you will. Investment in automation is a reliable way to boost revenues. Generative AI can steer customer-facing agents to optimal decisions in real time. Service becomes slicker. Communication is flawless. Meanwhile, marketing professionals gain access to a consummate storyteller that can produce content on command almost instantaneously. And the salesforce is backed by a pitch-composer that can turn prospects into loyal customers through the right email at the right time. - Reinvent service desks
Every business of almost any size needs a service desk, but many are hampered by the complexity of multiple solutions. A single investment in a single platform provided by a single vendor eliminates complexity and lowers costs. This consolidation comes with further benefits. Modern ITSM tools use AI and low-code/no-code platforms to accelerate innovation. Citizen development puts transformation projects in the hands of those who know the target process best. This leads to greater digital maturity, which means faster rollouts with fewer implementation errors. - Consider value over cost
An important focus for the CIO (or indeed, any IT professional that has to make an investment case to senior executives) should be on value as opposed to just cost. Decision makers often think in terms of cost, but since Gartner expects the Middle East and North Africa (MENA) to spend US$183.8 billion on IT in 2024 (a 4% rise on last year) a trends-based argument can be made that failure to invest means missing out on value. And when purse-holding executives ask about the time it will take to reap value, a further case can be made for exploring software solutions that boost time-to-value metrics. IT professionals can even point out that one of the benefits of these tools is the lowering of total cost of ownership. - Optimise software contracts
Anyone with an accountancy background will be sold on the virtues of actively looking for efficiencies. Even before the age of cloud, enterprises would often find themselves shouldering the cost of ownership for a software asset that was not fully utilised. Value-minded CIOs will encourage other department heads to collaborate on identifying what features of products are being used and invest accordingly. By cutting out features that are not used, the organisation can optimise the cost and terms of contracts. - Invest in the elastic
“Scalability”, “ease of use”, and “cost-effectiveness” are terms that are often thrown around when discussing IT investment in the hybrid era. As an extension of the previous point, it cannot be stressed enough that selecting software that can grow to match business needs is a great advantage. Productivity and competitiveness depend on always having access to the latest features.
Prepped for success
Value and efficiency are easy sales to a business leader with their eye on the horizon. The modern IT leader must demonstrate that they are aligned with that vision – that they too are looking ahead. Innovation does not happen by accident. It emerges from workforces empowered, rather than encumbered, by technology. An investment in EX is an investment in CX. So, automate. Explore the use cases of generative AI. Optimise service desks. Introduce scalable, easy-to-use platforms. Compete. And thrive.
