CIO Outlook 2024

2024 is shaping up to be a crucial year for the impact of emerging technologies like Generative AI (GenAI), large language models (LLMs), and industry-specific co-pilots. Careful implementation and responsible development will be crucial to ensure these technologies benefit everyone.

As much as generative AI may be the latest focus of the C-suite agenda, the CIO mandate for 2024 is very much the similar one. When it comes to GenAI, CEOs will expect CIOs to deliver ROI this year. And if that’s not enough of a goal to put before CIOs, chief executives are also looking to GenAI to provide the path to reinventing their company’s business model. Advances in GenAI are poised to revolutionize various fields, including healthcare, agriculture, and personalized services, by leveraging genetic data and AI algorithms for enhanced decision-making and outcomes.

Another technology which is anticipated to make significant strides is Quantum computing, which is enabling breakthroughs in complex problem-solving, cryptography, drug discovery, and optimization tasks that are beyond the capabilities of classical computers. Augmented reality (AR) and virtual reality (VR) technologies will also continue to gain traction, transforming industries such as gaming, education, healthcare, and retail with immersive experiences, training simulations, and interactive content. Advancements in autonomous vehicles, drones, robots, and smart appliances will drive the proliferation of autonomous systems; this will offer benefits in transportation, logistics, manufacturing, and home automation.

Edge computing will be another trend which will become increasingly essential for processing data closer to the source, enabling real-time analytics, low-latency applications, and bandwidth optimization in IoT deployments, autonomous systems, and smart infrastructure. 

Cybersecurity will continue to impact the industry. With the coming of GenAI, AI-driven or AI-powered cybersecurity solutions will become indispensable for detecting and mitigating sophisticated cyber-threats, leveraging machine learning, behavioral analytics, and automation to enhance threat intelligence and response capabilities.

With growing concerns about climate change and environmental sustainability, technologies such as renewable energy, smart grids, circular economy solutions, and green manufacturing processes will gain momentum in addressing global challenges. Another area which is much talked about and will gain traction is Digital Health and Telemedicine. The adoption of digital health tools, telemedicine platforms, wearable devices, and remote patient monitoring solutions will continue to accelerate, enabling personalized healthcare delivery, remote consultations, and improved patient outcomes.

Though 2023 did not see much adoption of Blockchain technology but in 2024, Blockchain Applications and technology will see broader adoption beyond cryptocurrencies, with applications in supply chain management, decentralized finance (DeFi), digital identity, smart contracts, and secure data sharing gaining traction.
Furthermore, the rollout of 5G networks and advancements in satellite internet and wireless communication technologies will drive innovation in areas such as smart cities, connected vehicles, IoT, and high-definition multimedia streaming.

In 2024, AI and ML will increasingly integrate into various business processes
 

Dr. Balvinder Singh Banga  
CIO - Ritco Logistics Ltd.

“As the CIO of the Logistics Industry (Ritco Logistics Ltd), I am entrusted with the pivotal task of identifying and investing in emerging technologies that promise maximum ROI in 2024. Among the diverse array of options, GenAI emerges as an exceptionally promising avenue, offering transformative potential to revolutionize various facets of our operations. One compelling application of GenAI lies in route optimization. By harnessing advanced algorithms capable of ingesting and processing vast datasets encompassing historical traffic patterns, weather conditions, delivery schedules, and real-time traffic updates, we can dynamically generate optimal routes for our fleet of transportation vehicles. Moreover, GenAI holds immense promise in the realm of predictive maintenance. Leveraging its ability to analyse sensor data, telemetry streams, and historical maintenance records, GenAI can forecast when vehicles and equipment are likely to require servicing or replacement parts.  In essence, by strategically integrating GenAI into our logistics operations, we stand poised to unlock unprecedented efficiencies, drive innovation, and achieve significant ROI in the dynamic landscape of 2024 and beyond. Embracing GenAI represents a strategic imperative, positioning us at the forefront of industry evolution and empowering us to navigate the complexities of the modern logistics landscape with agility and foresight. Looking forward to 2024, the technology landscape promises to be dynamic and transformative. Trends, ranging from artificial intelligence (AI) and 5G technology to blockchain and edge computing, will continue to shape the way businesses operate and interact with their customers. Blockchain and Distributed Ledger Technology (DLT) are also poised to disrupt industries beyond cryptocurrencies, with applications in supply chain management, digital identity, and decentralized finance (DeFi).”

Wearable devices and digital health software to change the way clinical research is performed
 

Dr. Makarand Sawant 
Vice President – Information Technology, Sahyadri Hospitals

“Contact Centre Automation, Patient App, Patient Portal, Patient Bot, Virtual Consultation, Patient Lifecycle Management, Wearables & integration for remote care are going to be a few of the technology areas key in 2024. Generative AI can enhance customer experience and improve TAT through clinical documentation, analyse patient data and optimize workflows.
While my team is geared up for adoption of latest technology solutions that can impact customer experience, operational excellence, and cost optimization, they understand that AI can help to gather information, store and analyze it, and provide data-driven insights from vast numbers of people. They are leveraging this information to help healthcare professionals determine how to better treat and manage diseases.  
Parallel to the pursuit of more specific, sensitive, and stable devices is the powerful application of artificial intelligence (AI) using machine learning and data mining. The connectivity between devices and to the internet enables not only continuous data acquisition but also real-time information processing. For example, newer generations of commercially available activity trackers and smartwatches monitor both body movements and heart rate; providing personal analytics such as energy expenditure and sleep cycles. Based on the data, algorithms could be developed to identify patterns and help users recognizing how their behaviours might be impacting their health (e.g., a better night of sleep follows by a more active day than one’s usual level). Integration of data from different sources (e.g., mood, stress level, food log) would further enrich the knowledge base for algorithm development to refine the summary of past behaviours and experience and to predict future behaviours and the impact on health.”

While 2023 witnessed a dynamic tech landscape, 2024 will see these technologies succeed

Prince Joseph  
Group CIO - SFO Technologies Pvt. Ltd. (NeST Group)

“In 2024, our organization is focusing on several key technologies that we believe will provide the maximum return on investment -
1.    Generative AI (GenAI): We recognize the transformative impact GenAI can have across various domains. Our investment will target advancements in natural language processing (NLP), image generation, and code generation.
2.    Edge Computing: To cater to the increasing number of IoT devices and to enhance application performance, we are investing in edge computing.
3.    Quantum Computing: Given its potential to tackle problems beyond the reach of traditional computing, we are exploring investments in quantum computing.
4.    Blockchain: Our investment in blockchain technology is driven by its ability to offer transparency, security, and immutability. We aim to leverage blockchain to secure our supply chain, manage asset tracking efficiently, and enable innovative business models.
5.    5G Technology: With the advent of 5G, we anticipate significant improvements in wireless communication, including faster speeds, reduced latency, and increased capacity. Investing in 5G will enhance the connectivity experiences of our employees, customers, and partners, and supporting our commitment to leveraging cutting-edge technology. 
In 2023, there were areas where progress fell short of expectations. As we step into 2024, we will be seeing these "misses" transform into successes, further shaping the future of technology.”
 

GenAI to lead businesses for digital transformation in year 2024
 

Gaurav Vij  
CTO - Spaze.AI
“Co-Living industry today is where we had E-Commerce a decade back, a huge landscape of automation, analytics and platform and information driven businesses. Although, there are products in the industry, but there is definitely a thought required on a digital transformation, and think digitized. Generative AI is going to play an important role to the transformation of co-living and facility management industry in 2024.
 As use of generative AI becomes increasingly widespread, and is the key and the catchment of every business leadership for year 2024, At Spaze, as well as at HooLiv, the CIO office is geared towards identifying the right use cases, and having them implemented with Generative AI. The use and fitment of the technologies will be a derivative of the use cases identified. Some of the key technologies to be focused on includes Open AI, Copilot X, Python, Tensorflow. While Generative AI is the buzz word, it looks like it’s time to start thinking about it, and how to structure generative AI teams within your data organization. To get the organization and its teams ready for Generative AI, it needs a change in thought. The implementation as well as application/functional team should adopt a continuous learning process with their coverage of the generative AI fundamentals, evolution and technologies. The implementations should focus on driving with small sprints with defined outcomes and training of the models, as well as adopt the learnings and optimizations going in next sprints. Be ready to reject any model, and move towards a different approach to the Generative AI.”

Metaverse technologies to gain traction and pick up in 2024

Jaipdeep Khanduja  
CTO - AccioMango 
“Our team is fully prepared to leverage cutting-edge technologies to propel our organization forward. We have invested in upskilling our workforce in areas like artificial intelligence, machine learning, and data analytics to harness the power of data-driven insights. Additionally, we are fostering a culture of innovation and collaboration to encourage experimentation and the exploration of emerging technologies. By aligning our IT strategy with the business objectives, we aim to drive efficiency, agility, and competitiveness across all aspects of our organization.
Some of the top technology trends expected to dominate the industry in 2024 include -
•    Artificial Intelligence and Machine Learning: Continued advancements in AI and ML algorithms will revolutionize various industries, enabling automation, predictive analytics, and personalized experiences.
•    5G Technology: The widespread adoption of 5G networks will unlock new opportunities for high-speed connectivity, enabling innovations in IoT, AR/VR, and real-time data processing.
•    Edge Computing: Edge computing will gain momentum as organizations seek to process data closer to the source to reduce latency, enhance security, and improve overall efficiency.
•    Cybersecurity: With the increasing frequency and sophistication of cyber threats, cybersecurity will remain a top priority for organizations, driving investments in threat intelligence, zero trust architecture, and identity management solutions.
•    Blockchain: Blockchain technology will continue to disrupt traditional business models, particularly in sectors like finance, supply chain management, and healthcare, by providing transparency, security, and decentralized governance."
 

Organizations are increasingly exploring suitable GenAI use cases for the respective industry

Shweta Srivastava, 
Head IT - Matix Fertilisers & Chemicals Ltd.

“Matix is comparatively young as an organization and yet has seen steep growth in terms of production. This year, the focus is on complete digital transformation of the organization which shall change the way we have been operating till now. We are strongly looking at Plant automation, AI/ML based Cybersecurity tools, Analytics & Dashboard and multiple other tech-driven initiatives to enhance productivity and efficiency at each level. We would also like to explore GenAI based applications to exploit the strength of this technology which learns from their interactions, improve autonomous responses over time and potentially transform the experience of all stakeholders.
There are some wonderful use-cases which GenAI based solutions can solve and hence can be effectively utilized for achieving the intended objectives in a typical manufacturing set up. With the strong capability towards predictive and prescriptive analytics, AI based solutions can contribute in minimizing the outage of plant machinery and equipment. GenAI can be leveraged for suggesting the most optimal combination of inputs in terms of raw material, heat, electricity etc. which can help in greater efficiency and energy conservation. This powerful technology tool will be helpful in increasing the yield while minimizing the spend on multiple resources.
From security standpoint, we look forward to AI/ML based cyber security solutions which can perform proactive threat monitoring and protection against any potential attack. In addition to these, at Matix, we are also focussing on automating mundane tasks done by the workforce which can help in enhancing the employee experience as well as help in increased productivity.” 
GenAI undoubtedly is going to transform the way enterprises are operating. Last year also it was most discussed technology in all forums and conferences while this year we shall witness Live implementation of great use cases. AI/ML has also evolved in a way that it can be leveraged to achieve organizational goals much faster and assist in automated and dynamic decision making. There are also some of the advanced use cases of IoT based solutions which are helping in Intelligent and Smart way of operating the plants. While 2023 was a year where everyone was looking to implement GenAI but were exploring the most suitable use case within their respective organizations, only few success stories were heard. I feel we should be able to witness some great implementations of this technology in 2024.”

Staying informed about emerging industry trends and developments is the key for a CIO

Yogendra Singh  
Head – IT, Barista Coffee Company 

“As a CIO/CTO looking to invest in and adopt new technologies in 2024, it's essential to focus on innovations that align with your organization's goals and have the potential for maximum return on investment (ROI). Here are several promising technologies to consider -
•    Implement AI and ML solutions to enhance automation, decision-making, and predictive analytics across various business functions. Explore AI-powered customer service, Chatbots, and personalization for improved user experiences.
•    Invest in edge computing to process data closer to the source, reducing latency and improving the efficiency of real-time applications.
•    Allocate resources to advanced cybersecurity solutions, including AI-driven threat detection, zero-trust frameworks, and multi-factor authentication.
•    Stay informed about developments in quantum computing and assess its potential impact on your industry.
•    Explore AR and VR applications for training, education, and immersive customer experiences.
•    Adopt RPA for automating repetitive and rule-based tasks, improving operational efficiency.
•    Invest in technologies that contribute to sustainability, such as renewable energy solutions, energy-efficient data centers, and eco-friendly IT practices.
•    Evaluate technologies that support the organization's commitment to environmental responsibility.
Before making investments, conduct a thorough assessment of your organization's needs, align these technologies with your strategic goals, and ensure a clear plan for implementation and integration. Collaborate with key stakeholders, and consider scalability and adaptability for long-term success. Staying informed about emerging trends and industry developments is the key to making strategic decisions in the rapidly evolving tech.”

2024 will be a crucial year for Mystifly to pursue technology innovation and investment 

Bharat Goyal  
Co-founder and CTO, Mystifly
“Mystifly is pursuing four areas of technology innovation and investment this year - 

1.    Generative AI for offer personalization: At Mystifly, we have the advantage of developing a proprietary fine-tuned model better suited for LLM and Generative AI. In 2024, we intend to leverage this advantage to inject value into a legacy ecosystem and use Generative AI for dynamic travel recommendations, customized offers, and hyper-personalized user experiences, boosting engagement and conversion rates.
2.    Embedded Finance for travel B2B payment and settlement: Mystifly is transforming the payments landscape in 2024 by integrating B2B payment and real-time settlement solutions powered by fintech advancements. Using our new “Airlinepay solution,” airlines can unlock new revenue streams, enhance customer loyalty, and gain a competitive edge in the ever-evolving travel landscape.
3.    Real-time data analytics: 2024 is the year where Mystifly scales up the investment in a new generation cloud-based solution purpose-built for the fast, real-time, transactional nature of airline retailing – resulting in multiple use cases for adding value across the airline value chain.
4.    Embedded infrastructure platform play: At Mystifly, we are laser-focused on delivering solutions in 2024 that are purpose-built for travel tech providers and are leveraging our deep understanding of supplier communication protocols to provide a secure cloud-based orchestration platform that solves legacy problems and expedites speed to market. 
In 2023, we invested heavily in technology and product leadership. As a result, our team is now well-equipped to take our organization to the next level through several key initiatives like strategic partnerships, platform development, knowledge sharing and talent acquisition.”

Companies enhancing product development by adopting GenAI and ChatGPT

Chitranjan Kesari  
Chief Innovation Officer and Business Head - Idemeum
 
“Even though GenAI is being discussed, this is one of the inputs we are focusing on. We are currently working on multiple technologies, including a reliable and cost-effective CRM solution, a better SaaS-based solution, and a focus on customer service. We are collaborating closely on workforce transformation and everything else.
Our focus is on customer support, product enhancement, and everything else, and we are working closely with our customers to achieve this. A token of appreciation will be provided to employees who bring great knowledge and all.
Companies are working to enhance product development by adopting GenAI and ChatGPT in multiple versions. My study found that Cybersecurity and backup, including DR, are a focus area. Many companies are still struggling with proper backup and data protection.
Identity management is a key focus for many companies when it comes to their applications, and they monitor them for unauthorized usage. Examining password-less technology and all its aspects, and it is crucial to provide proper protection for all aspects.”

 

Technologies experiencing mixed success in 2023 are poised for significant growth in 2024

Saurabh Gugnani  
Head of Cyber Security - Max Life Insurance 

“As a CIO/CTO in 2024, some top technologies to consider investing in for maximum ROI could include -  GenAI (Genetic Artificial Intelligence), Quantum Computing, Extended Reality (XR), Internet of Things (IoT) and Edge Computing, Blockchain and Distributed Ledger Technology (DLT), 5G Technology, and Cybersecurity Technologies. By strategically investing in these technologies and aligning them with the organization's goals and priorities, we can ensure maximum ROI and stay ahead of the competition in 2024 and beyond. 
To take our organization to the next level, my team is focused on several key strategies - Talent Acquisition and Development, Strategic Partnerships, Agile and Adaptive Processes, Customer-Centric Approach, Innovation Labs and Centers of Excellence, Robust Infrastructure and Scalability, and Diversity and Inclusion. 
In 2023, several technologies may have experienced mixed success, but are poised for significant growth in 2024. While there have been a few hits like GenAI (which is still in its early stages), Edge Computing, and Digital Health, there had been also some misses.   
•    Virtual Reality (VR): Despite initial hype, VR adoption may have fallen short of expectations in 2023, primarily due to high costs, limited content, and usability concerns. 
•    Blockchain in Mainstream Finance: While blockchain technology has shown promise in areas like cryptocurrencies and decentralized finance (DeFi), its widespread adoption in mainstream financial institutions may have been slower than anticipated in 2023, due to regulatory uncertainties and scalability challenges. 
•    Artificial General Intelligence (AGI): While AGI remains a long-term goal for AI research, its practical applications may still be limited in 2023 due to technical hurdles and ethical considerations.”

Organizations going for automation big time to improve efficiency and reduce costs  

Kersi Tavadia 
Ex CIO – Bombay Stock Exchange

“Talking about the latest technology trends, the topmost one will be cybersecurity, followed by data analytics and the use of AI and with both cybersecurity as well as analytics. So I think these three technologies will play a very, very pioneering role and this is going to be a watershed time of the year in which all these three technologies will boom up and come up with something unexpected.
Automation and AI are two very two different things. Automation can work without AI, but AI will further help in automation. So organizations are going for automation big time to improve the efficiency and reduce costs. AI on the other hand pertains to doing the same job a little differently and to a larger scale trying to find out what you never thought of it.
The way we are looking at cybersecurity itself will see a massive change, reason being GenAI now coming in. Where earlier we were talking about humans making frauds and involving into certain crimes, now with the coming of GenAI, it is opening up a huge plethora of Pandora's Box. So we really don't know what can hit you from where and how, and learning GenAI is going to be the most sought after talent, unfortunately not for the good reason but for the bad reasons. That's where both the government and the law enforcement agencies will have to train their people. So this is going to be very challenging times in case of cybersecurity because of GenAI. While the good part is that people can keep doing creative things using GenAI, there is also a very large scope for things going wrong.”

An emerging bridge between the digital and physical worlds will continue in 2024
 

Dinesh Kaushik  
Group IT Head - Sharda Motor Industries

“In 2024, the initial cultural fascination with early generative AI will yield tangible business results. This technology, which includes the ability to process and generate text, voice and video content, is revolutionizing. 
•    Customization of enterprise AI - Enterprise AI customization is on the rise, with businesses embracing tailored generative AI applications. These applications are designed to meet specific business needs by integrating proprietary data and help to ensure more accurate and relevant responses. For example, a global retail chain might adopt region-specific AI models that are trained on data, such as customer preferences and cultural nuances. 
•    Open source AI models - In 2024, open source pretrained AI models will gain significant traction, empowering businesses to accelerate growth by combining these models with private or real-time data. 
•    API-driven AI and microservices - The proliferation of application programming interfaces (APIs) will simplify the creation of complex AI-driven applications, boosting productivity across various sectors.
•    AI as a national priority - Recognizing AI’s immense potential, nations worldwide are expected to prioritize its development in a manner reminiscent of a new space race. 
•    Multimodal generative AI - Transitioning from text-based generative AI to multimodal language, the integration of text, speech and images promises contextually relevant responses and fosters innovation across diverse sectors.
•    AI safety and ethics - As AI becomes more integrated into our lives, the focus on AI safety and ethics intensifies. Leading AI organizations are collaborating to develop robust AI systems with standardized safety protocols and best practices to help ensure ethical AI usage.”

Technology trends undergo fluctuations from year to year due to unforeseen factors

Ajay Yadav  
Head – IT & SAP, SBL

2024 indeed promises to be a year of exciting advancements into various new age technologies like GenAI. As a CIO/CTO, we are optimistic of investing in and adopting new technologies this year which will ensure maximum ROI for your organization - 
•    GenAI (Genetic Artificial Intelligence) – 1. Invest in GenAI-powered platforms and solutions for drug discovery and personalized medicine in homeopathy. Leverage AI algorithms to analyze genetic data, identify potential therapeutic targets, and develop customized treatments tailored to individual patients' genetic profiles.
•    Partner with research institutions or biotech companies specializing in GenAI to accelerate the development of innovative homeopathic remedies and enhance the company's competitive advantage in the market.
•    Digital Twin Technology - Develop digital twin models of manufacturing processes and equipment to simulate and optimize production workflows, identify bottlenecks, and improve resource utilization. 
Our IT SAP Digital team is committed to leveraging SAP's cutting-edge technologies and solutions to transform our homeopathy organization, drive sustainable growth, and deliver superior value to our customers, employees, and stakeholders. Through continuous innovation, collaboration, and strategic alignment with business objectives, we are confident in our ability to take our organization to the next level in the dynamic healthcare industry.  
AI/ML, 5G, IoT, Cyber Security & Privacy are going to be some of the technologies that are going to dominate the 2024 tech landscape. Technology trends often undergo fluctuations and shifts from year to year due to various factors such as market demand, technological advancements, and unforeseen challenges. AI-Powered Personal Assistants, Self-Driving Cars and Self-Driving Cars are some of the examples of technology trends that might have experienced hits and misses in 2023 but are expected to pick up momentum in 2024.”

2024 to see a focus on sustainability and adoption of renewable solutions 

Sanjay Singh  
Global Head Infra & Information Security - GEDU Global Education
“As a CIO/CTO, our goal for 2024 is to get the highest return on investment by putting money into performance improvement programs and next-generation staff productivity monitoring systems. With the use of these technologies, we can optimize resource allocation and workflows by gaining real-time insights into work patterns and cooperation dynamics. To increase employee performance and engagement, we are also putting technologies like AI-driven coaching platforms and customized training modules into practice. Comprehensive workforce optimization, which includes programs for diversity and employee well-being, is our strategy's top priority. Our goal is to develop a collaborative and innovative culture that will increase productivity, develop talent, and lead our company to long-term success in the digital age. Our team is all geared up to propel our organization forward by fostering innovation, agility, and collaboration. With a clear vision and open communication, we adapt swiftly to change and capitalize on opportunities. We prioritize continuous learning, ensuring we stay ahead in a dynamic digital landscape.
In 2024, key technology trends will shape industries significantly. Artificial intelligence (AI) and machine learning advancements will redefine processes, enabling personalized experiences and automation. The widespread adoption of 5G technology promises faster connectivity, facilitating the growth of IoT devices and autonomous systems. Additionally, edge computing will gain prominence, enhancing efficiency by bringing processing power closer to data sources for real-time decision-making. Augmented Reality (AR) and Virtual Reality (VR) technologies will see increased adoption across industries. Furthermore, there will be a growing focus on sustainability, driving the adoption of renewable energy solutions, green data centers, and circular economy practices.”

The DPDP law is strengthening the privacy regime in India  

Dr Karnika Seth  
Legal Advisor, Ministry of Defence, GoI

“Talking about trends, different kinds of cyber-crimes will prevail and ransomware is one of them. The deep fake usage will be on the rise. A lot of morphing rackets, phishing rackets and sextortion are on the rise too. Similarly use of AI based images and videos especially going viral and blackmailing for extortion is also seen as a big crime on internet today. So companies need to be mindful of their data practices and how they safeguard their data from intrusion or social engineering attacks. It is important to keep measures on prevention as well as combating an incident response while being in a strong and robust position.

A lot of capacity building programs are both in the private and the government sector are on the rise and that's the need of the hour. When we say data protection, not only the civil society needs to know, but the corporate world also should be aware of it, which also includes data. The DPDP law, which is been brought into enactment is actually strengthening the privacy regime in India. It's a good sign and a lot of education awareness needs to be around it so that the citizens are aware that no service provider, be it an app provider or otherwise can collect any personal information about them and use it without their explicit consent. Thanks to this law, a citizen of India is now empowered to actually control what personal data is collected from him, how that data is utilized and for how long it is allowed to keep it.”