Cost optimization becomes the top concern for enterprises in the current economy

As we advance into 2024, enterprises worldwide navigate complex challenges and technological advancements. This article explores the pressing issues these businesses face, ranging from the need for cost optimization amidst tight budgets to the critical importance of cybersecurity in an increasingly digital environment. 

We delve into how the integration of generative AI is revolutionizing operational efficiency and customer service and the role of technology in transforming the payments industry. Additionally, the article highlights the importance of embedding cybersecurity in development processes and the innovative strategies for talent management that are essential in the tech industry. In a recent interaction between Ram Meenakshisundaram, Chief Technology Officer at Virtusa Corporation, and Nisha Sharma, Principal Correspondent of CIO&Leader, several critical issues facing enterprises in 2024 were discussed. 

Navigating cost optimization amid budget constraints

Ram Meenakshisundaram highlights that cost optimization remains a primary concern for enterprises, especially in the current economic climate. He emphasizes the importance of managing IT spending effectively and identifies the need for technologies that reduce operational costs.

The unwavering priority of cybersecurity

The need for robust cybersecurity measures is more crucial than ever. With the digital environment continuously evolving, the focus on enhancing system security to counter emerging threats is emphasized as a strategic priority.

Enhancing customer service through technological efficiency

Improving customer service efficiency is another key area. The necessity for evolving applications and systems to meet growing demands for high-quality service delivery is highlighted.

AI’s role in streamlining operations

The contribution of generative AI to cost optimization and productivity enhancement is significant. Its ability to streamline processes and facilitate enterprise transformation, depending on the quality of data, is explored.

Embedding cybersecurity in development

Meenakshisundaram stresses the importance of embedding cybersecurity within the development process. Integrating security measures throughout the software development life cycle is crucial to ensure the creation of secure systems from the ground up.

Practical applications of Generative AI at Virtusa

Virtusa’s practical implementations of generative AI, as explained by Meenakshisundaram, include its application in enterprise search and the automation of IT service tickets, demonstrating how AI can enhance operational efficiency.

The future of payment transformation

The CTO discusses the significant changes in the payment industry, driven by evolving regulations and the need for modern payment ecosystems. According to Meenakshisundaram, technology is critical in transforming payment infrastructure and improving customer experiences.

Balancing security with convenience in payment methods

Addressing the security concerns of one-tap Wi-Fi card payments, Meenakshisundaram suggests implementing transaction limits and additional authentication methods to balance convenience and security.

The focus on evaluating and upgrading payment infrastructures in accordance with international standards and regulatory requirements is discussed as a key strategy.

Talent management strategies

Lastly, the article touches upon innovative strategies for talent acquisition and retention, emphasizing the role of structured programs in developing skills and supporting career growth, underscoring the significance of human resources in technology.

This comprehensive overview illuminates how enterprises are navigating the intricacies of today’s technological landscape, underscoring the importance of strategic planning and innovative solutions in addressing the challenges of the years ahead.

Ram Meenakshisundaram is a Chief Technology Officer at Virtusa Corporation.
Image Source: Freepik
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