The rapid pace of change in global business ecosystems calls for CIOs to “champion and harvest the major technologies impacting the enterprise,” according to a new report from Deloitte Consulting.

The company’s seventh annual technology trends report, "Tech Trends 2016—Innovating in the Digital Era," discusses how certain developments are driving new products and services, upending long-standing business models and rewiring rules of customer engagement.

The trends include augmented and virtual reality, blockchain, the Internet of Things (IoT) and socially-responsible applications of exponential technologies, and they require CIOs to pursue new approaches for growth and innovation, attracting and retaining talent and revitalizing operations.

"Today, every company is a technology company at its core," Bill Briggs, chief technology officer at Deloitte, and author of the annual research. "CIOs are expected to harness emerging trends and innovate to create real business value.”

At the same time, they need to modernize core systems, industrialize analytics capabilities and use autonomic platforms to transform not just IT operating models, but the infrastructure upon which they run, Briggs said.

“CIOs and IT organizations that can navigate these new realities to deliver measurable impact to customers, employees and alliances will thrive," Briggs said.

Cyber risk remains a universal concern, and includes security, privacy, regulatory and compliance implications, the report says. Organizations will have to balance priorities to experiment in new areas and transform existing assets while ensuring that solutions are secure, vigilant and resilient, it says.

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