The 10 Most Experts Tech Leaders Making Waves in Industry, 2023 by CIO Business World

Issue 13 | 2023

Cybersecurity in the Age of Digital Transformation Augmented Reality in Everyday Life

Editor in chief Robert Patrick

Contents Managing Editor : Smith Collins

Design Visualizer : Jack Thomas Arts & Design Director : Adam Jones Associate Designer : Erick Williams

Sales Senior Sales Manager : Scott M Marketing Manager : Andrew T Sales Executive : Mark Davis

Technical Victor Anderson

SME- SMO Research Analyst : Henry Martinez SEO Executive : Daniel Lee

Circulation Manager Alexander Nelson

Editorial Note Pioneers of Progress

he 21st century is dominated by technological advancements as there are visionaries that stand at the forefront, steering the ship of innovation. Today's tech landscape is reshaped by brilliance, making an impact across all industries. Thus today we bring you our upcoming editiorial - The 10 Most Experts tech Leaders Making Waves in industry, 2023. But what makes them an exceptional, let's have a look: 1. The Visionary Architect: As a mastermind in AI, this leader has redeﬁned machine learning, transforming how technology interacts on a daily basis. It is their vision that extends beyond algorithms, embracing a future where AI integrates into every aspect of our life.

2. The Cybersecurity Sentinel: In the age where digital threats grow, these leaders has emerged as a guardian of virtual realms. It is their groundbreaking strategies and innovations that has elevated cybersecurity to new heights, ensuring a safer digital landscape for all. 3. The Quantum Trailblazer: Quantum has been a long dream, and leaders are turning it into reality. It is their groundbreaking work in quantum mechanics that opens computational doors to possibilities. 4. The Sustainable Advocate: Beyond innovation, this type of leader is driving a tech revolution with a green conscience. Right from renewable energy solutions to eco-friendly gadgets, their focus is on sustainability, reshaping the industry's approach to environmental responsibility. 5. The Crypto Innovator: Crypto and Blockchain have found a champion in this type tech. Their work is not about decentralizing systems, ensuring transparency, and challenging traditional ﬁnancial norms. 6. The Connectivity Maven: Just as 5G is more faster than internet, it is a gateway for a connected world, this type of tech leader is opening avenues for faster communication, smarter cities and a truly interconnected globe. 7. The Space Trailblazer: Beyond earth, there are leaders who are pushing the geographic boundaries of space technology. From satellite innovations to Mars exploration, their work is propelling humanity into cosmos. 8. The AR Crusader: Into the future are the leaders who are making AR an integral part of our daily experiences. From gaming to educational experience, their work is turning virtual world into reality. Additionally, data is the king here, set on a mission of groundbreaking protocols, these leaders are shaping an era where individuals with more control over the digital footprint. Overall, these tech leaders are not just experts, but are the true architects of the future. Their innovations and insights are shaping world, where technology is not just a tool, but an integral part of the human experience. As we navigate the realms of AI, quantum computing, these leaders guide us towards a future where the possibilities are limitless.

Contents 12 COVER STORY

Sam Elshiwick

Augmented Reality in Everyday Life

Cybersecurity in the Age of Digital Transformation

ARTICLE

A Technological Odyssey: Elevating Life Insurance with Advanced Technology

Top Digital Technologies Shaping Retail in 2024

CXO

BUSINESS PROFILE

Joyce Sidopoulos

Founder DRP Consulting, Inc

COVER

STORY

Sam

Elshiwick

Pioneering Technology, Navigating Success through Trust and Innovation www.ciobusinessworld.com 13

he purpose of technology is to solve problems across industries, but to last relationships with the clients, you need leaders. The tech world is certainly aﬀected by leaders, as they are the key to business strategy aﬀecting innovations from now. With expertise in executive leadership, product management, software architecture, and the development of large scalable systems, Sam Elshiwick has become a driving force in the tech sector. His focus on building dynamic and high-performing teams is complemented by a keen interest in cutting-edge technologies, including Machine Learning, AI and Natural Language Processing (NLP).

A visionary leader, Sam understands the importance of aligning business strategy with future technologies. As technology continues to evolve, he sees the role of AI and ML as transformative at DRP Consulting, Inc is actively investing in learning and applying these technologies to provide innovative solutions to clients. Let's see what else he brings to the tech industry. Entrepreneurial Journey: Navigating Challenges and Building Trusted Alliances Having graduated in Aerospace Engineering, Sam Elshiwick entered the professional engineering world. Within six months, he faced the impact of mass layoﬀs in the aerospace industry during the early '90s. Driven by an innate entrepreneurial spirit, Sam was determined to establish his own company. To gain valuable insights into working with people, he ventured into customer service, combining his passion for technology cultivated during his high school and university days of game development.

In 1994, Sam realized his entrepreneurial vision by founding DRP Consulting, Inc. The early stages of establishing the company saw him immersing himself in every aspect of technology to acquire comprehensive knowledge. Recognizing the importance of specialization for delivering value to clients, he pursued studies in Organization Management with renowned experts like Tom Spencer & Shank, a leading executive training company. Over the course of 30+ years, DRP Consulting, Inc. evolved and matured, acquiring a prestigious clientele. Sam's commitment to continuous learning and adaptability enabled the company to weather economic challenges, including those faced in 2009. Throughout its journey, DRP Consulting, Inc. has maintained a model focused on becoming a Trusted Advisor to clients, some of whom have remained with the company for over two decades. The ongoing challenge lies in consistently delivering value to clients, fostering enduring relationships built on trust and expertise. Pioneering Trusted Advisory Services and Future-Ready Solutions DRP Consulting's vision and mission revolve around establishing itself as a Trusted Advisor and collaborative partner for its clients. The company is dedicated to providing strategic advice and implementing goals in tandem with its clients. What sets DRP Consulting apart is its holistic approach – unlike other companies ﬁxated solely on technology, DRP Consulting places equal emphasis on understanding the intricacies of various industries. The methodology involves leveraging knowledge

The 10 Most Experts Tech Leaders Making Waves in Industry, 2023

acquired from diverse business operations before delving into technological solutions. The core objective is to foster enduring relationships with clients, emphasizing a niche focus on delivering creative and well-managed solutions. DRP Consulting specializes in addressing process efficiency challenges across various industries and tailoring software development to meet unique and complex requirements. The company is at the forefront of incorporating the latest technologies, particularly in machine learning and AI, recognizing their transformative impact on businesses. The strategic alignment of business objectives with futuristic technologies like AI positions DRP Consulting to navigate and thrive in the evolving landscape of the business world. Fostering Trust, Alignment & Client-Centric Values Over the course of Sam's professional journey, he has identified that the fundamental element of motivation begins with fostering a company culture where team members feel valued. He prioritizes loyalty to the team, investing time and actions to build a foundation of trust. Once trust is established, he believes in tailoring motivation uniquely for each individual, recognizing that everyone is driven by different factors. His focus is on aligning team members with a shared vision, fostering optimism, and instilling a commitment to consistently prioritize the clients' best interests, irrespective of immediate profitability considerations. Charting a Future Course In the grand scheme of things, Sam envisions a continued commitment to providing exceptional

services to clients, facilitating their success in the long run. He is actively directing substantial investments towards understanding and implementing AI and Machine Learning, recognizing their pivotal role in shaping the future. He derives personal fulﬁllment from contributing to the growth of team members, assisting them in expanding their knowledge and achieving their professional goals. Despite the growth of the company, Sam remains deeply engaged in crucial technology discussions and adopts a hands-on approach. His belief in modeling exemplary behavior is rooted in the understanding that each team member is a representative of DRP, and witnessing this commitment at the leadership level instills pride and motivation in the entire team. Sam's Insight on AI Integration In the foreseeable future, Sam envisions a close collaboration with clients, oﬀering insights into his perspective on the evolving landscape shaped by AI. Recognizing that AI will compel companies to reassess their strategies for sustained success, he is eager to facilitate this transformative process. The goal is to guide and persuade companies to initiate small-scale integrations of these cutting-edge technologies into their daily operations, ensuring a seamless transition into the era of AI-driven advancements. Balancing Act In the early stages of his career, Sam acknowledges that achieving a work-life balance was not initially on his radar. However, a pivotal realization occurred when his children were around 5 years old. With the support of his

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wife, he recognized the essential nature of balance. He deems this understanding of when to strike a balance between professional commitments and personal life as a crucial characteristic for any aspiring leader. Building Trust, Fostering Excellence The work culture at DRP Consulting revolves around the core principle of trust. Team members actively engage in knowledge sharing, supporting each other to succeed. Alignment with the shared vision is emphasized, fostering optimism, and a perpetual commitment to doing the right thing for clients, irrespective of profitability considerations. DRP intentionally avoids excessive growth to preserve its unique work culture, where team members find satisfaction in prioritizing client interests over immediate profitability. The company maintains robust management tools for effective project management and the continual growth of team members. Cross-Industry Synergy An overarching goal for DRP Consulting is to leverage solutions across various industries, fostering creativity to enhance efficiency and cost-effectiveness. Recognizing that some companies prioritize their unique business processes, the aspiration is to bring awareness to the tech industry. By showcasing how adopting successful practices from diverse sectors can lead to improved efficiency, regardless of the specific industry, DRP aims to contribute a valuable perspective to the tech landscape. We created systems from ground up like exergent an ERP system for the lighting industry, blink a web based Loan Origination

System for the mortgage Industry, for Fintech, an AI based trading system, Robotic system for Dosimetry industry, as well as over 100 systems over the years Embracing the Future Sam Elshiwick is deeply invested in the transformative potential of Machine Learning and AI, recognizing their pivotal role in shaping the future. With substantial investments in learning and practical applications spanning several years, he remains at the forefront of technological advancements. Recently, he attended seminars in San Francisco, delving into the latest AI technologies. Through continuous study and strategic brainstorming, Sam is committed to seamlessly integrating these cutting-edge tools to deliver optimal solutions for clients. Crafting Success in Tech Entrepreneurship For aspiring entrepreneurs venturing into the tech realm, Sam Elshiwick emphasizes the importance of focusing on core beliefs and defining a robust company culture. He suggests that this culture should go beyond mere words, with a need for it to be modeled by the team. Sam underscores the significance of having a visionary perspective and the capability to execute plans effectively. Recognizing that these roles may be fulfilled by different individuals, Sam stresses the critical awareness of this dynamic for a successful entrepreneurial journey. http://www.drpconsulting.com/ same@drpconsulting.com

Augmented Reality in Everyday Life:

Transforming the Ordinary into Extraordinary A

ugmented Reality has transcended the realm of science ﬁction, becoming an integral part of our lives. This technology overlays digital information onto the physical world, blending the virtual and real. Right from gaming, entertainment to education and commerce, AR has found various applications, transforming traditional experiences into extraordinary adventures. Enhancing Shopping Experiences AR has revolutionized our shopping experiences, imagine visualizing how furniture looks in living room or trying on virtual clothes without stepping into a ﬁtting room. AR applications bring products to life, providing a personalized and immersive shopping experience.

AR gaming experiences encourage social interactions, transcending the boundaries of traditional gaming. Revolutionizing Workplaces AR is reshaping the work by providing real-time assistance. In industries like manufacturing, workers can use AR glasses to access relevant data, troubleshoot issues and increase eﬃciency. Healthcare Applications In the ﬁeld of healthcare AR is helping medical professionals in surgery, training, and enhancing patient care. Surgeons use AR to visualize patient anatomy in realtime procedures, leading to more precise processes.

Navigating the Real World Conclusion AR-powered apps have made getting around more intuitive, instead of a map, AR overlays ways onto the real world, guiding users with cues. This not just simplifies navigation but enhances safety by allowing users to keep their eyes on the surroundings. Educational Transformations In the educational era, AR has become a powerful tool for interactive learning experiences. With 3D models, textbooks have come to life with 3D models, historical events are recreated in detail, and complex scientific concepts are simplified through interactive simulations. AR today has made learning more engaging and accessible to learners of all ages. Gaming Beyond the Screen It has been at the forefront of AR innovation. Games like Pokemon Go has brought virtual characters into neighborhoods, turning the real world into a gaming arena.

As AR continues to evolve, its integration into everyday life has limitless potential. The physical and digital worlds blur, oﬀering experiences that were once conﬁned to our imagination. From simplifying tasks to unlocking new realms of creativity, AR is shaping a future where extraordinary becomes ordinary. Thus embracing this transformative technology allows to see a world through a new lens, where the possibilities are boundless as our imagination. The widespread integration of AR into our lives is just the beginning of its transformative journey. As the technology continues to advance, the possibilities are limitless. Right from education and healthcare to travel and entertainment, AR is reshaping industries and the changing the way we interact with the world. Embracing this wave of innovation, opens doors to a future where boundaries reality and imagination are blurred, promising a world of extraordinary.

The 10 Most Experts Tech Leaders Making Waves in Industry, 2023

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Mahen Gunarathna Chief Marketing Ofﬁcer Union Assurance PLC

The 10 Most Experts Tech Leaders Making Waves in Industry, 2023

A Technological Odyssey: Elevating Life Insurance with Advanced Technology

n the wake of the recent global crisis, businesses globally have been put to the ultimate test, with far-reaching impacts on our interconnected global economy. The capacity for businesses to adapt and innovate in the face of these challenges has become a decisive factor in their survival and future growth. Against this backdrop, Sri Lanka, too, has encountered unprecedented challenges to its national economy, emphasizing the critical role of resilient businesses and strategic responses in mitigating economic impacts and steering towards recovery. Amidst the complexities, globally, the life insurance sector has emerged as a beacon of adaptability, demonstrating its ability to navigate uncertainty. A key catalyst for this success lies in the seamless integration of emerging technologies, not only enhancing customer experiences but also propelling the industry into a new era of unprecedented growth. Navigating Neo Customer Expectations In the current landscape, customers are not just seeking ﬁnancial security; they crave a comprehensive experience that aligns with their evolving expectations. The recent crisis has underscored the importance of holistic wellbeing, triggering a paradigm shift in consumer

demands towards life insurers providing not only coverage but genuine care and service. As we navigate these uncharted waters, the pivotal question arises — how can the life insurance sector not only weather the storm but emerge stronger and more customer-centric? The Technological Imperative: Charting the Course for Growth As we plot the trajectory for the next phase of growth in the life insurance sector, the spotlight unequivocally turns to technology. The strategic integration of emerging technologies is not just a response to the times; it is a proactive approach that holds the potential to redefine customer experiences and elevate the industry to unparalleled heights. Beyond Efficiency: The Digital Revolution Unveiled At the vanguard of this technological transformation is digitalization, fortified by the implementation of advanced workflows and Robotic Process Automation (RPA). Beyond the buzzwords, the profound impact of this digital evolution lies in its ability to streamline operational processes, automate repetitive tasks, and ultimately deliver a seamless experience to www.ciobusinessworld.com 23

customers. This is not just about improving internal operations; it's about laying the groundwork for a more responsive, agile, and inherently customer-centric industry. Fintech and Blockchain: Weaving a Tapestry of Holistic Experiences In the dynamic realms of financial technology (fintech) and blockchain, the convergence of these innovations is not just a tech trend; it's a strategic opportunity to provide a truly holistic insurance experience. Embedded insurance, facilitated by blockchain, goes beyond transactions; it is about seamlessly integrating insurance services into various consumer touchpoints. This transformative approach creates an ecosystem where protection is no longer a transaction but an integral part of daily life. The result? Enhanced customer engagement and positioning of life insurers as indispensable contributors to overall well-being. Artificial Intelligence: Crafting the Future of Life Insurance Artificial Intelligence (AI) emerges as a pivotal force in reshaping the life insurance value chain. Smart contracts, powered by sophisticated AI algorithms, transcend the conventional, enabling automated and self-executing agreements. The implications are profound — streamlined claims processes, expedited payouts, and an overall experience characterized by efficiency and transparency. Marketing partnerships, forged through AI-driven insights, take personalization to new heights, enabling life insurers to offer targeted and resonant offerings that align seamlessly with individual customer needs. The real magic happens behind the scenes, with data scientists leveraging their expertise to glean deeper insights into customer behavior. This not

only anticipates evolving preferences but empowers life insurers to meet them with unparalleled precision. In Conclusion: Pioneering a Digitally-Enabled Future For companies navigating the complexities of the modern life insurance landscape, the potential of emerging technologies transcends mere adaptation — it heralds a transformation. As we collectively embrace this technological evolution, we do not just position ourselves as insurers; we become integral partners in our customers' journeys towards a secure, digitally-enabled, and holistic future. This is not just an industry evolution; it is a technological odyssey, where expertise meets innovation, and resilience paves the way for a redeﬁned and unparalleled customer experience.

CoFounder & Chief of Operations MassRobotics

The 10 Most Experts Tech Leaders Making Waves in Industry, 2023

rief us about your career path as a staunch woman leader up until your current position at MassRobotics. What were the challenges that you had to overcome to scale your progress? My journey from engineering school at Cornell University to my current role as the Co-Founder and Chief of Operations at MassRobotics has been ﬁlled with adventure, and marked by both triumphs and challenges, particularly as a woman in the tech ﬁeld. It all started during my time at Cornell, where I pursued a Bachelor of Science in Electrical Engineering. There were very few women in my classes, which initially posed some challenges. My experience in high school physics and calculus classes had already prepared me for this, so it was a familiar situation. Rather than dwelling on the challenges, I chose to focus on being a team player and contributor. It taught me the importance of not asking for special treatment but instead working together to create opportunities for everyone. I've used this “team player” attitude throughout my career and it has served me well and the engineering educational background laid the foundation for my career in technology. Following Cornell, my path led me to a 14-year career in civil service with the USN's Naval Undersea Warfare

Center. Here, I encountered a similar set of challenges, now in the workforce in a predominantly male-dominated field. I had to continually prove myself and my technical expertise, but again, was determined to be a team player and contributor. I served in various roles, including serving as the Chief Scientist for Acoustic Prediction Systems, Systems & Test Engineer, and Sonar Systems Analyst. During this part of my career, I found myself aboard naval ships, where I was often the only female presence. This presented a unique set of obstacles, from navigating the dynamics of an all-male environment to ensuring that my contributions were valued and respected. At this point the projects and new equipment we were installing were exciting and first of their kind, so my focus was on testing and teaching the crew how to use the equipment. This period not only refined my technical skills but also instilled in me a passion for innovation. My career then transitioned to the private sector, where I held senior positions in Business Development and Engineering & Technical Resource Management at General Dynamics and other defense contractors. The challenges continued, but I persisted, steadily building a reputation for my expertise and commitment to innovation. These experiences broadened my perspective and exposed me to different facets of the technology industry.

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A pivotal moment in my career occurred when I decided to leave the government community and lead the Innovation & Robotics Community for the Massachusetts Technology Leadership Council. In this role, I played a crucial part in fostering innovation and collaboration within the tech and robotics sector bringing the community together. The highlight of my career has been the launching of MassRobotics, where I've dedicated myself to nurturing and advancing the next generation of robotics, AI, and connected device companies. This groundbreaking organization is the first of its kind, attracting startup companies from around the world. At MassRobotics, I have led initiatives to expand the robotics ecosystem's breadth and depth and developed high-impact programs that spotlight startup technologies, connect startups with funders and customers, and advocate for the global adoption of robotics technology. This was not done single handedly, but was a true team effort. My journey is not just a personal one; it's a testament to the importance of diversity in technology and the power of determination. From my early days in engineering school to my current leadership role, I hope to continue to shape the future of the tech industry and continue to diversify the landscape. Tell us something more about MassRobotics and its mission and vision. MassRobotics is an independent nonprofit organization whose mission is to help grow robotics technology companies and advocate for adoption of these technologies into industry and by the public. We are best known for our headquarters in Boston where we have an innovation center

housing dozens of robotics startups from across the globe, offering them the resources needed to grow and scale their companies. In this state-of-the art facility, innovators and entrepreneurs have access to all types of robotic platforms (including AMRs, collaborative arms, grippers, humanoids), a machine and electronics shop, CAD and simulation software, cloud services, programming specific to robotics, facilitated introductions to potential funders, customers, talent and more. MassRobotics offers a space for like-minded innovators to be under one roof, to share challenges, collaborate, and work together to achieve their goals and milestones. Describe in detail the values and the work culture that drives your organization. At MassRobotics we strive for an open and inclusive environment that encourages collaboration between startups as well as with our industry partners. We host workshops and gatherings to address common challenges startups face, introduce them to new products, and host highly curated events that add value to their company and network. Our wholistic approach treats our resident startups and industry partners each on a personal level, defining goals, and working with each to help achieve those goals and milestones. We see the success of our startups as a success for our organization as well as for the industry we support. What do you believe is the significant factor for women in the tech industry, and what is the most important aspect of your success in adhering to these fundamentals? I believe a significant factor for women in the tech industry is the often isolated experience of being one of the few

The 10 Most Experts Tech Leaders Making Waves in Industry, 2023 women in a room full of men. In my experience, being a team player is essential, fostering a collaborative environment where everyone's contributions are valued, helps to bridge the gender gap. Additionally, an important aspect of my career success is recognizing the immense power of networking which has allowed me to connect with peers and mentors who provide invaluable support, guidance, and sense of belonging. Building a strong network has not only provided crucial support but has also opened doors to opportunities and insights that have been instrumental throughout my career. What change would you like to bring to your industry if given a chance? The field of robotics is growing rapidly and will have an impact on nearly all industries in the future. The professionals in this industry are currently not too diverse. Bringing in more diversity to the robotics field and technology fields in general is something that needs to be cultivated in early education. This includes both women and people of color. We at MassRobotics are working on this, with local high schools and programs for youth and young women, to working with HBCUs, most recently Howard University. We enjoy encouraging and inspiring anyone with an interest in technology and robotics. We have developed the high school Jumpstart Fellowship Program with the goal to support a more diverse technical workforce by preparing underserved female high schoolers to pursue careers in STEM and robotics. The program includes technical curriculum, exposes the fellows to careers in robotics and technology, and connects them with

the accomplished women mentors through skills training, networking, professional development, and paid internships. I'm extremely proud of this program and the fellows who have completed it, many of whom are now pursuing engineering degrees at universities. We are currently soliciting high school students for our 4th cohort and working to expand the program to another location. What advice would you give to the next generation of women leaders willing to venture into the modern business arena? I would love younger professionals entering a technology focused organization to understand how powerful networking can be. At MassRobotics we host several women's events, from our Women in Robotics chapter to our resident women's lunches. It's a great way to meet other women and potential mentors who can help you with challenges you may face in your career. We work hard to showcase women in robotics and MassRobotics has initiated a Robotics Medal and Rising Star award to celebrate women in robotics research. Highlighting the achievements of women in the robotics field offers terrific role models for the next generation. My ultimate advice to young women is to just be yourself and believe in your ideas. Work hard to demonstrate and validate those ideas. And most of all, be a team player, collaborate and work together with a team to achieve a common goal – it's so rewarding to share achievements with your peers!

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The 10 Most Experts Tech Leaders Making Waves in Industry, 2023

Cybersecurity in the Age of

Digital Transformation T

he world is going through a digital transformation and the role of cybersecurity has become more important than ever. Organizations be it big or small, are implementing the power of technology to streamline operations and stay competitive. Moreover, this digital evolution brings forth unprecedented challenges making cybersecurity measure indispensable. Thus in this era where data is the new currency, the stakes are higher and the battleground is cyberspace. Now let us delve into the realm of cybersecurity into the age of digital transformation. The Digital Frontier: Opportunities and Challenges Digital transformation has revolutionized the way businesses operate, interact with customer, and manage their internal processes. Cloud, IoT, AI, and data analytics are a few facets of this technological transformation. While these transformations open doors to opportunities, they also expose companies to new and sophisticated cyber threats.

Rise of Cyber Threats: A Constant Menace The cyber threats have evolved far from the traditional image of a hacker in a lit room. Today, cybercriminals are managed, well-funded, and state-sponsored. Their range of tactics are from ransomware attacks to APTs that lurk undetected within networks for extended periods. One of the main challenge in the age of digital transformation is the volume and complexity of cyber threats. This nature of modern systems means that a vulnerability can have far-reaching consequences. However, as companies can embrace mobility and remote work, the attack expands, providing cybercriminals with more entry points. Data: The Crown Jewel in the Crosshairs In the digital age, data has risen as the crown jewel that

cybercriminals target. From personal data to intellectual property, companies are custodians of large amounts of sensitive data. Securing the data in transit and processing it has become a paramount concern. The encryption, access controls, and DLP strategies are important components of an innovative cybersecurity posture. The Human Factor: A Double-Edged Sword While innovation plays an important role in the digital landscape, the human factor remains the weakest link and first line of defense. The cybersecurity training is important to empower employees to find out these attempts. On the other side, human errors, negligence or insider activities pose significant threats. These insider threats, highlight the need for stringent controls to detect anomalous activities. Conclusion The era of digital transformation promises advancements, but it comes with its share of cybersecurity issues. The organizations however must adopt a proactive and collaborative approach to safeguard the digital assets and customer trust. As innovation continues to transform, so should be our cybersecurity strategies ensure a secure digital future. As we step into the future, securing the digital realm needs a commitment to innovation, collaboration, and continuous learning. This is not a destination but a journey, one that needs perpetual vigilance and adaptability. Thus prioritizing cybersecurity should pave the way for a safer, and more resilient digital landscape, ensuring the benefits of innovation are enjoyed without compromising security. www.ciobusinessworld.com 33

The 10 Most Experts Tech Leaders Making Waves in Industry, 2023

he retail sector is a dynamic landscape, evolving in response to new technological developments. According to recent data, investments in retail technology soared to an impressive $40.2 billion in 2020, reﬂecting the sector's commitment to innovation. With the rise of omnichannel customers who shop 1.7 times more than single-channel clients, staying ahead of the curve in technological advancements is not just an option but a necessity for retailers. This is my thoughts on key digital technologies that will shape the development and investments for retailers in their stores during 2024.

- Digital Signage: Display dynamic content such as advertisements, product information, or special promotions. It's a versatile tool that can enhance in-store marketing and communication. Smarter systems that utilize data and AI to provide conditional playlists, personalizing content, and interactive screens.

First get the basics in place: - Modern POS: A cornerstone of retail operations. Beyond transaction processing, these systems are often cloud-based, integrated with inventory, staﬀ devices and CRM systems. They support diverse payment methods, including mobile and contactless payments. They also serve as a base for clienteling solutions and transaction in other areas of the store like Endless aisle and Fitting rooms.

- CRM and Loyalty solutions: Is essential for understanding customer behavior and preferences. It can collect and analyze customer data, helping retailers to personalize their oﬀerings, increase sales and improve customer service.

- Inventory management: An efficient digital inventory management system can track stock levels in real-time, preventing out-of-stock situations and helping retailers make informed decisions about reordering and restocking. RFID plays a key role in this for many retailers. - Online, Click & collect and returns in store: In the digital age, retailers must ensure a seamless integration between online and offline channels. This includes offering services like click&collect, where customers can order products online and pick them up in-store, and easy in-store returns for online purchases. These services bridge the gap between online and physical shopping, providing customers with the convenience of online shopping and the instant gratification of a physical store.

- Queueing solutions: if you have more than two persons standing in line you are losing sales. Providing pre booking services and mobile ticket solutions let the customers brows the store increasing sales and prevent dropout.

Established solutions ready to scale: - Frictionless Shopping Experiences: Retailers will increasingly adopt self-service elements such as selfcheckout, autonomous checkout, smart fitting rooms, and endless aisle kiosks to meet immediate shopper needs and provide a friction free and more personalized shopping experience. The full merge of Online and store, always creating and offering OMNI solutions. - Empowering Retail Staff: Tools providing product and stock information, clienteling with customer purchase history, recommendations, and checkout capabilities will empower retail staff. Task management, notification, and collaboration tools will further enhance store operations. - Sustainability Initiatives: Retailers will increasingly embrace sustainability initiatives such as rental, resell, and repair services. Advanced size and fit, and virtual try on solutions, including foot and body scanners, will reduce return rates online and contribute to sustainability efforts. www.ciobusinessworld.com 35

- Store Experience: Retailers will continue with flagship stores and pop-ups to build the brand and create awareness. Malls are not for shopping it's for socializing, a lifestyle. Making the store more of a marketing channel then the place for transaction. Create interactive engagement zones within their stores to attract and engage customers. These could include selfie mirrors equipped with AR technology for customers to virtually try on clothes, share their looks on social media, or even get style recommendations. Other cool features could include interactive product demos, touchscreen displays, and immersive VR experiences that allow customers to engage with products in new and exciting ways. These zones will not only make shopping more fun and engaging but also encourage customers to visit the physical store. - Reducing cost and increasing efficiency: To enhance operational efficiency, retailers will increasingly adopt realtime data dashboards. These dashboards will provide staff with instant access to key information such as inventory levels, sales data, and customer feedback. This will allow staff to make quick, informed decisions, improving store operations and customer service. We see a continuation of smaller store formats, pop-up, and solutions to keep rent and stock levels down. - Curation: With so many options for everything, customers want personal and tailored recommendations. Social sharing and input when you shop, guides and tutorials etc. Solutions to provide help in exploration phase of the customer journeys, selecting dinners and provide grocery basket for pickup, tinder your style for fashion and online subscription models. Moving from Test to Production: - Sophisticated AI and Machine Learning: AI's role in retail is set to expand in 2024, with advanced AI algorithms driving personalized customer experiences. AI-powered virtual assistants will provide personalized recommendations and assistance, supplementing human representatives. AI-created products on-demand might also gain traction. - Extended Reality (XR): The fusion of Augmented Reality, Virtual Reality, and Mixed Reality into Extended Reality will redefine customer shopping experiences. XR will enable customers to virtually try on clothes, visualize furniture in their homes, and even tour virtual stores, bridging the gap between physical and digital shopping.

- Hyper-Personalization: The trend towards personalized shopping experiences will intensify in 2024. Advanced AI and machine learning algorithms will analyze vast amounts of data to provide highly personalized recommendations, enhancing customer engagement, loyalty, and sales. Emerging Technologies to Keep on the Radar: - Blockchain and Supply Chain Transparency: This will become increasingly important in ensuring supply chain transparency. Retailers will use blockchain to authenticate products and ensure ethical sourcing, addressing growing consumer concerns about product origin and sustainability. - Autonomous last mile delivery: This is rapidly evolving, with advancements in autonomous vehicles and drone technology more and more retailers test this for delivery, for now most in hard-to-reach areas but will soon be more widespread. It will reduce cost, increase efficiency, increase customer satisfaction and easy to scale up and down depending on need. - The Rise of the Metaverse: Following the trend in 2023, the Metaverse will continue to be an intriguing trend to watch, potentially shaping the retail landscape in 2024. Retailers can create immersive and interactive virtual shopping experiences in the Metaverse, reaching customers in entirely new ways. Conclusion: As we start to plan for 2024, the retail industry is on the cusp of exciting transformations, with digital technologies playing an instrumental role in shaping its future. Retailers must not only stay abreast of these emerging trends but also strategically implement these technologies to stay competitive. By leveraging these advancements, they can enhance customer satisfaction, streamline operations, and foster business growth. Moreover, these technologies will not only redefine the shopping experience but also push the boundaries of what is possible in the retail sector. They will allow retailers to explore new business models, create novel customer experiences, and make their operations more sustainable and efficient. As we look forward to 2024, it's clear that the future of retail is not just about surviving but thriving in this new digital era. This exciting journey of transformation promises to unlock unprecedented opportunities for retailers ready to embrace these next-generation technologies.