7 in 10 CEOs believe that their network is slowing business growth

7 in 10 CEOs believe that their network is slowing business growth
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In a new study by telecommunications, technology, and business solutions provider NTT, 70% of CEOs admitted to the belief that their network is affecting their businesses. 

The NTT 2022 Global Network Report — conducted with over 1,300 enterprise networking professionals across 21 countries — highlighted the gaps and challenges in modernizing networks within a company.

Among these are the rising technical debt and lack of expertise within the company. Security and compliance in network architectures are also raising concerns among industry leaders. Budget constraints and vendor capacity are also becoming an issue in digitalization.

The solution? NTT Executive VP Amit Dhingra said that many organizations “are leaning towards key partners and managed service solutions to fulfill their requirements.”

NTT’s latest survey says that more than 90% of senior executives prefer the network-as-a-service model due to its potential to scale up and down. 

Future-proof your network

Future-proofing a company’s network is becoming more crucial now that people are moving to a digitalized system. 

To make this easier, NTT said that organizations should first align their business goals and break down silos, making sure they plan clearly how to achieve a return on investments.

Companies should also think about availability, scalability, and performance, as well as investing in a tech partner that can help migrate legacy network assets that are creating technical debts.

“To move your organization forward, look to the network-as-a-service model to consume and pay just for what you need while allowing you to access the latest trends in technology,” NTT said.

The network and the operational technology must also work together in an end-to-end approach. Here, NTT revealed, outsourcing and partnering with third-party providers can drive evolution.

Finally, leaders must keep inmind the increasing demands for compliance and security while shopping for services aware of hidden costs.

Despite the many challenges in network modernization, NTT pointed out that failing to invest in them can be devastating. After all, the global cloud, edge, 5G, metaverse, and the new hybrid world of work can only be supported by advanced tech networks.

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