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Now more than ever, business leaders need to understand what technology they should prioritize for modernization and what is just a hype cycle, writes Mike Young, head of sales at Endava.
Business leaders are often inundated with information when it comes to making technology purchase decisions.
In our Emerging Tech Unpacked Report, Endava explores what technologies businesses see as the next “big thing” in the face of a challenging global economic environment, identifies key themes that influence purchasing decisions, and separates the hype from the technologies that are the driving force. effectiveness.
Big data and automation
Big data and AI-driven automation are two of the most important technologies among businesses that have already demonstrated their ability to help companies gain a competitive edge. Companies that adopt big data strategies experience increased operational efficiency and productivity, making their IT systems much more reliable.
Big Data (75%) and AI-driven automation (71%) were ranked as some of the top initiative priorities among companies surveyed. Respondents are very familiar with Big Data and AI automation and see it as highly relevant to their business goals and services in 2023.
This is likely because 33% of respondents have already implemented some form of AI-driven automation, and of the remaining organizations that have not yet done so, more than half are currently doing so. Adopting Big Data or Automation strategies is becoming imperative for businesses to meet the demands and benchmarks that are set within the industry.
Environmental, Social, & Governance
ESG is a concept that most organizations need to quickly become familiar with, largely due to climate impact, government mandates and future resilience to mitigate risk.
Organizations identified increasing operational efficiency as a driver for implementing ESG plans, with 89% of respondents identifying ESG as relevant to their business. However, it is interesting that only 38% of respondents have an implementation strategy in practice. This shows great intent in the market, yet businesses still lack action in implementing ESG strategies.
Implementing an ESG plan can help increase operational efficiency, attract more customers and help improve their IT systems. Many see ESG as a way to streamline their business and attract new customers, with only 4% of respondents seeing it as an irrelevant service for their business.
Web3 and Metaverse
Distrust of excessive technology continues; while the metaverse was cited as one of the most recognized new trends, 30% of organizations lacked any form of strategy for incorporating it into their business strategy, and half of them said it was because the technology was irrelevant to their business.
In comparison, Web3 is less skeptical, with nearly a third (27%) of respondents having implemented a strategy and 30% of businesses in the process of implementing it. Although Web3 is not the easiest software package to install, organizations should start preparing for it because this technology helps build IT systems, increase productivity, and improve end products.
Building digital ecosystems and microservices are also proven trends for businesses looking to invest in building strategic frameworks, with 33% of respondents planning to incorporate these services in some way.
Strategic investment with digital acceleration
While it’s important to be smart about your investments, we’ve seen time and time again what can happen when businesses rely on aging infrastructure and the gains to be made by early adoption of some of these more innovative technologies and practices.
Working in a fast-paced industry means having to keep up with the ever-evolving nature of technology stacks. Businesses are now looking to invest in more agile and tailored solutions that meet the challenges of today and tomorrow. The “Emerging Tech Unpacked” report shows that organizations are excited about a number of new trends, but cautions them to look beyond the initial hype to the larger opportunity for strategic investment.
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