Business Leaders Increase IT Budget in 2023: Engage with Vendors Delivering Technology Solutions at ITEXPO 2024

By Greg Tavarez December 05, 2023

Just about every company today relies on IT to some extent to operate efficiently, stay competitive, and meet the demands of evolving markets. This shift has transformed IT from a supporting function to a strategic enabler of crucial business success.

In fact, according to a recent Omdia study, IT has become one of the main drivers of value to an enterprise, with almost three-quarter of respondents confirming increases to their overall budget allocated to enterprise IT in 2023, compared to 62% in 2022.

IT is a massive umbrella that covers many areas, including cybersecurity, cloud computing, CX and generative AI, so let’s take a closer look at how they bring value to an enterprise.

Also, business leaders can learn more about IT being a main driver of value and engage with vendors delivering technology solutions at ITEXPO 2024, taking place in Fort Lauderdale, Florida, February 13-15, 2024, part of the #TECHSUPERSHOW. Along with ITEXPO (News - Alert), #TECHSUPERSHOW includes MSP Expo, IoT Evolution Expo, Future of Work Expo, Enterprise Metaverse Expo, Future of CX Expo and more.

Cyber threats continue to evolve in sophistication and frequency. Therefore, companies allocate many resources to boost their cybersecurity measures. Investments include advanced threat detection systems, encryption technologies, employee training programs and proactive measures to mitigate potential risks. Additionally, there is the growing importance of data protection and privacy regulations, which only contributes to increased spending in cybersecurity.

This has resulted in a booming cybersecurity market that is projected to reach $275 billion by 2028, according to Statista. This makes sense considering companies spend around $47.74 for cybersecurity on each employee in 2023.

Another fundamental component of IT infrastructure for companies of all sizes is cloud computing. It offers scalability, flexibility and cost-efficiency, which then businesses to access and deploy resources on-demand.

Whether it involves enhancing product discovery in retail, providing a consolidated perspective on healthcare data or swiftly identifying instances of bank fraud in real-time, the cloud has entrenched itself as a fundamental component of modern business operations. According to the Worldwide Semiannual Public Cloud Services Tracker released by IDC, expenditures on public cloud services are anticipated to surge from $531.7 billion this year to a projected $1.1 trillion by 2026.

The surge in investment reflects a broader trend where businesses are acknowledging the integral connection between robust IT strategies centered around cloud services and the realization of key business objectives.

Speaking of business objectives, delivering customer experiences, typically a top objective, is influenced by IT. Successful companies – or those with higher-than-average business success metrics resulting from the use of CX technologies – are spending nearly $2,700 per employee annually on CX technologies, compared to only $1,400 for those showing below-average success metrics, according to Metrigy.

Successful companies typically invest in technologies such as CRM systems, data analytics and AI to gain insights into customer behavior, personalize interactions and improve overall satisfaction. E-commerce platforms, mobile apps and user-friendly interfaces are also part of IT investments aimed at delivering a positive customer experience.

What is surprising is that generative AI has not made it among the top priorities and spending for many industries. You would think so considering the trajectory of generative AI over the past year. But that does not mean it won’t be among the top priorities in the upcoming year. Enterprises are moving generative AI solutions from evaluation and lab stages into production environments.

Backing this, a recent Salesforce report found that 86% of IT leaders expect generative AI to soon play a prominent role in their organizations, and 67% of IT leaders surveyed say they will prioritize generative AI for their business within the next 18 months.

It is important to understand IT investment priorities and objectives. To sum it up, today’s IT department in the enterprise must look at ways to increase operating efficiency and manage security.

For the latest in business communications and technology tools, solutions, and strategies that are re-shaping how businesses operate and communicate, join the conversation at ITEXPO 2024, taking place in Fort Lauderdale, Florida, February 13-15, 2024, part of the #TECHSUPERSHOW. Since 1999, ITEXPO has combined educational conference programming with a robust exhibit hall, networking events, and other activities, bringing together buyers and providers of business technology products and services that drive business success. Along with ITEXPO, #TECHSUPERSHOW includes MSP Expo, IoT Evolution Expo, Future of Work Expo, Enterprise Metaverse Expo, Future of CX Expo, and more.

Edited by Alex Passett
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