Narayan AmmachchiCorporate firms look set to increase their tech spending, with more than half of CIOs surveyed by Expereo confirming plans to invest in technologies to develop new products and expand into new markets.
A huge sum of money is expected to be spent on automation, analytics and cybersecurity solutions over the next four months.
We recently spoke to over 650 CIOs in global enterprises to learn more about how they are managing the challenges of growth in the modern world.
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— Expereo (@expereo) June 20, 2023
While most recent surveys of CIOs concur on an increase in tech spending, the reasons cited vary. Expereo attributes the rise to companies’ global expansion plans. A survey by CIO.com found the need to improve operational efficiency as the main driver behind the increased technology budget.
Of the 837 IT leaders surveyed by CIO.com, 56% of respondents expected their overall IT budget to expand this year.
“Operational efficiency and profitability and productivity all tie into the business pressures we’re all seeing,” Woody Groton, the CIO for Draper, a nonprofit research and development organization, told the news portal.
Expereo’s report also confirms businesses’ increasing focus on automation, data analytics and cybersecurity, in addition to the promotion of digital transformation.
According to a study conducted by Frost & Sullivan for tech company GoTo, the top priorities for CIOs are attracting new customers, improving operational efficiency, reducing costs, and increasing customer satisfaction.
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