In the wake of the pandemic’s economic impact, 87% of companies are reportedly rethinking IT investments for 2022 and beyond, mainly due to the recent shifts in consumer spending and market uncertainty, according to new research from Teradata and Vanson Bourne.
“Today, organizations understand that they must leverage key emerging technologies such as AI and multi-cloud infrastructure to maintain a competitive advantage. In fact, 87% of IT decision-makers felt they would be at risk of lagging behind the competition if they didn’t,” says Steve McMillan, president and CEO of Teradata. “To realize their full potential, companies must modernize their architectures to leverage the cloud and dial-up investments in other emerging technologies initiatives, like achieving AI at scale or leveraging the intelligent edge. In doing so, they can combine new innovative sources of data with their own to gain the necessary insights to pivot on a dime and continue to fuel innovation at scale.”
- 93% of respondents agreed that when re-evaluating their IT investments, modernizing cloud architecture, improving data management and analytics were among the top investment areas to accelerate their digital transformation efforts.
- Although 50% of IT decision-makers reported that their organizations had no plans to increase data governance investments at this stage, 89% felt their organizations should still prioritize data governance/responsibility initiatives more.
- 90% of respondents felt that emergent technologies, such as automation, would have a transformational impact on their organization in the next three years.
- Three out of four IT decision-makers also agreed that their organization’s digital transformation efforts or lack thereof could be a roadblock to realizing the full benefits of key emergent technologies, such as artificial intelligence (AI) and machine learning.
- For example, 82% expressed concerns that not being cloud-ready could be a significant barrier to accelerating their digital transformation efforts.
- 85% of IT decision-makers also agreed that digital innovation strategies and transformation efforts were further compounded by significant shifts in consumer purchasing behaviors, with verticals like retail, distribution and transport (87%) among the most impacted.