Businesses are continuing to invest in digital initiatives and transformation projects, despite hardships brought about by the Covid-19 pandemic. This is according to new figures from Apptio and the Harvard Business Review (HBR) Analytics Services.
Polling 338 business leaders for the report, Apptio found that more than four in five (82 percent) have increased investment in digital initiatives as a result of the pandemic. For almost two-thirds (62 percent) of the respondents, meanwhile, investing in technologies that bring new business applications and products faster is a top spending priority going forward.
As reported by VentureBeat (opens in new tab), businesses are rushing into these investments head-on, often without a concrete plan of action. A third measure the value of their tech on an ad-hoc basis, while a fifth (20 percent) don’t measure at all. At the same time, the cadence for reviewing tech budgets is picking up.
Most of the respondents (65 percent) would love to see their tech investment result in an improved customer experience, but process automation and enhancement of new digital business models seem to be almost equally important.
Furthermore, many organizations want to use digital technology to move into new markets and expand their customer base.