29 September 2024, Sun |
4:35 PM
Endava, a global digital transformation, agile development, and intelligent automation services company, has unveiled its latest report today, titled “Technology Acceleration: Adapting for Success in a Changing Landscape.” The report delves into the effects of the economic climate on IT budgets and the strategies for adopting emerging technologies by corporate executives. It showcases a resurgence of confidence in the market following a period of uncertainty since the early 2020s. Businesses are shifting their focus from operational stability to innovation as a means to gain a competitive edge, with only 15% prioritizing operational stability in their IT investments.
The report highlights a growing appetite for emerging technologies, backed by an expected increase in IT funding for the upcoming year. Companies of all sizes and industries are eager to embrace tools like artificial intelligence (AI), which ranks as the top priority for 80% of respondents. Other key drivers of technological advancement include big data (75%), predictive analytics (75%), 5G (74%), digital ecosystems (68%), composability (59%), and microservices (55%).
Irrespective of their location, industry sector, or company size, almost all surveyed executives (99%+) indicate a clear understanding of the direction technology is heading, with nearly 90% expressing a “clear understanding.” With uncertainty giving way to a more positive outlook and improvements in staffing challenges, supply chain disruptions, and recession concerns of recent years, most businesses are feeling optimistic. Despite facing challenges such as geopolitical conflicts and fluctuating hiring trends, only 10% of decision-makers hold a pessimistic view of the economy.
As generative AI continues to dominate global technology discussions and AI, in general, becomes increasingly pervasive, 80% of businesses consider AI adoption a top priority. While AI’s potential isn’t limited to any particular industry, it is viewed most favorably in Mobility, Retail & Consumer Goods, Telecommunications, and Finance & Banking, where its use cases are most apparent, with 80% of organizations categorizing it as either a “high” or “very high priority” technology. Additionally, 5G is gaining traction, particularly in Mobility and Telecommunications, where 85% consider it a high-priority technology, despite initial challenges.
The report also reveals a growing openness to strategic investments, with awareness of composable architecture on the rise. Earlier data from Endava indicated a lack of strategy for composability, but nearly 60% of organizations are now giving it high priority to unlock efficiency and flexibility benefits.
Endava CTO Matt Cloke
“As confidence in the future of technology grows and organizations face increasing competitive pressures, it’s crucial for business leaders to remain focused on their goals. While evaluating trends is important, there’s no one-size-fits-all solution for becoming a market leader. By concentrating on individual technologies in isolation, businesses risk missing out on long-term profitability and growth.”
With healthier IT budgets on the horizon, adopting an approach that prioritizes optimization when implementing innovations, rather than sweeping transformations, will empower them to maintain control over their success. A framework that emphasizes composable architecture and iterative technology implementations will enable them to invest in impactful capabilities today while preparing for the future. This shift in mindset and culture will offer tangible benefits for individuals at the core of technology acceleration.”
