Leaders Seek Quick Tech Gains Amid Uncertainty: Report

Amidst economic uncertainty, business leaders are seeking immediate returns from technology investments, according to findings from Endava’s 2024 Emerging Tech Unpacked Report released today. The report, based on a survey of nearly 700 organizations worldwide, reveals a preference for technologies offering tangible, short-term benefits.

In the pursuit of operational efficiency, artificial intelligence (AI) and generative AI rank as the top priorities among surveyed organizations. Surprisingly, only 1% of respondents claim unfamiliarity with AI, indicating its pervasive relevance. Additionally, big data and predictive analytics hold significant sway, with a substantial portion already implementing or in the process of adopting these technologies.

The Internet of Things (IoT) follows suit as a key focus area, with 40% of respondents incorporating IoT in some capacity, marking it as the most widely implemented technology in this year’s study.

However, the report identifies a reluctance among leaders to invest in speculative technologies, opting instead for those promising immediate benefits. While nearly half prioritize AI initiatives, only 17% have devised strategies for the metaverse, despite acknowledging its potential relevance.

Environmental, Social, and Governance (ESG) considerations are gaining prominence, with businesses recognizing their importance in attracting customers and enhancing operational efficiency. Yet, despite widespread recognition of ESG’s relevance, only 17% of respondents have implemented corresponding strategies.

Matthew Cloke, Endava’s CTO, emphasized the pragmatic approach of business leaders amid economic uncertainty, directing investments toward technologies like AI and generative AI, expected to yield both immediate and enduring benefits.