How Will Technology Spending Deliver Business Value In 2023? – Forbes

Despite some mixed economic signals and various business challenges around the world, technology executives must approach the 2023 planning cycle with a growth mindset. The lessons from the pandemic are clear: Technology will continue as a beacon to help businesses better connect with customers. The most customer-obsessed organizations accelerated their move to digital during the pandemic and will continue to do so going forward to deliver innovative customer experiences. It’s up to their IT leaders to align technology architectures and build the IT roadmap to ensure a successful digital transformation. And that requires spending.
Forrester’s US Tech Market Outlook, 2022 report showed an acceleration in tech spending since the start of the pandemic. US tech spending increased 9% in 2021 and is projected to hit 7.2% year-over-year growth by the end of 2022. Further, Forrester’s recent budget pulse survey found that 67% of US IT professionals predict increasing tech budgets over the next 12 months, with 26% of respondents expecting more than a 5% increase in their tech spend.
But increasing spending at a time of looming geopolitical friction, widespread inflation, and chronic supply chain constraints means you have to have a plan and stick to it. Forrester’s Planning Guide 2023: Technology Executives provides the necessary data and information to navigate these headwinds without sacrificing growth and to ensure that increased tech spending is put to the right use. A few of the points we dig into in the planning guide include:

Above all, for the year ahead, use your customer as your north star and remain steadfast with your decisions and commitment to deliver business value.
Learn more about how you can plan for the year ahead here.
This post was written by Christopher Gilchrist and it originally appeared here.

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