The Missing Piece of Tech Success

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The Missing Piece Of Tech Success
The thing about the technology market is it is as
disorderly as it gets. Gauging the market- buyer
dynamics is critical for positioning your brand
well. But that begins with how well you know your
customers- their goals, preferences, patterns,
and desires. As per Deloittes Global Technology
Leadership Study, tech spending, as a revenue
percentage, was at 3.28 in 2016 and grew to
5.49 in 2022. Tech budgets are increasing across
almost all verticals and industries. But doubling
down on tech investments wont boost business
outcomes unless tech leaders back it up with
clear goals and customer-centric strategies. The
Spending Brands around the world are increasing
spending on their transformation efforts. The
digital transformation efforts were up 65 in two
years (from 2020 to 2022). Tech governs strategy
now, but measuring the ROI has been a pestering
issue for tech leaders.
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Moreover, A Gartner Survey revealed that 60 of
tech buyers involved in renewal decisions
experience regret. The decision wont be easy
unless its all aligned with customer needs.
Theres power in intention. If business leaders
dont break down the silos within their
organizations, theyre leaving money on the
table. Before making any tech investments, the
first thing is to demonstrate how it impacts the
end user/customer. If its not possible to
articulate the value of a tech investment, its
not worth the effort. If technology investments
are not helping businesses enter a new market,
building new capabilities, or leading innovation,
tech leaders must step back to recalibrate their
investment efforts. Tech success can only happen
if tech supports overall business objectives, and
that cant pan out well if we dont know our
customers as well as we should. Conveying
Value Tech leaders, its time to steer away from
the traditional approach of communicating the
impact of your team. Stop looking at these
investments as a cost center and start zeroing in
on value creation. If a technology costs X
dollars, whats the value the business is getting
it? What is its impact on the bottom line? The
demonstration needs a hard reset. Ask your
stakeholders, what results theyd expect out of a
particular investment. If we cant tie it to
revenue growth or how its helping
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our people perform better, we wont be able to
translate how tech is a strategic driver of
business success. The higher the budget gets,
the more will be the stakeholder expectations.
Its all about showcasing how well these
transformation efforts fit into business strategy
and plans. Taking Stock Theres a jarring
disconnect between adopting new technologies and
the impact of that tech adoption. Tech success
isnt about how many new technologies youve
onboarded, its more about how much of the tech
stack youre utilizing. The key is being
deliberate with each investment. Change
capability, tech aligned to business strategy,
and digital roadmaps all have to co-exist and
reinforce one another. Get close to your tech-
why does it matter? Do you have the right
resources? Is your team equipped with the optimal
skillsets to use these technologies? Are there
any gaps you should bridge before you make this
purchase? Succeeding with tech innovation boils
down to assembling all the right components and
figuring out how they fit the best. Intention
combined with execution- thats the only way to
make sense of it all. AUTHOURS BIO With our
best tech publication, Ciente , business leaders
stay abreast of tech news and market insights
that help them level up now.
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Technology spending is increasing, but so is
buyers remorse. We are here to change that.
Founded on truth, accuracy, and tech prowess,
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