How Technology is Impacting Business Industry?
Accelerated digital technology innovation, changing buyer behavior, and new business models add complex dimensions to how technology service providers think about every part of the organization. IT spending is back to growth, with funding and mergers and acquisitions (M&As) increasing to their highest point in the last three years. This provides startups, emerging Tech CEOs, and their teams the chance to respond more rapidly to changing buyer priorities, substitute competition, and find customer growth opportunities.
All businesses are becoming tech businesses and getting wiser by the day about what works and what doesn’t. And this is impacting all facets of the technology provider industry. Tech companies are now positioned to make substantial impacts on markets, and bold decisions are required to shape the next wave of technology. Prospects are increasingly expecting freemiums and free trials in the evaluation and selection process. Especially when it comes to digital offerings, such as software, an “experience good” that is hard to evaluate until you’ve actually tried it, adopting this business model will help in hooking customers on to exciting features and enable tech CEOs to increase their companies’ ability to close deals.
In today’s geostrategic environment, geopolitics and technology are inseparably interlaced. And instead of being one of their top business concerns, many tech CEOs are paying little attention to factoring in how geopolitical risks can impact their digital agendas. Governmental industrial policies prioritize self-sufficiency and self-reliance in key technologies, changing in technology regulations, increasing geostrategic competition, and adding to the long-term changes brought by COVID-19. All of this requires increased C-level attention and a full grasp of these risks by the CEOs to ensure the company’s growth and lessen the impact of political risk events across all sectors.
The crisis has been a great opportunity for change. Many companies have changed but are not able to stand still. Consumers are looking to fundamentally change their lives once the pandemic is over, and tech CEOs are now required to be bolder and accelerate their company’s transformation. Only the ones who succeed in this will sustain the gains they’ve made and shape a more profitable future.
Nearly 70 percent of Indian tech CEOs anticipate the industry growth to be healthy, like previous year levels. According to the survey, about 57 percent of CEOs are expecting to augment their R&D spending by more than 10 percent in 2022 as compared to 2021. The key verticals of growth in 2022 are expected to be manufacturing with demands of industry 4.0, BFSI with demands of personalization and automation, healthcare with data analysis of clinical trials and cloud computing, and lastly E-Retail/Commerce with B2B firms using AI to deliver deeply personalized engagements. Cloud computing continues to be the top-most tech priority as hybrid/remote work-model and home-schooling increasingly becoming mainstream. The second priority is expected to be cost-mitigating services such as Artificial Intelligence, Machine Learning, and Big Data Analytics. Cybersecurity risks have multiplied by 3X post-pandemic, therefore, it’s one of the foremost priorities of the tech industry, according to the report.