New research from Couchbase has claimed companies are continuing to invest in digital transformation goals despite the troubling economy that has seen massive layoffs across Big Tech.
The study of 600 senior ITDMs uncovered that enterprises are expecting to invest eye-watering sums of money into their digital portfolios despite economic uncertainty, to the tune of an average of $33 million over the next 12 months.
Despite the healthy outlook, the lasting effects of the pandemic and everything that followed continue to have an impact on how companies are looking to spend their money.
IT spend continues amid economic challenges
More than three-quarters (78%) say that their priorities for transformation have changed in the past three years, with around half (54%) claiming that their focus has instead become more reactive to market changes and customer preferences, all in the name of agility.
According to the figures, enterprises are looking to spend big in order to save bigger, with efficiency and optimization presenting themselves as key aspects.
There’s also mounting pressure to embrace new technologies, with many businesses playing catch-up with things like serverless and edge computing and IoT. Even then, there will be new technologies to get on board with, such as artificial intelligence which has undergone significant transformation in recent months with huge LLM developments spurred on by the successes of generative AI, all of which helping to make productivity tools more effective.
Looking ahead, augmented and virtual reality, and Web 3.0, look to be less of a priority, but this could all be set to change as time progresses.
However, despite an apparent positive trend in IT spend, ITDMs claim that they are now under more scrutiny from C-Suite execs like CTOs and CFOs than ever before.
Couchbase CTO Ravi Mayuram said: “IT modernization and digital transformation are vital strategic initiatives for an enterprise – whether helping to adopt new technologies like generative AI, creating new services or building resilience in times of uncertainty.”
Mayuram continued: “It’s clear that IT and business leaders recognize the importance of investing in modernization to drive transformation and achieve their short- and long-term goals efficiently,” indicating that companies are reconsidering how they spend cash rather than outright restricting expenditures.