Organizations know that having the right IT in place and leveraging a cloud-first and data-centric mentality is essential in today’s digital economy. However, to advance their digital transformation initiatives and fully realize the possibilities that emerging technologies -- like AI, IoT and multi-cloud – offer, organizations must first re-evaluate how they invest in IT.
Shifting 2022 IT investments
In the wake of the pandemic’s economic impact, 94% of companies in Singapore are reportedly rethinking IT investments for 2022 and beyond, mainly due to the recent, significant shifts in consumer spending and market uncertainty.
95% of respondents in Singapore agreed that when re-evaluating their IT investments, modernizing cloud architecture, improving data management and analytics were among the top investment areas to accelerate their digital transformation efforts.
Although 42% of IT decision-makers reported that their organizations had no plans to increase data governance investments at this stage, 97% felt their organizations should still prioritize data governance/responsibility initiatives more.
Keith Budge, executive vice president, Teradata, Asia Pacific and Japan, said: “Across the region, businesses are racing to rethink their IT investments to support an increasingly distributed workforce. More importantly, organizations are also want to better understand how they can become more tech- and data-driven in bracing for the future as the adoption of emerging technologies takes root and sets them up for success in the coming years.”
Emerging tech is a global priority
Looking three years ahead, IT decision-makers also identified emergent technologies, such as multi-cloud infrastructure, IoT, 5G, edge computing, AI, and data analytics, as critical areas for increased future spending.
This was a globally held view, with IT leaders from the U.S., Europe, and the Asia Pacific Japan regions citing emerging technologies as a top investment priority.
96% of respondents felt that emergent technologies, such as automation, would have a transformational impact on their organization in the next three years.
70% of IT decision-makers also agreed that their organization’s digital transformation efforts or lack thereof could be a roadblock to realizing the full benefits of key emergent technologies, such as AI and machine learning.
Teradata president and CEO, Steve McMillan, says organizations understand that they must leverage key emerging technologies such as AI and multi-cloud infrastructure to maintain a competitive advantage.
“In fact, 88% of IT decision-makers felt they would be at risk of lagging behind the competition if they didn’t,” he continued.
He opined that to realize their full potential, companies must modernize their architectures to leverage the cloud and dial-up investments in other emerging technologies initiatives, like achieving AI at scale or leveraging the intelligent edge.
“In doing so, they can combine new innovative sources of data with their own to gain the necessary insights to pivot on a dime and continue to fuel innovation at scale,” he concluded.
Undermining digital transformation
As IT leaders move forward with plans to pivot their digital innovation strategies in the wake of the pandemic, they also grapple with how quickly they make their leap to the cloud.
For example, 86% expressed concerns that not being cloud-ready could be a significant barrier to accelerating their digital transformation efforts.
