Dec 8, 2023 | SMB Technology, SMB Technology, SMB Technology, SMB Technology, Technology News
As seen in various trend reports, spending is expected in certain areas like cloud computing, digital innovation, and more. These developments sound exciting, but whether or not your company wants to embark on one of these directions depends on your business goals. Read on to learn how to assess whether emerging technology fits with business plans. Perform an Information Technology Audit A good place to begin, when contemplating tech spend for the coming year, is assessing where you are. In cooperation and communication with your trusted technology advisory, CIO or the head of information technology, look at your IT picture–including infrastructure and devices as well as policies and operations. Reviewing all your tech assets can show where more spend might be needed. Are there devices, such as, PCs, Macs, and servers are out of warranty and no longer in compliance? Is there any risk of data loss or compromise, or inability to comply with data protection regulations? And are there legacy systems that could be moved to the cloud, to save operating expenses? Finally, could expanding your consulting budget to work with your technology budget help you start new tech initiatives? These and other questions can show you strong points in your infrastructure as well as any deficiencies. Examine Trends in Terms of How They Can Help Your Business For 2024, many businesses are looking at some exciting trends. For example, Artificial Intelligence can help with automation, which in turn can save labor costs. Many companies are hoping to use the cloud for their internal infrastructure as well as customer-facing applications. Taking note of these...
Dec 1, 2023 | SMB Technology, SMB Technology, SMB Technology, SMB Technology, Technology News
With cutting-edge technology and digital innovation continuing to take center stage, technology spending is expected to continue expanding. With digital innovation like artificial intelligence, cloud computing and even the Internet of Things also comes a greater potential of cyber threats. Read on to learn more about technology trends and how they may affect businesses in 2024 and beyond Tech Spending to Increase in 2024 In general, worldwide technology spending is expected to increase by 8%, according to a Gartner article in October of 2023. The key sectors expecting growth include software at 13.8% IT services at 10.4%. Data privacy spending is expected to jump from 18.5% in 2023 to nearly 25% in 2024, and even network security equipment is expected to grow but more modestly, from 12.9% to 13.9%. Main business drivers are digital innovation, artificial intelligence, and cybersecurity, according to a Telarus report for 2023. Businesses are expecting to think about moving legacy systems for business operations to the cloud, when previously most of the cloud applications used were for customer-facing services. This has the possibility of driving managed services spending as well. Along with digital innovation comes cybersecurity concerns, propelling information security and risk management spending to $215 billion, a 24% increase from 2023. Harnessing Artificial Intelligence An IDC blog post forecasts global IT spending to expand to over $500 billion by 2027, with more spend allocated to AI implementation and adoption of AI-enhanced products and services. Technology providers anticipate investing money along with time and brainpower in incorporating AI into the core of their business. Although AI is a major turning point–with...
