Best Technology to Invest in for Your Business

Best Technology to Invest in for Your Business in 2021

A new report from Gartner predicts that tech spending will hit $4.1 trillion this year, an 8.4% increase over 2020. What kind of technologies are businesses expected to spend on? It turns out tech spends that support remote work are top of the list – for example, hardware like mobile devices and personal computers, as well as investments in business software.

The increase seems to come in response to the 2020 pandemic, which saw a decline in spending as businesses cut down on their workforce and re-prioritized stability over profit growth. 2020 also saw a shift in expenditure predicted to continue in 2021 and beyond as more businesses invest in remote and hybrid work models. As spending shifts from quick enablement of work-from-home models that encourage task completion to models that embrace innovation and rely on more post-pandemic financial stability, we might see an increased focus on business-differentiation spending through AI and computer learning. 

Read on to learn more about what technology is best to invest in for your business this year:

1. IT services and communication services 

IT and communication services are key areas to invest in – these segments include an extensive array of services and tools that remain cornerstones to various business functions. For example, unified communication services are vital to connecting employees virtually and in person, which is key to enhancing business productivity. Other IT services and communications services worth investing in include:

• Cybersecurity
• Distance learning
• Telehealth
  
  

2. IT segments that accelerate digital transformation

Digital transformation encompasses artificial intelligence, process automation, public cloud infrastructure and applications. These processes are empowered by strategic spending on and deployment of different information technologies. A few digital transformation areas worth spending on:

• Cloud computing
• Data and analytics (to include predictive analytics and data privacy)
• Mobile internet technologies
• Integration with other business systems/interoperability
• Device and platform management capabilities
• Ability to customize and scalability

Analyzing your business capabilities and recognizing where your gaps in technological infrastructure lie are the first step in investing smartly. Investing in some or all of the areas outlined above, paired with a deep knowledge of your own business needs, will lead to a few benefits, including:

• Improving customer experience and engagement
• Reducing operational inefficiencies
• Replacing or upgrading outdated IT systems
• Introducing new business models or revenue streams
• Bolstering cybersecurity
• Increasing speed to market of existing products or services 
• Improving talent retention and engagement

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