Forrester is predicting a significant increase in global tech spending as economic conditions improve, projecting it to reach $4.7 trillion by 2024.
According to Forrester’s insights, this surge may place substantial pressure on tech leaders tasked with managing costs and enhancing efficiencies. A key obstacle in achieving this balance is often the lack of cohesive IT strategies, which can negatively impact revenue, profit, customer satisfaction, and employee engagement.
Forrester suggests moving away from a universal approach to IT management, and instead, encourages technology leaders to identify and adopt a tailored mix of IT capabilities. This approach, called high-performance IT, is focused on aligning IT strategies with specific business outcomes, rather than following a one-size-fits-all pathway.
Forrester’s high-performance IT research is built upon three guiding principles:
- “Alignment – Ensure tight alignment across business and IT strategies, with both centered on driving customer value. Companies that align deliver better revenue and profitability growth.
- Trust – Build trust through security, privacy, and resilience to fuel long-term success. Companies with high levels of trust see customers buy more products and services.
- Adaptivity – Rapidly move technology, capital, and people to respond to market changes. Adaptive companies outperform their peers by more rapidly seizing on market changes.”
“More than ever, businesses are looking to their IT teams to drive growth,” said Sharyn Leaver, chief research officer at Forrester. “However, misaligned IT strategies don’t deliver business results. Forrester’s high-performance IT research encourages leaders to anchor their IT strategy to business strategy. It is designed to help technology executives align their budget investments, operating model, and leadership approach to business priorities and readily adapt to changing market conditions.”