What are you spending your budget on this year?
After crunching numbers at the end of last year to make sure your money goes to good use in 2014, you’re likely confident in your investments – much of which is probably IT. But are you the only CIO who’s focusing your expenses on technological advancements?
The short answer is no. Market research company IDC discovered in a recent study that worldwide IT spending will increase by 4.6 percent this year. Why? Because faster, efficient technology is becoming widely available. More importantly, companies in the U.S. and Europe are finally updating old legacy systems.
“There's significant pent-up demand in the U.S. and Europe for infrastructure upgrades, capacity and bandwidth investments, and overdue replacement cycles,” Stephen Minton, vice president at IDC's Global Technology and Industry Research Organization, told CIO magazine. “Many businesses will choose to fix the roof while the sun is shining in 2014.”
Out with the Old
It’s not uncommon for insurance firms, financial institutions and other large enterprises to stick with existing legacy systems to save money and avoid the need for training. However, the number of advancements in new technology is simply becoming too hard to ignore.
Everything from content management platforms to CRM is making it simpler to complete mundane tasks. In turn, marketing and sales teams are saving valuable time that can be used to attract prospects and close more deals.
Adopting new technology requires patience. Integrating it into the workplace takes time – this isn’t a misconception. Employees may also need extensive training on new systems to make for a smooth transition.
However, the facts make a strong case for new technology. A study conducted by Nucleus Research showed that people who use CRM receive $5.60 for every $1.00 spent on the product. The productivity and efficiency that comes with these types of sales enablement tools are difficult to overlook.
As a CIO, why overlook them? It’s too easy to adopt 21st century enterprise solutions.