Key Business Investments for Digital Transformation in 2024
May 2024
Gain insight and strategy into technology investments to lead your company through a successful digital transformation.
Amid high-speed technology evolution, companies should make smart, informed decisions to drive digital transformation. According to spend projections for 2024, digital leaders will not only rebound but will likely outspend their lagging counterparts, highlighting the value of innovative digital investments—and the widening gap between digital leaders and laggards.
Through the TEKsystems State of Digital Transformation 2024 report, we learn that businesses are prioritizing technology investments—with digital leaders investing in digital transformation solutions and technologies to maximize resources and revenue.
Most Impactful Technology Investments
These survey results indicate which digital investments are most likely to significantly improve the way businesses operate over the next 12 to 24 months:
42%
Artificial intelligence and machine learning tools
40%
Automation technologies
38%
Software as a service (SaaS)
36%
Big data analytics
Our biggest focus right now is AI. If we can capitalize on the potential of AI, we believe it will deliver maximum competitive advantage.
— Fortune 500 Retail Organization
Key Technology Challenges in DX Efforts
Digital transformation investment is seen as a top challenge for companies because of the complexity of the current environment and siloed mindsets/behaviors.
There are also concerns regarding gaps in technical talent and the need to identify current and future skills that are necessary to deliver digital products/services. The integration of AI, automation and collaboration tools can alleviate skills gaps, but these challenges require creative and holistic talent strategies. This approach allows companies to acquire and nurture the skills essential for a future-ready workforce.
REVIEW NOTABLE FINDINGS FROM THE DIGITAL TRANSFORMATION REPORT
Technology spending per DX initiative
The swift rise of AI / machine learning
ROI timelines on technology investments per digital leaders vs. digital laggards
Challenges cited by leaders related to their digital transformation journey
Take note of your digital transformation strategy and investments. Are you a digital leader or a digital laggard?
Read the report.
