The past decade has yielded some of the most advanced and transformative technologies ever imagined, completely revolutionizing the ways in which organizations operate and consumers behave. One of the best ways to understand the priorities and trends shaping corporate IT today is to follow the money trail, analyzing where financial decision-makers are placing their chips in 2017.
Suffice it to say the next 12 months are likely to be extremely prolific when it comes to spending, especially on some of the more powerful technologies of the modern era.
In the trillions
Gartner recently forecast global investments into information technology to expand by 2.7 percent compared to 2016, which would translate to $3.5 trillion spent. It is worth pointing out that 2016 was actually a slump for IT spending, with organizations not expanding their spending all that much compared to 2015. In many circles, this was viewed as the direct result of more competitive pricing and affordable purchasing models being offered by vendors and managed service providers. Gartner forecasts IT services to garner $938 billion in investments, while enterprise software is expected to enjoy the fastest growth in 2017 at 6.8 percent, reaching $355 billion.
Think about it this way: Cloud-based software is often at once more powerful than legacy applications and more affordable from the point of purchase through maintenance and all the way to the end of the lifecycle. So, if global investments are meant to expand by 2.7 percent this year, that shows that more businesses are pouring funds into expanding their IT capabilities. The analysts noted that the integration of various trends is likely to be the big story of 2017.
"2017 was poised to be a rebound year in IT spending. Some major trends have converged, including cloud, blockchain, digital business and artificial intelligence. Normally, this would have pushed IT spending much higher than 2.7 percent growth," Gartner Research Vice President John-David Lovelock affirmed. "However, some of the political uncertainty in global markets has fostered a wait-and-see approach causing many enterprises to forestall IT investments."
Types of enterprise software to adopt
Organizations that are looking to expand their software portfolios this year should consider adopting the following tools:
- Advanced document management: Bring all the firm's information under one digital roof to reduce paper reliance, drive analytics performance and improve data access among all authorized employees.
- Transaction automation: Cut out the deficiencies and inaccuracies of the accounting department with a highly automated, effective transaction solution that covers accounts payable, accounts receivable, and other core tasks.
- Automated electronic workflow: Streamline the processes that keep the business operating with an automation solution that digitizes and optimizes workflows.
At the end of the day, organizations will often have a better experience with these solutions when they work with the right managed service provider.
To learn how PaperSave can help your business capture, integrate and automate your business processes, feel free to watch our personalized demonstration or visit our case studies page to read about our clients' success stories.