Global Survey: 87% of IT Decision-Makers Are Rethinking 2022 IT Investments Amid Market Shifts
September 29 2021 - 9:00AM
Business Wire
Teradata study reveals 9 out of 10 respondents
look to modernizing cloud architecture and improving data
capabilities as top areas of investments
Organizations know that having the right IT in place and
leveraging a cloud-first and data-centric mentality is essential in
today’s digital economy. However, to advance their digital
transformation initiatives and fully realize the possibilities that
emerging technologies -- like AI, IoT and multi-cloud – offer,
organizations must first reevaluate how they invest in IT.
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Courtesy of Teradata
A new research report, commissioned by Teradata (NYSE: TDC) and
conducted by independent research firm Vanson Bourne in August
2021, explores global sentiment around data-driven transformation
investments this year and beyond, and reveals where organizations
are placing their bets to set themselves up for success in the
years to come.
Market Volatility is Shifting 2022 IT
Investments
In the wake of the pandemic’s economic impact, 87% of
companies are reportedly rethinking IT investments for 2022 and
beyond, mainly due to the recent, significant shifts in consumer
spending and market uncertainty.
- 93% of respondents agreed that when re-evaluating their
IT investments, modernizing cloud architecture, improving data
management and analytics were among the top investment areas to
accelerate their digital transformation efforts.
- Although 50% of IT decision-makers reported that their
organizations had no plans to increase data governance investments
at this stage, 89% felt their organizations should still
prioritize data governance/responsibility initiatives more.
Emerging Tech is a Global
Priority
Looking three years ahead, IT decision-makers also identified
emergent technologies, such as multi-cloud infrastructure, IoT, 5G,
edge computing, AI, and data analytics, as critical areas for
increased future spend. This was a globally held view, with IT
leaders from the U.S., Europe, and the Asia Pacific Japan regions
citing emerging technologies as a top investment priority.
- 90% of respondents felt that emergent technologies, such
as automation, would have a transformational impact on their
organization in the next three years.
- 3 out of 4 IT decision-makers also agreed that their
organization’s digital transformation efforts or lack thereof could
be a roadblock to realizing the full benefits of key emergent
technologies, such as AI and machine learning.
“Today, organizations understand that they must leverage key
emerging technologies such as AI and multi-cloud infrastructure to
maintain a competitive advantage. In fact, 87% of IT
decision-makers felt they would be at risk of lagging behind the
competition if they didn’t,” said Steve McMillan, President and CEO
of Teradata. “To realize their full potential, companies must
modernize their architectures to leverage the cloud and dial-up
investments in other emerging technologies initiatives, like
achieving AI at scale or leveraging the intelligent edge. In doing
so, they can combine new innovative sources of data with their own
to gain the necessary insights to pivot on a dime and continue to
fuel innovation at scale.”
Lack of Cloud-Readiness Undermines
Digital Transformation
As IT leaders move forward with plans to pivot their digital
innovation strategies in the wake of the pandemic, they also
grapple with how quickly they make their leap to the cloud.
- For example, 82% expressed concerns that not being
cloud-ready could be a significant barrier to accelerating their
digital transformation efforts.
- 85% of IT decision-makers also agreed that digital
innovation strategies and transformation efforts were further
compounded by significant shifts in consumer purchasing behaviors,
with verticals like Retail, Distribution, and Transport
(87%) among the most impacted.
Methodology
In August 2021, Teradata commissioned independent market
research company Vanson Bourne to conduct a quantitative research
study of IT and business decision-makers across the U.S., UK,
France, Germany, China, Singapore, Japan, Australia, and India.
Respondents were from organizations with 1,000 employees or more.
The organizations could be from various private or public sectors,
including Business and Professional Services; Financial Services;
IT, Tech, and Telecoms; Retail, Distribution, and Transport;
Manufacturing, and other Commercial Sectors. Interviews were
conducted online using a rigorous multi-level screening process to
ensure that only suitable candidates participated.
About Vanson Bourne
Vanson Bourne is an independent specialist in market research
for the technology sector. Their reputation for robust and credible
research-based analysis is founded upon rigorous research
principles and their ability to seek the opinions of senior
decision-makers across technical and business functions, in all
business sectors, and all major markets. For more information,
visit www.vansonbourne.com.
About Teradata
Teradata is the connected multi-cloud data platform for
enterprise analytics company. Our enterprise analytics solve
business challenges from start to scale. Only Teradata gives you
the flexibility to handle the massive and mixed data workloads of
the future, today. Learn more at www.Teradata.com.
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Jennifer Donahue 858-485-3029 office
Jennifer.Donahue@Teradata.com
Teradata (NYSE:TDC)
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