There are many ways to measure market prospects to try to gaze into the financial crystal ball. A recent report measures optimism based on information technology spend—and finds that the outlook is hopeful. In fact, only 2.9% of those who responded to ERP solution provider VAI’s 2017 Customer Business Survey reported being pessimistic about 2017.
“Information technology is no longer a glass house,” VAI CIO Kevin Beasley told EBN. “There’s not an area or part of the corporation or entity that doesn’t get touched by IT any more.”
Meanwhile, the emergence of IT to support supply chain operations remains a key part of the investment organizations are making in technology. For example, the ERP Software Market Report, published by Allied Market Research, forecasts that the global market for enterprise resource management is expected to garner $41.69 billion by 2020, registering a CAGR of 7.2% during the period 2014 to 2020. Even more growth can be found in the supply chain. The cloud supply chain management market size is estimated to grow from $3.26 billion in 2016 to $8.07 Billion by 2021, at a compound annual growth rate (CAGR) of 19.8%, according to estimates from MarketsandMarkets.
If IT spending is a good indicator, then business are poised to do well–and will be investing in new technologies to gain strategic business advantage. In the VAI customer survey, nine out of ten companies report that they will spend the same or more on information technology in 2017 compared to the previous year. Half say that analytics and business operations will make the biggest impact on their companies. Further optimizing the supply chain was identified as one of the top priorities over the coming year.
Click on the image below to start a slideshow of the results.
Where will your organizations technology spend be focused in 2017? Let us know in the comments section below.