Harnessing tech investment growth requires a modern approach
“Tech is breaking out of tech”, as I was once told, and this has never been truer than in 2024. Every company is now a technology company, whether it sits within the automotive, manufacturing, retail, financial services or other sectors. While new solutions are enabling incredible modernization across various industries, we are currently in a position where the amount of technology and data organizations have to manage is growing exponentially.
This means we must be more tactful in how we navigate this challenging landscape, especially as many companies look to implement even more technology to further optimize processes. The strategic importance and purview of technology leaders has changed dramatically in recent years and its key that we all re-evaluate how we assess and control tech spend.Technological advances create ripple effects
Artificial intelligence (AI) and cloud computing represent areas of technology that continue to evolve. With AI, we have seen waves of innovation, most recently with generative AI, leading to a flurry of investment. Similarly, the adoption of cloud computing has continued to accelerate, and both of these modern technologies are energy and resource-intensive, requiring significant investments to support associated projects.
But the complexity isn’t limited to innovation in software and hardware. The expansion of diverse technology footprints increases cybersecurity risk and invites further regulatory compliance and governance considerations. There is also the matter of shifting from CapEx to OpEx and variable spend models along with decentralised provisioning, making spend less predictable.Cost management is more essential than ever
Factoring in all the above, it is easy to see how costs can quickly spiral out of control.
