The big focus for businesses in 2023 is how to manage costs effectively. Every pound spent on tech projects has to have a clear return.
Technology clearly has a role in efficiency. I see four key areas where businesses are spending their money in 2023, in order to help them save money.
1. Increased investment in R&D and employee training
This might sound counter-intuitive, but technology is evolving rapidly, and if you’re going to take advantage of the savings that can come from technology, you need to invest in areas like research and development and continuous learning for employees. It takes a great team to deliver good value.
2. Focus on agility
More developers are realising the benefits of agile, and with pressures on costs rising, agile solutions make sense. Companies need to see a fast return on their development investment, and to get products working as quickly as possible. They also want to be able to test and change direction fast, in order to stay competitive. Agile means a more nimble, efficient development process, and a better end result. (For more information on this, see our guide to agile development.)
3. Finding solutions to deliver more, for less
Organisations continue to reduce the costs of their technology investment, and will look for ways to deliver the same (or increased) benefits for less. Automation, restructuring legacy systems and getting on top of overspend in areas like cloud costs are all playing an important role in reducing costs while delivering great value.
4. Using new technologies to drive growth
New, proven technologies will drive business growth. This is where the real investment is. Artificial intelligence, data science, unique user interface solutions (such as augmented reality, virtual reality and 3D) and future cloud technologies are coming into their own as ways to deliver efficiencies in all sorts of areas, as well as giving organisations a competitive advantage. (If you want inspiration on what cutting edge technology can do for your business, see our papers on 10 AR/VR applications to inspire you, and Data Science and Artificial Intelligence)
If you’re looking for ways technology can drive costs down and growth up, get in touch with us.