Reflecting on Forsys Frame 2023 and Looking Forward
As we look ahead, armed with insights from 2024's forecasted trends, our goal is to emphasize the role of technology in ensuring digital dominance.
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Digital Transformation:
According to a report, businesses are making strategic software investments to improve business productivity and efficiency.
This is good news for technology providers, as software spending is expected to grow in 2024. Here are a few insights:
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61% of software buyers plan to spend more on software in 2024.
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Top motivation for software investments is:
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61% of respondents agree to upgrade for more functionality.
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38% plan to expand their license to manage additional projects or tasks.
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Revenue & Profitability
A survey has a positive feel to it as it states that CEOs are optimistic about their revenue, profits, transactions, and AI which are reducing their economic fears.
Some of the key highlights of the outlook survey are:
A white paper states that digital investment is expected to be 2x in the next 5 years as a proportion of revenue.
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The typical portion of revenue spent on investments is set to rise from 2.9% today to 5.2% by 2028.
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Returns from investing in digital assets are anticipated to climb significantly, going from 4% currently to 14% in 2028.
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Mergers & Acquisitions (M&A)
In the CEO survey, an increase in (M&A) and joint ventures or strategic alliances with third parties is expected in 2024 compared to 2023, as companies plan to embrace innovative changes.
The US is leading a rebound in M&A in 2024, as indicated by the survey:
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52% of US CEOs are looking to pursue M&A over the next 12 months, which significantly surpasses the global average of 35% of CEOs planning for similar deals.
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63% of CEOs prioritize forming partnerships or joint ventures with external entities, focusing on lower-risk methods to adopt innovative technologies.
An outlook says that in 2024, we'll see more mergers and acquisitions happening in the Energy, Technology, and Healthcare industries.
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CRM insights in 2024
In a survey, 60% mentioned that their main goal is to use CRM systems as a central place to improve interactions with potential and current customers. Most of the respondents feel that using Analytics and AI are essential in maximizing CRM value and tracking customer intent.
When asked about the most important focus for enhancing their CRM systems over the next five years:
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Innovation and Sustainability
An article suggests that 2024 might be the turning point for sustainability investments – key focus areas for businesses. It is noted that 52% of executives expect their companies to up their sustainability investment in the next 12-18 months.
A white paper highlights that growth will be driven by expanding core digital technologies, introducing new innovations, and focusing on sustainability. Key insights include:
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About 60% of companies are optimistic about technology's role in achieving sustainability objectives, planning to boost their investment in digital solutions to make a positive environmental impact.
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69% of companies are putting their investment bets on scaling up essential tech solutions, like data management and cloud services.
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58% of organizations are confident that leveraging technology will help them quickly reach their sustainability targets
Adopting digital transformation, building strategic partnerships, improving customer engagement, and focusing on sustainability are essential for success in today's changing business world. As we explore these opportunities and challenges, the possibilities for innovation, growth, and resilience are endless.
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