Details of the projections of the image above:
Since 2011 each year around 70% of businesses have stated they plan to increase spending on technology. The figure remained the same in 2014. This year on year investment is seen necessary by most businesses in order to keep up to date with the fast changing digital technology industry. This is highlighted by the fact that just 2% of businesses plan to decrease spending this year.
We can see that CRM software leads this technology investment, with 49% of businesses planning to increase spending. This is not just to keep up with their competitors, but also as a result of improving sales. The investment in customer service software shows the intention of businesses to retain existing clients. By not only improving customer service, but also providing online self-help options.
"CRM will be at the heart of digital initiatives in coming years. This is one technology area that will definitely get funding as digital business is crucial to remaining competitive," said Joanne Correia, research vice president at Gartner. "Hot areas for CRM investment include mobility, social media and technologies, Web analytics and e-commerce."
E-commerce is top of mind for CEOs, chief marketing officers (CMOs) and senior executives as they seek the ability to improve overall customer experience, profitability and sales. At the same time, marketing technology is a hot area for IT investment, but solution decisions are increasingly being driven by CMOs and the marketing organization, with little to no IT involvement. CIOs will need to work more closely with CMOs and marketing leaders to adapt to the increasing technology demands emanating across the marketing organization. Mounting pressure on CMOs to drive growth, improve accountability and reduce costs is pushing marketing organizations to make significant marketing technology investments across a broad set of applications and functionality.