Businesses bucking tech hype-cycles, instead invest in strategic technologies

Dec Connolly Editor

Email business@thebusinessjournal.co.uk

A MacBook with lines of code on its screen on a busy desk

Endava, (NYSE “DAVA”), one of the world’s leading providers of digital acceleration and agile software development services, recently launched its latest Emerging Technology Unpacked Report. The report seeks to understand what technologies businesses see as the next big thing in the face of a challenging global economic environment, revealing that businesses are veering away from the hype-cycle which has been so influential in purchase decisions over the last decade. Instead, companies are leaning into carefully vetting technology based on its relevant use cases, agility, and applications.

The report, which surveyed decision makers from nearly 700 North American and European organisations, reveals a distinctive theme to the trending technologies across industries as businesses look to better invest in tools with strategic impact like Big Data (75%), AI-driven Automation (71%) and Predictive Analytics (72%), as opposed to wide sweeping digital transformation. 

Distrust in over-hyped technologies continues; while the metaverse was cited as one of the most recognised emerging trends, 30% of organisations lack any form of strategy for including it in their corporate strategy, and half of those said it was because the technology is irrelevant to their business. Less scepticism is shown to Web3 with nearly a third (27%) of respondents having implemented a strategy and three in ten businesses (30%) in the process of doing so. Building digital ecosystems and microservices are also validated trends for businesses looking to invest in building strategic frameworks, with 33% of respondents planning to incorporate these services in some way.

Faced with a constant stream of competing priorities and economic unpredictability, businesses are challenged to determine what initiatives will benefit them most. Endava data shows that organizations are excited about the bevy of emerging trends as it opens options for strategic investment.

Speaking on the research, Endava CEO John Cotterell said, “By now, everyone is aware of the global economic forecast, but what’s interesting is how different businesses are readying themselves to weather the storm. While there’s a renewed scepticism of ‘over-hyped’ technologies, it’s important to not lose sight of the big picture, and companies are now sitting up to take note of where they can and should invest their resource.”

“Technologies like the metaverse, digital twins and Web3 may not seem like they’re particularly relevant, but this is often because they’re misunderstood. While it’s necessary to be sensible with investments, we’ve seen time and time again what can happen if businesses rely on aging infrastructure and the gains made by being an early adopter of some of these more innovative technologies and practices. Working in a fast-paced industry means having to keep up with the ever evolving nature of tech stacks; digital transformation projects are no longer fit for purpose. Instead, businesses are now looking to invest in more agile and bespoke solutions that meet the challenges of today as well as the future.”

To learn more about how organisations from around the world currently use and plan to use Emerging Technologies for strategic growth, and how you can too, read the full report here.