In the wake of the pandemic’s economic impact, 94% of companies in Singapore are rethinking IT investments for 2022 and beyond, mainly due to the recent significant shifts in consumer spending and market uncertainty.
Last August, Teradata commissioned independent market research company Vanson Bourne to conduct a survey of IT and business decision-makers across the United States, the United Kingdom, France, Germany, China, Singapore, Japan, Australia, and India.
Findings also show that 95% of respondents in Singapore agreed that when re-evaluating their IT investments, modernising cloud architecture, improving data management and analytics were among the top investment areas to accelerate their digital transformation efforts.
And while 42% of IT decision-makers reported that their organisations had no plans to increase data governance investments at this stage, 97% felt their organisations should still prioritise data governance/responsibility initiatives more.
Looking three years ahead, IT decision-makers also identified emergent technologies, such as multi-cloud infrastructure, IoT, 5G, edge computing, AI, and data analytics, as critical areas for increased future spend.
Among respondents, 96% of respondents felt that emergent technologies, such as automation, would have a transformational impact on their organisation in the next three years.
Also, 70% of IT decision-makers agreed that their organisation’s digital transformation efforts or lack thereof could be a roadblock to realising the full benefits of key emergent technologies, such as AI and machine learning.
“To realize their full potential, companies must modernize their architectures to leverage the cloud and dial-up investments in other emerging technologies initiatives, like achieving AI at scale or leveraging the intelligent edge,” said Steve McMillan, President, and CEO of Teradata.
“In doing so, they can combine new innovative sources of data with their own to gain the necessary insights to pivot on a dime and continue to fuel innovation at scale,” said McMillan.
As IT leaders move forward with plans to pivot their digital innovation strategies in the wake of the pandemic, they also grapple with how quickly they make their leap to the cloud.
For example, 86% expressed concerns that not being cloud-ready could be a significant barrier to accelerating their digital transformation efforts.