Are Companies Overspending on IT Without Realizing?

A West Monroe survey of over 300 U.S. executives finds that 86 percent of companies increased IT spending in the past year and 85 percent expect further increases, with 63 percent of leaders believing they spend more than competitors. Sixty-three percent report spending at least seven percent of company revenue on IT, and 23 percent allocate at least ten percent of their IT budget to artificial intelligence initiatives. Scaling AI and data capabilities is the top investment priority for 42 percent of companies, while 91 percent expect AI investments to drive tech spending higher. Only one percent anticipate significant headcount reductions from AI, while 25 percent expect hiring to increase.Learn more on this news by visiting us at: https://greyjournal.net/news/ Hosted on Acast. See acast.com/privacy for more information.