The Data Digest: Get Inside The Mind Of Your Changing B2B Tech Buyer

Technology has become the foundation for nearly every customer experience, enabling companies to provide new sources of value to customers with each interaction. It’s no surprise, then, that business leaders are shifting their mindset and their approach to technology.

Specifically, tech-empowered customers and their rising expectations have led to changes in:

  • Business priorities and areas for improvement.
  • Who is involved in the decision-making process for tech purchases.
  • Overall budgets for technology investments.

The infographic below dives deeper into these new purchasing trends:

 

 

As business leaders begin to play a larger role in tech investments, it’s important to know the kinds of decisions they’re making and what they expect from you along the way.  A deep understanding of your changing tech buyers will help you succeed in an era where technology underpins everything we do.

The Data Digest: Do You Know Your New Technology Buyer?

For years, technology purchasing has been moving away from a central IT approach and into the business. Forrester Data shows that in North American enterprises, 73% of technology spending is either business-led or the business provides significant input into IT’s purchase — up from 71% last year. 

Clearly times have changed when it comes to technology purchasing, and business decision-makers (BDMs) are more critical to the process than ever. For example, North American enterprise BDMs reserve 41% of their respective budgets for technology purchases and expect to increase their total spend by 5% over the next year. 

When asked why they are spending more of their business budget on technology, North American enterprise BDMs cited three critical reasons. First and foremost, technology is too important for the business not to be involved:

Second, the rising expectations of customers require the business to push IT to keep technology current. And finally, business executives’ understanding of technology is increasing; so, they can interact more effectively with IT.

Thirty-nine percent of North American enterprise BDMs believe that “software is the key enabler for their business,” and helps them to engage with customers. This trend is even more prevalent in Europe and Asia Pacific, where 51% and 58% of BDMs, respectively, believe the same thing. This significant attitudinal shift will continue to shape how software is acquired, deployed, and used to drive business success.

So how can you capitalize on the widespread and significant changes to the B2B technology landscape?

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Data Digest: Partner With Business Leaders To Lead The Business Technology Transformation

For CIOs, finding a clear path forward in the Business Technology (BT) Agenda can seem daunting, as you work to balance critical operational requirements with new initiatives designed to help your organization win, serve, and retain customers.  But there are trailblazers in your organization.  Forrester continues to see spending on technology spread and move out of the CIO’s organization and into the business. In North America companies of more than 250 employees, 70% of technology spending is either business led or heavily influenced by business. That part is not new, but it is increasing.

Specifically 50% of business managers, directors, and vice presidents are increasing their departmental budgets on technology products and services over the next 12 months.1  In fact, 16% of these business leaders are increasing their spend by more than 10%.2 This isn’t shadow IT in action; it’s the new way of doing business. Within your own organization a minority, but important, population of business leaders are aggressively investing in technology products and services to achieve three essential business goals. Over the next 12 months, the 16% of North American business leaders dramatically increasing their spending are focused on:

  • Improving customer experience – 86% of these leaders rate this as a High or Critical priority
  • Improving products or services – 83% of these leaders rate this as a High or Critical priority
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