Are Companies Overspending on IT Without Realizing It?
Description
A survey by West Monroe found that 86 percent of U.S. companies increased IT spending in the past year, with 85 percent expecting further increases. Nearly two-thirds of executives believe they spend more on technology than their peers, leading to pressure to justify budgets. Sixty-three percent of leaders report allocating at least 7 percent of company revenue to IT, and 23 percent dedicate 10 percent or more 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 predict AI will drive overall tech spending higher in the next year. Twenty-five percent expect AI initiatives to increase hiring, while only 1 percent foresee significant job reductions.
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