95% said investing in technology has delivered a competitive advantage, and 94% also said technology solutions and applications are central to innovation.
92% said an IT foundation is viewed as the cost of entry for businesses today. In fact, 94% said limiting investment in technology can set a company back years compared to its industry peers.
Six in 10 execs believe competitive advantage (60%) and customer experience (60%) most often influence company investment in technology. Other influencers include cost reduction and time to market, cited at 54% and 29%, respectively.
Business execs said operations (60%), customer service (55%) and finance (50%) are the areas of their business that drive new tech solutions and apps.
Eight in 10 execs rated their company’s performance of technology as strong; 79% said their companies are strong when it comes to tech investment. More than seven in 10 also rate their companies as strong on tech infrastructure stability (78%) and security (73%).
Nearly half reported ongoing maintenance of software/applications (47%) and too many application and data silos (45%) as problems their companies should address.
Business execs reported their company will invest the most in cloud-based app development programs (58%) and custom software solutions (50%) over the next five years.
94% cited past challenges when their companies were building, implementing and maintaining custom software solutions from legacy technology providers, with integration (54%) and security compliance (51%) among the top challenges.
92% said custom software could help their companies make smarter and faster business decisions. For 87%, custom software is a driving force of innovation.
73% said pre-packaged BPM software cannot keep up with the fast pace of operational change. What’s more, 68% said corporate America is wasting billions each year on pre-packaged BPM software, but 37% said they will continue investing in packaged apps.