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Inflation and the possibility of a recession are the top concerns among IT and business leaders with 36% and 32% of the 900 executives surveyed, respectively. Despite the challenges, or perhaps in anticipation of them, 82% of IT leaders expect full-year IT spending in 2024 to increase or remain stable.

Why Is Future Proofing Important?

• In business, access to the most effective technology and resources can often be the difference between success and failure. However, the constant changes in technology development, the increasing demands on the enterprise, and the unpredictability of external forces often make it difficult to optimize current technology resources or keep pace with future needs.
• Timing and a practical understanding of all variables, good and bad, are critical in future-proofing activities. Technology must be implemented at the speed of the business's needs. But good technology deployed too soon or too late may not deliver needed business outcomes or value. A deliberate approach to balancing innovation with pragmatic business reality is essential.
• Typically, IT organizations have allotted roughly 90% of future-proofing time/ costs on exploitation/evolution and 10% in exploration, however the most agile companies have dedicated larger budgets for exploration. Balancing exploration with exploitation is a critical ingredient of success, and the ratio is not fixed but dynamic. While in the past, many companies would wait for a new technology or business model to be reliable or proven, this approach is unsustainable today. Organizations must be proactive and keep experimenting and learning to rapidly seize new opportunities.
• Future proofing technology investments involves many stakeholders across the enterprise and beyond. Strong engagement and support from all stakeholders is crucial to success. Fostering open communication and aligned objectives across these roles is vital for ensuring technology investments achieve their intended results.

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