Businesses have understood that they need to raise their IT budget with technologies getting outdated- 44% of businesses plan to increase tech spending in 2020, up from 38% in 2019.

There is no doubt in saying that what big role technology plays in business growth and success, and it will only grow bigger and more significant in upcoming years. You might have noticed how technology is shaping every arena of life. From waking up with sound of alarm clock tied to hand, using Geyser for bath, baking doughnuts in the oven, unlocking the car with smart key to using GPS to travel anywhere, our dependency on technology increasing at a very fast rate. Apart from this, technology plays an even more crucial role in business activities. From designing website, applications or software, promoting businesses online, storing data on the cloud, to video conferencing, every nine out of ten activities are carried out using technology. But with advancement and greater modifications, it is evolving at a highly rapid pace. Being aware of the current state of the business’ IT infrastructure, upcoming trends, recent strategic & technological development within and beyond one’s industry is pivotal in surviving through this competitive age.

WHAT IS TECHNOLOGY ANALYSIS AND ASSESSMENT?

Technology analysis and assessment comprise a complete review of a company’s entire IT infrastructure either to update or enhance its security protocols and company’s performance. It ensures that a company defines its requirements, assesses the need of current technology to meet the expectation, develop a roadmap to fill the gaps, creates better strategic decisions and implements further to achieved promised result.

Why do businesses need this?

Technology has become an instrumental driving force in propelling every business activities, both big and small, towards a successive goal. Things change quickly in this modern age of development. The laptop you bought a year ago is outdated. The hardware you use is no longer the fastest one and the software you purchased may have had multiple service patches need to be installed from time to time. So it calls for a greater need to assess and update your technological competencies to meet the future needs of the business.

Did you know, by looking at the upcoming trend, 57% of the high- performing companies increased their budget from 2016 to 2017? In a recent study by Deloitte Insights, it was found that companies spend on average 3.28% of their total revenue for technological assessment. Banking and securities firm spend approx 7.16% to assess new technologies.