Analysts Explore the Future of Tech Buying, Growth and Retention During the Virtual Gartner Tech Growth & Innovation Conference, July 12-13, 2022
As technology continues to become more critical to business, technology consumers have access to more options and information than ever before leading to more instances of buyers regretting. This may interest you : How to change your Netflix location to watch different shows and movies. Fifty -six percent of organizations say they have a higher purchasing regret for buying the largest technology in the past two years, according to a new survey by Gartner, Inc.
In November and December 2021, Gartner surveyed 1,120 respondents in North America, Western Europe and Asia/Pacific to understand how organizations approach large -scale purchasing efforts for enterprise technology. Respondents are required to be at the manager level or higher, aware of large-scale purchasing efforts for technology occurring during the past two years, and directly involved in the evaluation or selection of products or services for technology projects.
“The high level of regret is at its peak for technology buyers who have not yet started implementation, indicating significant frustration with the buying experience,” said Hank Barnes, VP analyst at Gartner. “In the past, it was relatively easy for product leaders to predict who the buyers were, but it’s not anymore. The dynamics of the buying team change and customers can find buying to be a real challenge.
Barnes identified key changes in tech buying behavior during the Introductory Keynote of Gartner Tech Growth & amp; The 2022 Innovation Conference, takes place almost this week.
“There can be significant losses to regrets related to a company’s technology decisions. Researchers have found that organizations that show that they regret a purchase are, on average, 7 to 10 months longer to complete the purchase,” Barnes said. Slow purchasing decisions can lead to frustrated teams, wasting time and resources and even, potentially, slower growth for the company. “
According to the survey, 67% of people involved in the decision to buy technology are not in IT which means anyone can be a buyer of technology for their organization. In this environment, new technology adoption gaps emerge. This new gap divides confident organizations and technology buyers from the majority who are not. High-tech providers need a new approach to identifying and engaging these different types of B2B customers and predicting the types of customers they deal with to increase the chances of getting a good business.
“To shift strategy, we have to think about psychographics beyond motivations to buy as well as include how decisions are judged and which group is driving the strategy,” Barnes said. “Gartner has developed a psychographic model called Enterprise Technology Adoption Profiles * (ETAs) that reveal seven specific customer segments. Using ETA is one element that can help high -tech providers move from product / market strategy to product / customer fit strategy.
In addition, high -tech providers should create models to assist with “most appropriate” situations and “should be avoided” situations. The “most fitting” situation should be taken in the profile of the ideal customer – the corporate persona – who is interested in the characteristics of the targeted organization, not the individuals within that organization. They can include a number of factors including the technology they use, the state of their business, the resources available to them and the psychographic ETA.
“There will be a huge gray area between you to think about in evaluating whether you are committed to pursuing that opportunity. It’s all about increasing your odds and allocating resources and investing effectively,” Barnes said.
Having a keen understanding of the ideal customer will help high -tech providers form strategies. With this insight, Gartner recommends that high -tech providers do three things:
*Enterprise Technology Adoption Profiles (ETAs) are proprietary models developed by Gartner that evaluate the psychographics that drive how and when organizations make technology decisions.
Learn more about how to overcome buying challenges to accelerate technology sales growth in Gartner’s free e-book “Pushing Beyond Enterprise Tech Buyer Regret.”
Gartner Tech Growth & amp; Innovation Conference
Gartner analysts share the latest research and advice for technology and service providers, tech marketers, technology product managers, tech CEOS and general managers during Gartner Tech Growth & amp; The 2022 Innovation Conference, takes place almost July 12-13. Follow news and updates from the conference on Twitter using #GartnerTGI.
About Gartner for High Tech Leaders
Gartner for High Tech Leaders provides actionable, objective insights to tech leaders and their teams with role-based best practices, industry insights and strategic views on emerging trends and market changes to achieve their mission-critical priorities and build successful organizations tomorrow. Additional information is available at www.gartner.com/en/industries/high-tech.
Follow news and updates from Gartner for High Tech Leaders on Twitter and LinkedIn. Visit the IT Newsroom for more information and insights.
What is the difference between CTO and CIO?
The simple difference is that CIOs usually look inward, aiming to improve processes within the company, while CTOs look outward, using technology to improve or change products that serve customers.
Why should a CIO be technical? CIOs don’t need to have an engineering or technology diploma, says Larry Bonfante, veteran CIO and founder of executive training and consulting practice CIO Bench Coach, but they need an understanding of what’s possible and how to leverage technology. This may interest you : Where are the 45 years in high-tech?.
Which is higher CIO or CTO?
But in most cases, the CIO oversees internal IT and strategic value to the business, while the CTO stays on top of emerging technologies and creates policies and procedures that utilize technology to improve products and services delivered to customers.
Does the CIO report to CTO? See the article : How businesses mitigate the risk of unforeseen events in times of uncertainty.
Traditionally, the CTO reports to the CIO.
Is CIO a high position?
A CIO is a high -ranking executive who is responsible for managing and successfully implementing a company’s information systems and computer technology.
How is CTO different from CIO?
CIOs tend to work with business leaders to optimize the company’s operating model, while CTOs are more focused on the company’s relationship with the market and customers. As a result, a common boundary that is drawn is that the CIO focuses on internal constraints and the CTO on external constraints.
What is the difference between a CEO and CIO?
CEOs run the organization, set strategic direction, and provide leadership to employees as they work to fulfill their mission. The CIO runs the IT division, sets the strategic direction of the business technology, and gives leadership to the IT staff as they work to meet the goals and objectives of the business technology.
Is the role of the CIO critical to Organisational success?
Effective CIOs have the experience and advanced education to cope with the changing business and technology landscape and lead productive and profitable teams. A unique blend of IT background and business knowledge helps information officers succeed.
What are the 2 main characteristics that a CIO must possess to be successful? Successful CIOs need to balance technology capable and have the ability to lead business transformation. A visionary plan and goals with a clear strategy, coupled with knowledge of the place of technology in business solutions, will allow the CIO to be an influential member of the company’s senior team.
What does a CIO need to be successful?
Business effort is an important quality for a CIO to guarantee the success and growth of a company. This means that you should always keep a curious eye on trends, advances, new models and ideas. CIOs are now expected to be business leaders, not just professionals who focus on IT.
What is most important to a CIO?
â € œ [A] CIO should be able to link the world of technology and product development, [and] make important business decisions based on unique knowledge and experience.â €
What makes a CIO successful?
In addition to being knowledgeable and strategic in the technology space, it is very important for a CIO to be a smart entrepreneur. A successful CIO must balance the goals and objectives of the organization while also ensuring the team remains supported, motivated, happy, and successful.
What is the role of CIO in an organization?
The chief information officer (CIO) oversees the people, processes and technology in a company’s IT organization to ensure they deliver results that support business objectives.
What is the role of a CIO in an organization and what makes him her successful?
A CIO is a high -ranking executive who is responsible for managing and successfully implementing a company’s information systems and computer technology. As technology becomes more sophisticated and expands globally, the role of the CIO has increased in popularity and importance.
What does a CIO do all day?
A chief information officer (CIO) juggles multiple priorities throughout their day. Its role is to manage daily operational activities, strategic planning, many projects, human resources activities such as hiring, performance reviews and employee development in the organization.
Why the CIO role has become so important?
The CIO creates value for the company as a member of the C-suite. They do this through technology and data. CIO magazine stated, â € œWith todayâ € TMs technology fuel for business transformation, IT leaders are increasingly seen as key players in companiesâ € TM quests to bolster their bottom line.â €
How the CIO role is evolving?
The role of the CIO changes quickly. Once known as the â € œcustodian of technology, â € the new CIO is now expected to vigorously leverage technology to deliver revenue-generating experiences that win, serve, and customize customers and grow the business.
What makes a great CIO?
A successful CIO must balance the goals and objectives of the organization while also ensuring the team remains supported, motivated, happy, and successful. CIOs are called to be decision makers, leaders, and anticipators.
What makes a successful CIO?
In addition to being knowledgeable and strategic in the technology space, it is very important for a CIO to be a smart entrepreneur. A successful CIO must balance the goals and objectives of the organization while also ensuring the team remains supported, motivated, happy, and successful.
What does a CIO want? From internal business customers, CIOs want accountability and sharing of responsibility for key initiatives, clear requirements and priorities, as well as clear and open communication for goal alignment.
What is most important to a CIO?
â € œ [A] CIO should be able to link the world of technology and product development, [and] make important business decisions based on unique knowledge and experience.â €
What does a CIO need to be successful?
Business effort is an important quality for a CIO to guarantee the success and growth of a company. This means that you should always keep a curious eye on trends, advances, new models and ideas. CIOs are now expected to be business leaders, not just professionals who focus on IT.
What characteristics should a CIO have?
5 Characteristics of a Good CIO
- Trust. Trust is a two -way street, and the ability to build trust in a team is essential for any leader. …
- Communication. This applies to any role in management, but effective communication is especially important in IT. …
- Creativity and innovation. …
- Transformation. …
- Integrity.
What does a CIO need to be successful?
Business effort is an important quality for a CIO to guarantee the success and growth of a company. This means that you should always keep a curious eye on trends, advances, new models and ideas. CIOs are now expected to be business leaders, not just professionals who focus on IT.
What are the required skills and competencies of a CIO?
- Ability to See Large Images. …
- Soft skills. …
- Ability To Communicate With Finesse. …
- Strategic Thinking For Data Use. …
- Ability To Connect Skills To Business Needs. …
- Experience In The Commercial Market. …
- Adaptation. …
- Emotional intelligence.
What are the important expectations from a CIO in 2022?
These are nine key trends and priorities that must be addressed by CIOs in 2022.
- Adopt a single technological vision. …
- Prepare for next generation technology services. …
- Train fiscal prudence. …
- Using the cloud for core business applications. …
- Adopt the cloud to support a distributed workforce. …
- Build a culture of digital collaboration.
What is the number one goal for a CIO for the next 3 years? Goals for Business Improving the way its business functions in terms of efficiency and productivity is the number one priority for CIOs at the corporate level. Driving growth is a close second, followed by digital business acceleration.
What does the future CIO role look like?
The CIO job will continue to be less technical and operational and more focused on business performance at a strategic level. The focus of the CIO role will shift from bottom to top, with more emphasis on outside -focused activities that create business value and assist IT operations.
What competencies do you think a future CIO needs to develop?
Competencies include integrating business and technology strategies, developing talent, and designing IT operating models. The combination of business success and IT priorities into a unified business technology roadmap helps CIOs stay focused on business results.
Will the role of CIO disappear?
The role of CIO will disappear in 10 years. This is a key finding of a research report published by the Cranfield School of Business and professional services firm Deloitte.
