Tech Investments Drive Mid-Market Success...Global IT Spend Rises by over 5%...Get Ready for EU AI Act...Optimizing Business Shared Services

Top Performing Midmarket Companies Invest 285% More in Cybersecurity — Corsica Technologies Reports

In today’s rapidly evolving technological environment, midmarket companies grapple with meeting the demands of both internal operations and external customer expectations. From cybersecurity to data integration, the complexity of technology requirements presents significant challenges.

Many organizations turn to outsourcing as a viable solution. But how do they navigate this landscape effectively? What are the critical pain points, and how can they choose the right outsourcing partner?

“The study underscores the need for midmarket companies to evaluate their technology requirements carefully and consider outsourcing certain functions to specialized service providers. By doing so, they can address critical pain points, enhance cybersecurity posture, drive profitability, and stay competitive in today’s dynamic market,” says Peter Rodenhauser , COO at Corsica Technologies . Read on here.

Global Tech Spend To Grow 5.3% In 2024, Reaching $4.7 Trillion — Forrester Reports

The latest research from Forrester reveals that as economic conditions continue to improve, technology spend will grow 5.3% in 2024 — up from 3.5% in 2023. Two factors will primarily contribute to this growth: Increased spending on software and IT services, including generative AI (genAI), cloud, security, and digital, and economic growth in Asia Pacific. By 2027, software and IT services will capture 69% of global tech spend, with investments in genAI software predicted to reach $227 billion by 2030 at a 36% compound annual growth rate. Asian countries, especially India, the Philippines, Vietnam, Indonesia, Malaysia, and China, will see the fastest tech spend growth in 2024.

“Technology companies faced significant economic headwinds this past year, but 2024 promises a better outlook,” said Michael O'Grady , principal forecast analyst at Forrester. “Asia will see the fastest economic growth due to India’s growing IT export market as well as significant investments in tech innovation. Similarly, in the US, heavy investments in emerging technologies through the development of three primary CHIPS and Science Act agencies will fuel tech spend growth. In Europe, greater investment in cybersecurity and the EU’s Coordinated Plan on AI will help the region bounce back. Demand for cloud and AI is strong across all regions, with genAI expected to boost the tech market over the next three years.” Read on here.

Organizations Should Evaluate Four AI Deployment Classes in Preparing for the EU Artificial Intelligence Act — Gartner Reports

With the European Parliament’s approval of the European Union (EU) Artificial Intelligence (AI) Act, most companies are not prepared to comply with these sweeping AI regulations.

A recent Q&A with Nader Henein , VP Analyst at Gartner , sheds light on how prepared companies are, what they need to do to get ready in the near-term, and how to get started.

"Many organizations think that because they are not building AI tools and services in-house, they are free and clear. What they don’t realize is that almost every organization has exposure to the AI Act because they are not only responsible for the AI capabilities they build, but also those capabilities they already bought.

Gartner recommends organizations put in place an AI governance program to catalog and categorize AI use cases and address any banned instances as soon as possible.

The rules around prohibited-AI systems will become effective 6 months from the AI Act coming into force, and those rules will carry the highest fine tier at €35 million or 7% of global turnover. Eighteen months later (at the two-year mark), the majority of the rules associated with high-risk AI systems come into force. Those will apply to many enterprise use cases requiring a fair bit of due diligence and even more of the documentation outlined in this, and subsequent guides." Read on here.

Unlocking The Power of Automation to Optimize Business Shared Services — IDC Reports

国际数据公司 ’s recently published “Shared Services Automation for Business Optimization” report highlights the need for better shared services in business to boost efficiency, reduce costs, and standardize processes across the organization. Shared services refer to business models in which common support functions (e.g., HR, IT, procurement, etc.) are centralized and provided as shared resources to multiple departments or business units within an organization.

Despite its long-standing application, implementing shared services presents significant hurdles, ranging from outcome inaccuracies to delays in fulfilling requests. Such challenges not only affect the smooth running of operations but also impede organizational agility and diminish customer satisfaction. The survey suggests that — across all industries — the time for completion of tasks should be cut in half.

“Gen With the European Parliament’s approval of the European Union (EU) Artificial Intelligence (AI) Act, most companies are not prepared to comply with these sweeping AI regulations.

A recent Q&A with Nader Henein , VP Analyst at Gartner, sheds light on how prepared companies are, what they need to do to get ready in the near-term, and how to get started.

"Many organizations think that because they are not building AI tools and services in-house, they are free and clear. What they don’t realize is that almost every organization has exposure to the AI Act because they are not only responsible for the AI capabilities they build, but also those capabilities they already bought.

Gartner recommends organizations put in place an AI governance program to catalog and categorize AI use cases and address any banned instances as soon as possible.

The rules around prohibited-AI systems will become effective 6 months from the AI Act coming into force, and those rules will carry the highest fine tier at €35 million or 7% of global turnover. Eighteen months later (at the two-year mark), the majority of the rules associated with high-risk AI systems come into force. Those will apply to many enterprise use cases requiring a fair bit of due diligence and even more of the documentation outlined in this, and subsequent guides." Read on here.

Unlocking The Power of Automation to Optimize Business Shared Services — IDC Reports

IDC ’s recently published “Shared Services Automation for Business Optimization” report highlights the need for better shared services in business to boost efficiency, reduce costs, and standardize processes across the organization. Shared services refer to business models in which common support functions (e.g., HR, IT, procurement, etc.) are centralized and provided as shared resources to multiple departments or business units within an organization.

Despite its long-standing application, implementing shared services presents significant hurdles, ranging from outcome inaccuracies to delays in fulfilling requests. Such challenges not only affect the smooth running of operations but also impede organizational agility and diminish customer satisfaction. The survey suggests that — across all industries — the time for completion of tasks should be cut in half.

“Gen AI can revolutionize shared service automation by enabling intelligent decision-mAI can revolutionize shared service automation by enabling intelligent decision-making, where the system learns from data to optimize processes, predict needs, and personalize services,” says Dr. Lily Phan , Research Director, Intelligent Automation, IDC Asia/Pacific. Read on here.