Gartner’s recent survey of high-tech leaders in the U.S., Canada, and Western Europe revealed that despite economic uncertainty, 72% of respondents plan to grow revenue in 2023, with nearly half believing they can outperform their competition this year. However, the survey also found that almost half of firms lack the ability to execute on their revenue ambitions.
Many technology leaders are entering 2023 prepared for a potential recession, with a focus on cost-cutting measures rather than revenue growth. Gartner suggests that raising the relevance of technology solutions is key to achieving growth, as context is dynamic and changes in relevance can reduce willingness to pay and renew relationships.
Gartner forecasts overall IT spending will grow 2.4% in 2023, with enterprise IT spending projected to grow 4.1%. The context of IT spending is changing as buyers increasingly value and invest in business outcomes rather than just solutions. To achieve growth, technology providers need to know when context changes and rebuild relevance through refocusing messaging and repositioning to meet customers where they are.
In today’s uncertain market, technology leaders need to execute on revenue ambitions and respond to changes in the market to deliver growth. Gartner’s special report, “Leading Now: When Uncertainty Upsets Business As Usual,” provides valuable insights for high-tech leaders looking to navigate these challenges.