Despite economic uncertainty, 72% of tech leaders plan to grow revenue in 2023, according to Gartner. Nearly half believe they will be able to outperform their competition this year.
The survey found that many leaders entered 2023 prepared for a potential recession and many of the actions taken concentrated on reducing costs rather than focusing on growing revenue and market relevance.
“Outperforming the market through an uncertain market requires an above average ability to execute on revenue ambitions,” said Mark McDonald, Vice President and Gartner Fellow. “The survey results indicate that almost half of firms (46%) do not have a sufficient ability to execute to reliably realize their revenue goals.”
Gartner forecasts that Raising the Relevance of Technology Solutions Is the Key to Growth as IT spending is anticipated to increase to 2. 4%, with enterprise technology predicted to grow by 4. 1%.
“Changes in context challenge the relevance of technology solutions. Lower relevance reduces willingness to pay and renew relationships. Without relevance, we see sales cycles extend and renewals at greater risk,” continued McDonald.
“It is up to the provider to know when context changes and to rebuild context through refocusing messaging and repositioning to meet customers where they are.”
The survey was conducted in the second half of 2022 among 195 respondents in the U.S, Canada, the U.K., France and Germany.