FOMO is driving businesses to spend more on IT
Ever feel like you’re constantly trying to keep up with the latest tech? You’re not alone. Businesses are investing more in software than ever before—and much of it comes down to “FOMO” (fear of missing out).
Recent research shows that 76% of businesses plan to increase their software budgets next year, with many expecting to spend 5% to 15% more.
Why is this happening?
No business owner wants to be left behind while competitors adopt the latest innovations. Many are investing in technology they believe will boost efficiency, enhance security, and give them a competitive edge.
At the top of the list? Artificial intelligence (AI). AI is streamlining operations—automating tasks, analysing data, and even improving customer service.
But while AI offers huge benefits, it’s also giving cybercriminals more sophisticated tools. As a result, businesses are spending more on cybersecurity to safeguard their data.
However, the biggest challenge with new software isn’t just buying it—it’s making it work for your team. Without the right preparation and training, even the best tools can fall flat. That’s why many businesses are also investing in learning management systems (LMS) to upskill employees and ensure new tech is used effectively.
While it’s tempting to jump on every new trend, moving too fast can create challenges. Selecting the right software and integrating it properly takes time. Rushing in without a clear plan can leave you with tools that complicate rather than streamline your processes.
The good news? Some businesses are becoming more strategic, relying on reviews, expert recommendations (like ours), and careful research to make informed choices.
If you’re feeling the pressure to invest in new technology, take a step back and ask yourself:
- Do I need to improve efficiency?
- Is my business data secure?
- Will this help my team collaborate better?
Whatever your goals, the key is to choose software that aligns with your business needs—and ensure your team is prepared to use it.
Need guidance on making smart tech investments? We can help you make the right choices for your business.
