Forrester’s 2024 Planning Guides: Economic Uncertainty Tempers 2024 Budget Expectations — Except In Technology
AI will snag the biggest increase
Forrester’s Planning Guides help leaders across technology, marketing, digital, customer experience (CX), product, and sales functions during annual budgeting and prioritization cycles. They provide relevant benchmark operational data and recommendations for areas to experiment, deepen, or divest budget allocations for the coming year. Key insights from Forrester’s 2024 Planning Guides include:
Areas to increase investment in 2024:
- AI strategies and tools that deliver customer value. To deliver greater customer value, leaders must leverage AI for efficiency and effectiveness. This includes using synthetic data for training and refining AI models and AI-powered TuringBots to build and deliver higher-quality customer software faster and cheaper.
- Digital B2B buyer interactions and self-serve routes to market. B2B buyer composition and practices have changed. As such, go-to-market strategies must change, as well. In 2024, businesses should create seamless digital experiences that enable buyers to make product purchases independently through websites, marketplaces, and app stores.
Areas to decrease investment in 2024:
- Redundant cloud environments and tools across functions. While 78% of US enterprise technology decision-makers anticipate that their organization’s cloud investment will increase over the next 12 months, leaders should gauge whether adding new cloud environments will shift workloads seamlessly and help their broader IT design.
- Digital service providers. Digital leaders should evaluate each provider they work with to determine whether the partnership is helping them create customer-focused solutions that advance their organization’s business strategy.
Areas for experimentation in 2024:
- Advanced AI capabilities — including autonomous workplace assistants (AWAs). Generative AI’s rapid business progression will prompt organizations to experiment with AWAs to accelerate workplace productivity and innovation.
- AI and machine learning security. Security leaders should explore new frameworks and vendors in the AI and machine learning security space to both maximize generative AI’s potential and put guardrails in place to minimize its risks.
“While most leaders in every function expect at least some increase in overall spending in the next 12 months, budgets will be tight next year,” said
- Explore the 2024 Planning Guides hub here.
- Read more about the key actions that business leaders should prioritize in 2024 to deliver customer value.
- Register to attend Forrester’s upcoming Planning Guides 2024 webinars for B2B marketing leaders, CX leaders, and technology leaders.