A KeyBank survey of middle market businesses - those in the $20 million to $4 billion range - shows 94% plan to keep their technology investment the same or increase it this year.
More than half of respondents (54%) said they would spend more on technology in 2018, while 40% said their investment will be about the same, leaving 6% predicting a lower spend this year.
Top technology investment areas include:
- Cloud computing infrastructure - 50%
- Customer Relationship Management (CRM) - 37%
- Internet of Things/beacons - 26%
- Artificial intelligence - 23%
- App development - 23%
Middle market companies invest in technology to stand out by operating more efficiently, enhancing the customer experience or developing new products and services.
"Middle market business leaders must look at technology as another tool and will need to assess their investment priorities based on their short- and long-term business goals," the KeyBank Sentiment Report said. "Investing at the right time, with a solid plan in place and a sustainable financial strategy, will enable companies to move forward at a pace that makes it possible to maximize technology benefits while minimizing risk."
Businesses interested in technology and equipment upgrades may want to explore the benefits of equipment financing. Here's more: