Forrester’s Planning Guides Provide Data and Reference Information to Help Technology, Marketing, Digital, Customer Experience, Product, and Sales Leaders Prioritize 2023 Budget Investments
CAMBRIDGE, Mass., August 23, 2022 /PRNewswire/ — According to by Forrester(Nasdaq: FORR) 2023 Planning Guides, released today, business leaders who anticipate modest “business as usual” spending increases in the year ahead will fall short. Indeed, due to an unpredictable and turbulent economy, leaders will need to tackle planning with discipline and precision in order to reduce waste, experiment and make bold and smart investments.
Designed to help technology, marketing, digital, customer experience (CX), product and sales leaders prioritize their resources and investments for the coming year, the planning guides will be available for the 15 services included in the Forrester Decisions wallet. Using data-driven insights, the planning guides will enable functional leaders to prioritize spending that maximizes revenue growth, profitability, and resilience.
The reports highlight where to increase investments and reduce expenses, as well as emerging technologies to experiment with in 2023. Key insights from Forrester’s 2023 planning guides include:
Areas to increase investment in 2023:
- Customer knowledge and engagement. With 2023 unlikely to resemble a past recession, many assumptions about customers and their behavior will be rendered useless. Leaders should invest in new analytics and customer data tools, such as Experience Research Platforms (XPR), to refine audience targeting strategies.
- Technologies that improve the customer experience and reduce costs. Today’s economic headwinds will require a focus on technology fit for optimization and resilience. Leaders should invest in tools that drive loyalty and reduce operational costs, such as robotic process automation (RPA) and agent assistance apps.
Areas to reduce investments in 2023:
- Technical debt — including the cloud. Many thought the cloud would be the antidote to technical debt, but yesterday’s lifted and moved workloads are now themselves in debt given their inefficiencies in operation and difficulty in upgrading. In 2023, executives should consider early cloud deployments as candidates for technical debt reduction.
- Low quality data partners and innovation outsourcing. Partners will continue to play an important role in growth, but two key areas are ripe for cuts. As the quality of third-party data continues to decline, leaders must streamline these partnerships to retain only those that add value to customer relationships. Second, companies that have relied too heavily on partners for digital innovation during the pandemic-induced digital sprint should bring more innovation in-house.
Fields of experimentation in 2023:
- Extended Reality, Metaverse and Web3 that provide immersive experiences. These interconnected – and arguably overhyped – technologies promise immersive experiences tied to token-based ecosystems that use cryptocurrencies and public blockchains. Leaders in consumer industries should experiment with precursor metaverse platforms such as Roblox and Decentral to open doors to new audiences.
- Intelligent agents that make experiences more human. An intelligent agent (AI) can make decisions or perform a service based on its environment, user inputs, and experiences. Leaders should plan to experiment with AI on an ongoing basis in order to use their full potential.
“Leaders face navigating a tumultuous business landscape defined by global unrest, supply chain instability and soaring inflation, as well as the lingering consequences of the pandemic,” said Sharyn Leaver, director of research at Forrester. “Tackling 2023 budget planning is a daunting task, but Forrester’s planning guides will help leaders make more strategic and disciplined decisions to drive business growth during such uncertain times.”
- Download Forrester’s Global Planning Guide for 2023 here.
- Explore the 2023 Planning Guides Hub here.
- Find out the 2023 budget trends across all functions in this Blog.
Forrester (Nasdaq: FORR) is one of the world‘s most influential research and consulting companies. We help leaders in technology, customer experience, digital, marketing, sales and product use customer obsession to accelerate growth. With Forrester’s research, consulting, and exclusive events, leaders around the world are empowered to be bold at work, manage change, and put their customers at the center of their leadership, strategy, and success. their operations. Our unique insights are based on annual surveys of more than 700,000 consumers, business and technology leaders worldwide; rigorous and objective research methodologies, including Forrester Wave™ assessments; 70 million real-time feedback votes; and the shared wisdom of our customers. To learn more, visit Forrester.com.
Hannah Segvitch [email protected]