COVID-19 has forced businesses to turn their operations digital more rapidly, and enterprise software spend is set to increase dramatically as a result.
Companies in all sectors are increasingly relying on digital to improve their processes, and 2020 has brought significant changes, particularly on the frontlines. Going forward, enterprise tech companies will focus on key areas like automation and the cloud to make employees and companies' lives easier. estimates global enterprise software spend to hit $556 billion in 2021,
The enterprise tech behind this shift is built on an array of synergies. AI, automation, and process mining are now beginning to fit together in complementary ways and this is likely to be a key theme for 2021. Process mining, which automatically tracks how an organization works and how problems are solved divides information into useable datasets which are being analysed with increasing sophistication by AI.
And in October, German enterprise tech giant SAP cut its revenue and profit forecasts, which led to a 22% single-day drop in its share price in Frankfurt. Cloud is an area of long-term movement for enterprise tech, according to Zeine. Unsurprisingly, with data being more important than ever for companies, its storage has become a paramount concern.