Flexera Tech Spend Pulse 2023: lack of IT visibility and increased expenses top concerns

Flexera Tech Spend Pulse 2023: lack of IT visibility and increased expenses top concerns

A staggering 91% of enterprises said they view recent inflation-driven price hikes from vendors as their top challenge.

Published on 27th October 2023

Flexera today released the findings from their 2023 Tech Spend Pulse. This annual report investigates how the maturity of Hybrid ITAM and FinOps practices, executed by IT asset management (ITAM), FinOps, security, software asset management (SAM) and hardware asset management (HAM) teams impacts the value they deliver to their organizations. It also provides a view of the future of these teams as they evolve to serve the needs of the digital enterprise.

As digital transformation accelerates, enterprises navigate inflation, workplace norms change, and the demand for innovation grows. Many IT professionals are returning to offices; the associated vendor costs and hefty cloud commitments are rising, as is the challenge of optimizing spend. Though wasteful IT spending is subsiding, cost optimization decision-making remains laborious. A thorough understanding of IT assets is vital; top organizations leverage data for decisions, prioritize spend efficiency and harness the power of artificial intelligence.

“Despite strides in curbing IT waste, the battle persists,” said Cyndi Tackett, SVP of Marketing at Flexera. “Flexera’s research shows an increase in vendor pricing, while companies have significant artificial intelligence (AI) investments planned. At the same time, many firms grapple with complex IT decisions due to a lack of visibility. There’s been a notable decline in remote IT work, pointing to shifting workforce dynamics and the evolving role of tech.”

Highlights from the Flexera 2023 Tech Spend Pulse include:

Lack of IT visibility hinders decisions: 81% of respondents cited both the complexity of and delays in decision-making as top IT challenges, with insufficient quality data also being a concern

Full survey results are available in the Flexera 2023 Tech Spend Pulse at https://info.flexera.com/FLX1-REPORT-State-of-Tech-Spend.

The report provides a high-level perspective on technology and spending issues that concern senior procurement and IT leaders as they develop strategies and make decisions that influence the trajectory of their businesses. 506 technical professionals and executive leaders worldwide participated in the Flexera 2023 Tech Spend Pulse survey in the summer of 2023. Survey participants include professionals across industries and context areas. All numbers and percentages are rounded to the nearest whole number.


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