Why do customers invest in technology?

Digital Transformation

Ten years ago, if you ask me why do customers invest in technology?

My response would have been – “Technology help customer solve business problems. It helps to relieve pain. The pain can be due to manual processes, lack of transparency, foresight etc.”

However, this is just a tiny part of the big picture. Customers do not just want to solve their problems and pain points. They also want to enhance their staff and customer experience.

Often, the customers keep their experience improvement expectations very subtle. But, on the other hand, vendors compete on price, and hence their focus remains on solving the problem. So the experience burns on the back burner forever. As a result, the new system remains average. Unfortunately, customers shop for a new (so-called modern) system after a couple of years, again.

Alas, it is a well-known fact – why do customers invest in technology?