Leaders Not Sure Where To Allocate Tech Investments

'Preparing for the Return of Demand: How America's Retail & Hospitality Tech Elite Tackle Disruption with New Commerce Investment' shows two-thirds of C-suite and head of function executives from America's top-ranking food and beverage, retail, and hotel brands were dealing with issues around the direction of tech investment and where best to allocate resources – from POS and eCommerce platforms to data analysis and mobile apps. The study, commissioned by J.P. Morgan and FreedomPay, also shows there has been a rapid shift in priority of decision makers in tech investment and data commerce, from focus on low-tech investment and legacy systems to touchless commerce and digital capabilities with 78 per cent saying the 'Black Swan' moment has re-shaped their future and emphasized the urgent need to focus on integration of digital platforms during lockdown. There is also a recognition that better use of 'big data' and real-time insight is vital to maintain operations, respond to rapid change and support growth. More than two-thirds sought to integrate digital channels and data in order to create new operational models and customer touchpoints to sustain their business during office closures, staff isolation, premises lockdown, and diminished physical footfall. As well, 44 per cent of respondents also perceive value of data has become more important.