73% of tech buyers who had bought but not yet implemented their products/solutions already indicated high regret. How do you make smart enterprise technology purchase decisions without regret? We answer this and more here:
Conflicting objectives are the clearest precursor to regret, occurring in almost 90% of high-regret cases. High-regret buyers are less likely to have identified clear evaluation criteria and/or are unclear on the specific outcomes and goals of the intended project. They are more likely to continuously change project objectives and to allow occasional decision makers to sway decisions.
A successful tech purchase therefore requires consensus among multiple stakeholders throughout each stage of the purchasing process. And these stakeholders should be represented on a buying team that is aligned on the objectives of the purchase. While 69% of buying teams build some sort of business case, most are not securing budget prior to engaging deeply with providers. This creates stress and conflict among team members and results in complexity and delays in the buying process.
Buying teams typically utilize three to four third-party resources to inform their decision process for tech purchasing, most commonly consultants to manage vendor selection, sourcing and contracting. Significantly, conflicting objectives for the purchase among the buying team are a common driver of purchase regret. Scope changes are also the most common reason for delays in the buying process The acceleration of digital transformation initiatives continues to drive increased purchases of a wide range of hardware, software and integrated solutions. Growth is technology’s No.
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