Crafted 2023 Reflections & 2024 Projections Survey Results: It’s Not Too Late to Execute On An AI/ML Strategy
During the last two weeks of 2023, we surveyed members of the tech community to learn how they fared last year and how they’re feeling about 2024. We’re excited to share the results with you below!
The Key Takeaways?
While many companies struggled to meet their business goals, product development teams still found ways to achieve success and deliver value to customers
Artificial intelligence and machine learning (AI/ML) were all the rage and will continue to hold spots on 2024 roadmaps
While 2024 budgets remain mostly conservative, unemployment rates are improving and many teams expect to keep their people or even grow in headcount
Overall, the product development community is excited about capitalizing on AI, modernizing legacy tech, and innovating
2023 Reflections
In the first half of the survey, we asked respondents how their organizations and product development teams performed in 2023.
Performance Against Goals
2023 was a tough year for many in the tech industry, and therefore it didn’t come as a surprise that over half of the survey respondents (62.5%) said their companies did not meet their main business goals. However, 75% of respondents said their product development teams met or exceeded their goals. Product development teams were forced to do more with less and really focus in order to continue to deliver value to customers and drive key business outcomes.
Product Roadmap Execution
Half of respondents said their companies’ headcounts decreased in 2023, so it’s no surprise that headcount (56.25%) and funding (62.5%) were said to have had the biggest impact on 2023 product roadmaps. Also unsurprisingly, over half of respondents (62.5%) said Artificial Intelligence/Machine Learning (AI/ML) altered or impacted their 2023 product roadmaps. However, only about half of the survey respondents (56.25%) were able to bring AI/ML products or services to market last year.
2024 Projections
The second half of the survey gauged how respondents were feeling about 2024 and what changes they anticipated at their organizations.
Budget & Headcount Predictions
Though there have been plenty of signs pointing to positive economic changes, the vast majority of respondents (87.5%) said their 2024 budgets are the same as last year or even more conservative. While unemployment rates continue to improve, more than half of survey respondents (62.5%) anticipate that their headcounts will stay the same in 2024. However, there is increased optimism that mass layoffs are slowing down and 31.25% of respondents actually anticipate that their headcounts will increase this year.
Executing on 2024 Goals & Roadmaps
When it comes to 2024 product roadmaps, the vast majority of respondents (87.5%) have plans to bring AI/ML products or services to market, but only 68.75% of respondents are confident in their ability to deliver on their roadmaps. Budget or funding concerns are still top of mind in 2024 as 68.75% of respondents foresee them as their biggest challenges to hitting 2024 goals.
Therefore, it’s going to be crucial to ensure product development teams have the right people in place and are practicing tight-knit collaboration and other Agile best practices so companies can deliver high-value, quality software fast. External consultants like Crafted and our Balanced Teams approach can help organizations accelerate their value delivery and execute on an AI/ML strategy, and roughly half of respondents already have plans to or are considering bringing in outside help in 2024.
Quotes to Kick Off 2024 In Tech
Finally, we asked respondents what excites them most about 2024, so we’ll leave you with some words of optimism and inspiration as we start a new year!
“The economy is generally strong and those who innovate are going to be well poised for the future. It’s going to be a good year for invention.”
“Potentially steadier interest rates with more money going back into tech investment.”
“Decommissioning our legacy technology.”
“Increases in efficiency and productivity with AI assistance.”
“Integrating more AI functions into our product portfolio.”
We’ve helped companies of all shapes and sizes do more with less while still driving key business outcomes. To learn more about how we can help your organization in 2024 and beyond, check out our Balanced Teams white paper or reach out to us.
